Estate planning in the cyber age

WITH MORE AND MORE CANADIANS conducting their daily business online – from banking and business meetings to shopping and hailing a cab – it should be no surprise that digital assets are increasing.  According to Deloitte Canada, the average Canadian has $1,000 to $2,000 in value stored online.  Deloitte estimates that by 2020, the average Canadian will accumulate $10,000 worth of digital assets over a lifetime.

Most people are aware of the importance of creating an estate plan that includes bank and investment accounts, real estate and other property.  Digital assets are often overlooked but, as Canadians’ digital wallets grow, these considerations will grow in importance.  If left unaddressed, family members may find it difficult (or even impossible) to access your digital accounts and information, leading to possible financial costs, the loss of items with sentimental value and even identity theft.

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