The disposition of digital assets is a new frontier for fiduciaries and an emerging area of law that prudent investment advisors will want to track closely.
Financial advisors who want to start to provide their clients with guidance on this emerging estate planning issue may want to offer clients a Digital Assets Inventory Questionnaire provided to A4A by Gideon Rothschild, a partner at the New York law firm, Moses & Singer.
To download the Digital Asset Inventory Questionnaire:
1. Log into A4A
2. Click on the "View Public Profile" (above right)
3. Click on the tab for "Rewards"
4. Click the Premium Content link to see the list of A4A Premium Content, including the questionnaire
Rothschild, who also serves as chair-elect of the American Bar Association Real Property Trust And Estate Planning Section, spoke at a webinar about estate planning for digital assets that A4A members can also access for free.
The Uniform Law Commission, which drafts model laws for states to adopt, is drafting legislation for states to consider that will clarify important rules concerning who is entitled to access and inherit digital assets after the owner dies. Eight states already have statutes and several more are considering adopting laws. The laws aim to clarify who is legally entitled to access your social networks, contact list, photos, music, memoirs and other digital assets after death.
Advisors who want more help communicating with clients about the proper disposition of digital assets and other sophisticated areas of estate planning can also contact Toni Russo at Advisor Products at 516-333-0066 x224.