Following the successful launch of Estatesearch into the Canadian marketplace earlier this year, the legal technology provider has extended their product portfolio to include a new Digital Assets Search for estate professionals to help support them in identifying financial profiles held exclusively online. The Digital Assets Bolt on Search is now available to order alongside Estatesearch’s Financial Profile Service, extending enquiries to an additional 55 financial service providers in the digital space.
Jonathan Upton, Estatesearch Group CEO confirms: “Digital assets present an increasingly complex challenge for professionals working in estate planning and post-death administration. Whilst there is existing guidance on what happens to your Digital Assets after you die, there’s no clear-cut law that should be followed. It’s an international problem, and one which will only increase in prevalence as society continues to embrace technology and online services.
“Some providers, most notably social media platforms, have legacy settings where you can nominate a representative who can access your account after you pass. However, online accounts that have monetary value, such as cryptocurrency, with its high level of security and access restrictions, present more of a challenge. However hidden they may be, we would argue that these form part of a person’s financial profile, and attempts should be made to identify and deal with them as part of the administration process. Research suggests that in 2023, 18% of the population (6.8 million) held cryptocurrency.
“Conversely, some digital accounts could be considered a liability; recurring subscription fees for example. These will need to be cancelled to ensure that payments aren’t carried forward post death.”
Estatesearch’s new Digital Assets Search covers: Cryptocurrency exchanges including Bitcoin, Ethereum, online gambling and betting service providers; Digital Banks, online payment services and investment platforms, making enquiries of 55 digital providers to help identify profiles belonging to deceased individuals.
Jonathan continues “With Digital Assets, it’s important to remember that it’s a largely unregulated space, and in the case of cryptocurrency, some accounts are undiscoverable by design. However, by undertaking a Digital Assets search, which includes a full audit trail of inquiries, estate professionals can demonstrate that they have done everything possible to identity the full extent of the estate for their clients.”