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Wills for Crypto & Digital Assets

Include cryptocurrency and digital assets in your will. Encrypted key storage in Will Bank vault. Dead man's key provisions. Social media wishes. LexWills.

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Frequently Asked Questions

How should I include cryptocurrency in my will?

Cryptocurrency is property and should be included in your will like any asset. Specify which crypto (Bitcoin, Ethereum, etc.) goes to whom and provide instructions for accessing it. Include wallet addresses, exchange accounts, and password access (stored securely, accessible to executor after death). Without clear instructions, your heirs may not know you own crypto or be unable to access it—forever losing the value. Consider whether you want crypto held as inheritance or sold and distributed as cash. Work with a lawyer and accountant familiar with crypto estates.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26

What are digital assets and how are they treated in Ontario wills?

Digital assets include: cryptocurrency, online accounts (email, social media, cloud storage), digital collectibles (NFTs), online businesses, domain names, digital photos, and online financial accounts. Ontario law treats all property equally—digital assets are property and should be addressed in your will. However, many people overlook digital assets. Create an inventory: list all digital accounts, usernames, passwords, and who should inherit each. Some assets (social media accounts, online businesses) may be valuable; others (email) are just information. Include instructions on what to delete or memorialize.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26

How do I pass on access to digital accounts in my will?

You can't directly pass passwords in your will (which is public and insecure). Instead: designate which beneficiary inherits the account, store passwords in a secure password manager (1Password, LastPass) and give executor access to that, or provide a sealed envelope with passwords and instructions to open only after death. Document the location of digital assets in a separate "Letter of Wishes" provided to executor in a secure manner. Avoid writing passwords in your will itself, which is risky and visible to probate courts.

Relevant legislation: Privacy Act, R.S.O. 1990, c. P.13

What tax issues arise with cryptocurrency inheritance?

Cryptocurrency is treated as property for tax purposes in Canada. When you die, your crypto is deemed disposed (triggering capital gains tax) at fair market value—your estate pays income tax on gains. Beneficiaries inherit the crypto at the stepped-up value, avoiding additional tax on gains they didn't realize. For significant crypto holdings, plan for capital gains tax: consider life insurance to cover tax liability, designate crypto to low-income beneficiaries to minimize tax, or use spousal rollovers. Consult an accountant familiar with crypto taxation.

Relevant legislation: Income Tax Act, S.C. 1985, c. 1, s. 69

Should I store cryptocurrency in special accounts for inheritance purposes?

Yes, some strategies work well: hardware wallets (offline storage) with instructions to executor on recovery, multisig wallets (requiring multiple signatures for access, with instructions to trusted parties), or traditional financial institution crypto accounts (with beneficiary designations). Avoid single-sig wallets where only you have the key—if you die without sharing it, your heirs permanently lose access. Multisig or institutional accounts provide access after death while you control during life. Discuss strategies with a lawyer and accountant.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26

How do I document my digital assets for executor access?

Create a comprehensive inventory: list all digital assets (crypto wallets, online accounts, digital businesses), access details (usernames, exchange platforms), current value estimate, and instructions (who inherits, what to do with it). Store this inventory securely: password manager, encrypted file, safe deposit box, or with your lawyer. Update it annually as holdings change. Provide executor with a master key to the password manager so they can access accounts after death. Clear documentation prevents lost or forgotten digital assets worth tens of thousands.

Relevant legislation: Succession Law Reform Act, S.O. 1990, c. S.26

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Wills for Crypto & Digital Assets

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