Covering Your Digital Assets (3-Part Series) Part 3 – Make a Plan and Sharpen Your Tools

I listened to a short interview with Adrienne Mitchell interviewing Patricia Stalzer, regional director of trust services for B-Mo Private Bank on Money Markets and More – http://www.marketwatch.com/podcast/player/audiopopup/5C5447C8-368D-49F5-A41A-01814EAE6653 (August 20, 2013, 3:33pm EDT) “Are your digital Assets part of your estate plan?” I also read an article by Ken Strutin called Ghost in the Machine: Managing the Information Afterlife available at   http://www.llrx.com/node/2306/print. You may find it helpful to listen to the interview and/or read the article. The article and the interview are both short. I outline what Patricia Stalzer and Ken Strutin talk about below:

As you now know from reading your Terms of Service Agreements (TSA), each of your digital assets may require a unique plan in order for your agent or relative to deal with it after your death. There seem to be three steps for creating a plan:

1. What are my digital assets?
2. What options exist to deal with the requirements of the TSA?
3. How do I execute each plan?

In order to prepare you and your Estate Planner, you need to make an inventory of your digital assets to identify which ones you have. Some of you will be able to just sit down and write out your different assets and accounts, the account numbers, and the user names and passwords. If you’re anything like me, you need a little help to remember what you have. There are a number of free inventory worksheets available on the web. I like Estate Map, LLC at http://estatedispatch.com/free-digital-asset-inventory/.  Make your inventory and keep it for your records or print it off and bring it to an appointment with your Estate Planner.

Next, ask your Estate Planner for the best options to deal with those particular assets and TSA requirements.  The TSA requirements will lead you and your Estate Planner to choose one or a number of the following options:

• You may wish to consider
  • Preparing an inventory, CD, or flash drive (place it in a safe deposit box or make arrangements with your Estate Planner)
    • Include pertinent information, like user name, passwords, account numbers, etc.
    • Include instructions for dealing with the service provider/host. You can inform your agent or relatives how to access the TSA’s.
• Naming an individual in your Will who can have access to your inventory information. Sometimes giving people your password violates the terms of service agreement so they may not be able to use your information – but, you can at least let someone know about the accounts that you have.
  • Consult with a knowledgeable Estate Planner – you may need to add language that authorizes your agent to have access to your accounts. The TSA may not allow it, but you’ve given your agent or relative authority to do it.
• Naming a beneficiary in your Will for your assets, and reference them in a separate writing.
• Placing your assets in a Trust
  • You may want to register the account in the name of your trust. Then, if something happens, the service provider will recognize the trustee.

Lastly, you and your Estate Planner should execute the necessary options for protecting each of your digital assets.

 ALL READERS:  This blog is not, nor shall it be deemed to be, legal advice or counsel. This blog does not create an attorney-client relationship with any reader.  It is designed to encourage thoughtful consideration of important legal issues with the expectation that readers will seek professional advice from a licensed attorney.