Millennials and Gen X Are Overlooking a Critical Financial Risk
What they can do about it before it’s too late
Millennials and Gen X have embraced the digital economy like no generations before them. They’ve built wealth not just through jobs and homes, but also through online platforms, apps, and assets that did not even exist a few decades ago.
From crypto holdings and Robinhood accounts to YouTube channels and cloud drives full of family photos, today’s digital footprint holds real financial and sentimental value.
Yet despite this growing digital wealth, most Millennials and Gen Xers are leaving these assets out of their estate plans. And that creates a serious risk.
Digital Assets Are Real Assets
We often think of estate planning as something for physical property. Houses, cars, bank accounts, maybe a retirement plan.
But what about:
- Cryptocurrencies stored in online wallets like Coinbase or MetaMask
- Stock portfolios managed through apps like E*TRADE or Robinhood
- Social media accounts that host personal memories or have business value
- Google Drive, iCloud, or Dropbox accounts with thousands of photos, videos, or documents
- Password managers that hold keys to nearly every other account
All of these are digital assets. And they are often left completely undocumented.
A 2023 Bryn Mawr Trust survey revealed that only 53% of Americans with estate plans have accounted for digital assets in their wills. Even more concerning, 39% had never heard the term digital estate planning at all. Source: Nasdaq
Why This Oversight Matters
When digital assets are not included in your estate plan, they often become lost or inaccessible after death. This creates problems not just for your beneficiaries, but also for the businesses and platforms you’ve built over time.
Consider what can go wrong:
- Your family may not even know the assets exist
- There may be no legal authority to access them
- Passwords may be encrypted or lost
- Accounts may be deleted due to inactivity
- Valuable assets may remain unclaimed
Without planning, your digital legacy becomes a guessing game.
The Consequences Are Both Financial and Emotional
Losing access to a crypto wallet with real value is a financial blow. But the loss of sentimental assets, like family photos, messages, or videos, can be just as painful.
And for those running content businesses or side hustles, the damage can be even more complex. Without access credentials or instructions, income-generating digital properties can collapse overnight.
The ripple effect is not just loss. It’s stress. Confusion. And missed opportunities.
Why Millennials and Gen X Are Especially Vulnerable
Unlike Boomers, who often have more traditional estate planning in place, and Gen Z, who are just beginning to build wealth, Millennials and Gen X occupy a unique middle ground.
They are:
- Digitally fluent, but often overwhelmed with life’s responsibilities
- Actively building wealth through nontraditional means
- Managing online businesses, crypto, and hybrid assets
- Delaying estate planning due to discomfort or procrastination
This combination of modern asset types and lack of preparation makes these generations particularly at risk.
What Digital Estate Planning Looks Like
Digital estate planning means accounting for your online presence and digital assets with the same care you give to your physical property.
It involves:
1. Creating a Full Inventory
Start by listing all digital accounts and assets, including:
- Investment apps
- Online banks
- Crypto wallets
- Content platforms
- Domain names
- Subscription services
- Password managers
- Social media accounts
- Cloud storage locations
2. Securing and Storing Credentials
Without access credentials, these assets may be impossible to retrieve. Use a secure password manager or encrypted storage solution and ensure someone knows how to access it if needed.
3. Appointing a Digital Executor
This is someone you authorize to handle your digital affairs. They can manage account closures, preserve important information, and follow any specific instructions you leave behind.
4. Updating Legal Documents
Include specific language in your will or trust that covers digital assets. Clarify how you want them handled and who should have access.
This step may require guidance from an attorney familiar with digital estate planning laws in your state.
Why SmartHeritance Makes This Simple
Most people don’t fail at estate planning because they don’t care. They fail because the process feels confusing and outdated.
SmartHeritance was designed to solve that problem.
It provides a secure, guided experience that helps you:
- Catalog your digital and financial assets in one place
- Designate who gets access and when
- Store everything securely until it’s needed
- Automate the delivery of important information to your loved ones
- Avoid legal stress, confusion, and loss after you’re gone
You don’t need to become an expert in estate law. You just need a system that works quietly in the background, keeping your digital legacy safe and ready.
The Bottom Line
The world has changed. Your estate plan should reflect that.
Millennials and Gen X have accumulated more digital value than any generation before them. But without action, much of it could be lost.
Digital estate planning is not just a smart move—it’s a necessary one.
You’ve worked hard to build something meaningful. Don’t let it disappear because no one knew how to access it.
Start Your Digital Legacy With Confidence
SmartHeritance helps you manage your entire legacy, including the assets most often overlooked.
- Guided setup in minutes
- Bank-grade security
- Private until it matters
- Designed to adapt with you
Take the first step. Protect your digital footprint. Preserve what matters.