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ARTICLE · 06 MARCH 2020

Dealing With Digital Assets On Death: Who Owns Them? Who Can Access Them? What Can Be Done To Protect Them?

Gardiner Roberts LLP
Gardiner Roberts LLP
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Some sources estimate that as many as 3 m. bitcoins (~$38 billion) are irretrievable

CanadaTechnology
Lindsay Ann Histrop
Lindsay Ann Histrop
Valentina Romano
Valentina Romano
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Table of Contents

  1. Digital Assets – Prologue
  2. Defining and Categorizing: Assets vs. Accounts
  3. Currency Accounts
  4. Virtual Property Accounts
  5. Social Media Accounts
  6. The Law in Canada
  7. Barriers to Access: Terms of Service & User Agreements
  8. Estate Planning Considerations

Digital Assets – Prologue

Bitcoin Example:

  • Of a capped total of 21 m. Bitcoins, 18 m. have been "mined"
  • Some sources estimate that as many as 3 m. bitcoins (~$38 billion) are irretrievable
  • Due to:
    • Lost retrieval codes ("private keys")
    • Lost USB's where the only records are stored
    • Owner death without leaving the private keys accessible to executors or next of kin

Death of a CEO

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