In August of 2016, the Illinois legislature enacted a law addressing access to digital assets and conflicts with “Terms of Service” Agreements. This is a new and evolving area of law that must be considered in your estate plan when planning for the future. Today, we have an abundance of digital assets – i.e., Facebook, Twitter, Shutterfly, Flicker, photographs stored digitally on various sights, emails, playlists, financial and banking information, business accounts, domain names, blogs, loyalty program benefits – just to name a few. In some instances, the providers issue a license for the use of their service; and in other instances, we are the owner of the digital asset which is stored elsewhere. In either situation, in the event of our disability or death, it is very important that our personal representative, trustee or executor be able to access our digital assets; and it is equally important that this appointed representative be given written direction and authority over digital assets in appropriate documents.
Digital assets are valuable, both emotionally and financially. They should not be neglected in the process of creating an estate plan. First and foremost, every individual should have a comprehensive inventory of their digital assets. This inventory should include user names, passwords and any other information necessary for someone to access the account. This inventory should be kept in your safe deposit box along with your original Will and Trust. One should also carefully consider whether this document should be kept anywhere electronically or if the electronic version should be destroyed. At the very least, one should consider encrypting this document. There are other means of dealing with digital assets which can be discussed on an individual basis in the process of your estate planning, but I urge you to begin keeping a list of digital assets.
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