Woodman & Eaton has been working with clients to store and secure online passwords, secure access codes, PINs and other login credentials for some time. More recently, the firm began incorporating specific language into estate planning documents in order to allow fiduciaries (i.e., trustees, personal representives) to access digital assets.
So, what exactly are digital assets and what do they have to do with estate planning? Digital assets is a relatively new term used to describe a long list of items related to cyberspace and computing and includes such things as computer hard drives, data storage devices, electronically stored information, user accounts and domain names. Planning for your digital assets starts with the naming of a fiduciary to access your digital assets.
For more information relating to the topic, please see Neil Cohen’s piece entitled “Planning for Digital Assets.”
