July 29, 2014. Unsurprisingly, our estates consist of more than just the physical stuff we owned while we were alive. Intangibles have been around for some time, think copyrights and patents. Digital assets are also a part of your estate, and bring their own complications, specifically because of their ubiquitous nature. Everyone has an email account, very few have a copyright. What do you want done with emails or your blog? Here are six things you should know.
(1) You should give your fiduciary express authority over the digital assets in your estate. This will make it easier for them to get any access they need and hopefully smooth out the process. It is generally recommended you put this language in your Trust. If you do it through a Will, it does become public knowledge and your executor will have to wait to be appointed by the court before accessing your accounts.
(2) Specify what you would like to have happen with the account. Let your fiduciary know your wishes. Do you want your blog deleted or do you want it to remain as a legacy?
(3) The authority to access your digital assets only goes as far as your fiduciary’s knowledge of the accounts. If they don’t know the accounts exist, it doesn’t matter that you have given them the authority. You should catalogue your digital assets (gmail, pintrest, facebook, dropbox, amazon, world of warcraft, so on…) and occasionally update it so that the list is more or less current.
(4) This is a tricky one, but you want the person handling your affairs to be able to access your accounts, which means storing your passwords together in one place. You will want to make sure that any list you prepare is protected after some fashion. If you store it on your computer, make sure the file is encrypted. If you store it as a hardcopy, a safe deposit box is a good choice.
(5) You should also know that the terms and services of your account may dictate what can be done with the assets after your death. You may, for example, only have a personal license over the digital movie you purchased, and it expires when you do. It is a good idea to know the business’ policy on a deceased member’s account.
(6) The law in this area is emerging, which is another way of saying it is uncertain and confusing. A couple states have some specific legislation regarding digital assets; a few others are attempting to move some laws through their legislature. The recent passing of the Uniform Fiduciary Access to Digital Assets Act before the Uniform Law Commission is a step in the right direction of encouraging states to ensure your representatives have, at a minimum, access to your accounts after you pass away. In the meantime, the best thing you can do is to be as thorough as possible in planning for these assets so as to minimize what complications you can down the road.
For more information about what you should about your digital assets, contact the Goosmann Trust Law Counsel at info@goosmanlaw.com or call 712-226-4000.