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

client to make such a list. In assisting clients with this process, be mindful of the
following traps:
i. KEY: As explained in further detail in Section VI, the terms and
conditions of certain websites and online account providers prevent
anyone other than the user from accessing the user’s account, regardless of
whether the fiduciary can clearly show he is acting as the user’s legal
successor and regardless of whether the fiduciary has the user’s password.
Before the fiduciary attempts to access digital assets, it is crucial that these
terms and conditions be reviewed and the consequences for breach of
these terms and conditions be discussed with counsel.
ii. KEY: give fiduciary a way to FIND the list of digital assets or online
storage account.
iii. KEY: attorney should not custody both list of digital assets and list of
passwords.
III.
Online Storage Accounts
a. Websites that charge a monthly or yearly fee to store digital data and release it
according to your instructions.
b. Many allow designated persons to access the account owner’s digital assets in the
event of disability, as well as death.
c. Most sites will store copies of important documents (such as powers of attorney),
which allow convenient access to important documents on-the-go.
d. Popular online storage accounts with a succession feature include:
i. www.legacylocker.com
ii. www.deathswitch.com
iii. www.mypersonaldatasafe.com
iv. www.entrustet.com
e. Advantages:
i. State-of-the-art security (the most popular sites use security similar to that
used by banks).
ii. Allows designated person to access digital assets without knowing even a
single password.
iii. Allows immediate access to digital assets in the event of death (and for
many services, disability).
f. Disadvantages:
i. Needs to be updated as passwords and digital assets change.
ii. Will these services be around when you need them? Most are startups
with little capital.
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