What is Digital Property?

For us to discuss estate planning for digital property, we first need to define digital property.

Digital property includes data, Internet accounts, and other rights in the digital world, including contractual rights and intellectual property rights. Data are the files and information stored and used by computers (such as e–mails, word processing documents, spreadsheets, pictures, audio files, and movies). This data may be stored locally on a computer’s hard drive or on removable media, or data may be stored remotely and accessed over the Internet.

Internet accounts are governed by contracts between an individual and a service provider, such as e–mail accounts, accounts at financial institutions, accounts on shopping Web sites, Web page or blog hosting accounts, social networking accounts, registered domain names, and online video game and virtual world accounts.

Intellectual property rights also can exist in digital property, such as pictures, music, movies, literary works, Web pages, computer code, and other creative works.

With other, traditional forms of property (real estate, stocks and bonds, bank accounts, life insurance, vehicles, personal property, etc.), there are well established procedures and processes to locate it, identify value, and transfer control or ownership upon a person’s incapacity or death. But there are significant differences with digital property, especially with Internet accounts and encrypted electronic data. If a person has not provided a list of all the accounts, passwords, and other key information about digital property, dealing with the person’s incapacity or death becomes more difficult. Failure to plan ahead can make it practically impossible to locate and access certain types of digital property.

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Welcome

Welcome to Digital Passing—a blog covering the intersection between estate planning (planning for a person’s incapacity and death) and the digital world (passwords, online accounts, intellectual property, and other digital property).

The purpose of this blog is to introduce family members, fiduciaries (a guardian, conservator, executor, personal representative, trustee, attorney–in–fact, etc.), and their advisors (a lawyer, accountant, financial advisor, etc.) to the types of digital property that they need to locate and access as they deal with an person’s incapacity or death. Planning in advance is critical for digital property, and it may provide the only way for family members and fiduciaries to access that digital property.

This blog was created by and is maintained by James D. Lamm, a third–generation Minnesota estate planning attorney and a principal in the Trust, Estate & Charitable Planning group at the Gray Plant Mooty law firm in Minneapolis, Minnesota. Jim focuses his practice on estate planning, family business succession planning, probate and trust administration, and charitable giving.

Jim Lamm is a Fellow in The American College of Trust and Estate Counsel (ACTEC). He is licensed to practice law in Minnesota, South Dakota, and North Dakota. Jim works with executives, entrepreneurs, high–net–worth families, and family offices to achieve family goals, pass on family values, and plan for family businesses.

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