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

iii. Note that it is unlikely that information stored on an online storage
account that goes out of business will be misappropriated, just
inaccessible.
g. Inform the fiduciary of participation in an online storage account
i. Client may tell fiduciary (in writing) that he participates in an online
storage service.
ii. Some online storage services will directly email your authorized designee
when you enroll and will give the designee instructions on how to access
digital assets in the event of the account owner’s death or disability.
iii. Client may disclose to estate planning attorney that he participates in an
online storage service.
IV.
Creating a List of Digital Assets, Usernames and Passwords
a. For clients who have few digital assets, an “old fashioned” paper list of digital
assets, passwords and usernames may be appropriate. This list should be
physically secured in a lockbox, safe or locked file cabinet.
b. Preferred method is to create a password protected file listing digital assets stored
on home computer, smartphone or USB drive.
c. Write the password to access the electronic list on a piece of paper which is stored
with original estate planning documents or in safe-deposit box.
d. Electronic List of Digital assets:
i. To be secure, the electronic file should be encrypted and a complex
password should be used.
ii. Password protecting a MS Word or other office document can be easily
circumvented and is not adequately secure.
iii. Use software package designed to store confidential documents and
passwords such as KeePass, SecuBox or Web Confidential.
iv. Can back-up encrypted list to USB drive.
e. Password to Electronic List of Digital assets:
i. Disclosed password should be up-to-date.
ii. If estate planning attorney does not have access to the electronic (or paper)
list of digital assets, estate planning attorney can store password. As with
all client confidential information, the attorney has a duty to appropriately
safeguard client information and the password should be stored securely to
avoid inadvertent or unauthorized disclosure.
f. Advantages of using electronic/paper list of digital assets:
i. Easy and cheap to implement.
ii. Easy and cheap to update.
g. Disadvantages:
i. Must be updated as passwords and digital assets change.
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