Probate & Trust Law Section Conference Manual ... - Minnesota CLE

iii. Former attorney and Ebay seller Linda Lightman, owner of the Ebay shop
“Linda’s Stuff” has gross sales of approximately $16 million per year.
e. Digital assets may carry non-financial value. These values can include the
following:
i. Preserving the decedent’s story and memories. Ten years ago shoeboxes
of the decedent’s letters, photos and diaries were treasured. The new
“digital shoebox” includes:
1. Online photo accounts
2. Personal blogs
3. Email messages
4. Twitter feeds
ii. Genealogical information
iii. Preventing disclosure of secrets and reputation preservation: protecting
the sensitive information of the client is often important to prevent family
members from emotional suffering, especially when the client is
disabled/deceased and/or has minor children and grandchildren. Sensitive
information can easily and quickly be spread on the internet. With full
access to the client’s digital assets it is easier to preserve and protect the
client’s secrets and sensitive information and certain information can be
made more difficult to locate on the internet.
iv. Risk of identity theft: The AARP estimates that the identities of 2.5
million deceased Americans are subject to fraud each year and concludes
that the crime often begins with a search of online information. Careful
censure of online information about the decedent (such as dates of birth,
names of family members, specifically mother’s maiden name, and place
of residence) is critical to preventing fraudulent activities.
II.
Addressing Digital assets in the Estate Planning Process
a. The most important message to convey to your clients is PLAN AHEAD!
b. Otherwise, your client’s family and beneficiaries may end up at the mercy of a
data forensics expert, who may not be able to recover needed information.
c. When possible, have LLC or revocable trust own digital assets.
i. Many digital asset providers recognize the importance of online/digital
assets to a business and will allow an entity to own the digital asset.
1. Exceptions: Entities usually cannot hold free web-based email
accounts and individual social media accounts.
ii. For example, Southwest Airlines owns and operates a webpage, blog,
Twitter account and Facebook page. Over 30 employees maintain the
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