How to Ensure Secure Access to Your Digital Wallet in Your Inheritance

Digital wallets: to store and organize your digital assets.

People these days have an ever-increasing number of digital assets – company stocks, investment portfolios, accounts on online trading platforms, company shares, stock options, and crypto. 

Even old-school, traditional assets such as insurance policies and bank accounts are often digitized these days, accessed through fintech and digital banking services and digital insurance apps. 

With the proliferation of digital assets, people often use digital wallets to help them organize these assets. In digital wallets, people can store information about all their digital and financial assets, having a single pane of glass for their complex digital and financial world. 

Digital wallets help people to organize their digital assets.

While this is definitely helpful, it inevitably raises the question of how people bequeath these digital assets stored in their digital wallets.

Definitely a valid question, as digital wallets are, by design, very restrictive in terms of who can access them. How, then, will our loved ones access them if something were to happen to us? 

How do you inherit digital assets?

People often name their digital assets in their inheritance documents, such as estate plans and wills. And what prevents us from listing all our ETFs, stocks, and crypto in our inheritance planning documents?

There is a problem, though. Even if your relative knows about the existence of a certain crypto wallet, how would they access it? 

The same, of course, goes for all other types of digital assets or wallets, such as online investment portfolios, company stocks, and ETFs. 

Knowing about certain assets is of little value if you don’t know how to access them. And the stories about people who have lost access to their wealth due to lost access details are way too many to ignore that risk. 

Providing secure access to your digital wallet.

As we have already discussed, digital wallets are designed to restrict access to them as much as possible. They have to protect your digital assets, haven’t they? But in this case, how could you give your loved ones a “spare key” to your wealth should anything happen to you? 

Digital inheritance services provide a good solution. Through digital inheritance and digital legacy planning services, people can securely provide access details to their important digital and financial assets. This way, if something happens to you, your loved ones will have access to the wealth that you designate to them. 

Your heirs will not only be aware of the existence of these assets, but they will also be able to actually access them. 

Digital legacy planning apps provide end-to-end encryption and a high level of security, which ensures to a very great extent that your information is well protected, while still enabling people to designate beneficiaries to the individual assets and share access details. 

But I don’t want to share access details yet. 

One of the best aspects of digital legacy planning apps is that they enable users to decide whether they want to share access details immediately when they assign beneficiaries to the assets or only if they pass away or become incapacitated.

This is already possible because digital inheritance services such as DGLegacy® have the functionality to detect a fatal event happening to the user. When such an event is detected, the services automatically notify the beneficiaries of the assets designated to them so that they can obtain the access details securely through the digital inheritance app. 

The increasing number of digital assets that people possess represents a significant challenge for their organization and, ultimately, for their inheritance. While digital wallets provide a good answer for the organizational part, digital inheritance apps provide a very good solution for the inheritance. 

Digital wallets with digital inheritance.

But having two separate services for organizing the assets and for their inheritance doesn’t seem great. 

For exactly that reason, many digital inheritance services and digital legacy planning apps such as DGLegacy also provide digital wallet functionality. 

So, with one application, you can achieve both – organizing your various digital and financial assets and organizing their inheritance per your will. 

The emergence of digital wallets with digital inheritance is a great solution, ensuring that our dispersed digital and financial assets are organized and secure, as well as ensuring that our loved ones will have a “spare key” to our wealth should anything happens to us.