Episode summary
Planning for the Digital Afterlife: What Advisors Need to Know
Summary
Digital afterlife planning means treating a client’s online life as part of estate planning, not an add-on. Michelle Doyle of Federated Hermes argues that advisers should help clients identify everything in their digital footprint, from cryptocurrency wallets and airline miles to photos, emails, and text messages, because those assets can have both financial and sentimental value. The key question is not only what exists, but who can access it and carry out the client’s wishes.
Doyle says advisers should start by asking whether clients have updated their estate plan since 2015, when the revised Uniform Access to Digital Assets Act was introduced. She notes that the law has been adopted by 48 of the 50 states and provides a framework for fiduciary access to digital assets after death or incapacity. Her first practical step is simple: inventory the assets, since nothing can be planned for if it is not documented.
She argues that this conversation can deepen multigenerational relationships, especially with Gen X clients who are often already thinking about estate settlement after seeing loved ones struggle. Bringing up digital legacy planning can establish trust, create a natural opening to meet the next generation, and help advisers position themselves as long-term family stewards.
Key takeaways
- Michelle Doyle says digital afterlife planning should be treated like traditional estate planning, with a full inventory of financial and sentimental digital assets.
- Doyle says advisers should ask clients whether their estate plan has been updated since 2015, when the revised Uniform Access to Digital Assets Act was introduced.
- The revised Uniform Access to Digital Assets Act has been adopted by 48 of the 50 states, according to Doyle.
- Doyle says documenting what clients own is the first step, because digital assets cannot be accessed or included in a plan if they are not identified.
- Doyle argues that digital legacy planning is a strong way to build trust with Gen X clients and open the door to multigenerational relationships.
Notable quotes
“people should be thinking about digital afterlife planning much like they do their typical estate planning”
“it really means everything that has intrinsic financial value and emotional value to you”
“All of that encompasses your digital assets. And that's why you need to plan for it as part of your your digital afterlife”
“have you revisited your estate plan since 2015”
“the very first step that I always talk through that is part of our toolkit thankfully is documenting what you have”
How the episode opens
What does planning for a digital afterlife really mean? To break it all down for us, I'm joined by Michelle Doyle of Federated Dermies to learn more. So, Michelle, thank you for joining me. — Thank you for having me. — So, this is an incredibly interesting topic and actually something I have never really dove into. So, I'm excited to get into this uh with you because as our lives are just increasingly online as you know, what does planning for the digital afterlife mean and how should advisers be thinking about digital assets alongside of, you know, more traditional estate planning considerations?
Yeah, — Loaded question for us to start off just to really ease into it.
I love it. No, honestly, you can kind of answer both of them at once a little bit because people should be thinking about digital afterlife planning much like they do their typical estate planning. I think it's just really getting your arms around what all is in your digital footprint or your digital portfolio.
Call it digital assets by the legal definition, but I think that that throws people off. They tend to think their cryptocurrency wallet or maybe it doesn't even apply to them if they're not invested in crypto, but it really means everything that has intrinsic financial value and emotional value to you. So, this is everything from that crypto wallet or maybe your hotel points, your airline miles.
It's all of those things that have a value. And it's the things that might even just be sentimental like the photos on your iPhone, your emails, your text messages. All of that encompasses your digital assets.
And that's why you need to plan for it as part of your your digital afterlife. You need to make sure that you know what you have and that someone has access to, you know, execute on that in the way that you would wish.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- digital afterlife planning
- estate planning
- digital assets inventory
- advisor client conversations
- multi-generational relationships
Companies and tickers mentioned
- FHI
- Federated Hermes
Watch the episode
Watch “Planning for the Digital Afterlife: What Advisors Need to Know” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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