Before we can delve into the estate planning considerations for digital assets we must first answer a very important question: What are digital assets? To answer that question I hope to someday be able to refer to a common legal reference such as Black’s Law Dictionary or to the statutes in any U.S. state. For now we are pioneers in the area so we do not have the benefit of a specific legal definition. We do however have a combination of common sense and traditional dictionaries/definitions available to us. Let’s start with the definition of each term according to Merriam-Webster Online Dictionary:
Digital
~adjective
of, relating to, or being data in the form of especially binary digits
Asset
~noun
1 plural a : the property of a deceased person subject by law to the payment of his or her debts and legacies b : the entire property of a person, association, corporation, or estate applicable or subject to the payment of debt;
A combination and simplification of the above definitions gives up the following:
Digital Asset
~noun
data in the form of especially binary digits owned by a deceased person subject by law to the payment of his or her debts and legacies
This serves as a nice technical definition for digital assets but it does not completely clear up the issue because the phrase “data in the form of especially binary digits” is still cumbersome at best. I tried to narrow it down and translate it into plain English and settled on the following practical definition of a digital asset:
Digital Asset
~noun
Any file on your computer in a storage drive or website and any online account or membership.
Examples of files include Microsoft Word, Excel or PowerPoint documents, digital photos and videos, and digital music. Online accounts and memberships can include email accounts, social networking profiles, online digital photo accounts, banking and investment accounts, domain names and websites you own, online media subscriptions – practically anything with a unique username/password combination.
So now that we have a better understand of what constitutes a digital asset, we can turn our attention to why this unique category of property requires special attention. To do this, I will first have to provide a quick overview of property and probate law.
In general property is divided into two broad categories: Real and Personal. Real property is defined as land and all the things that are attached to it. Personal property is defined as anything that is not real property and personal property is anything that isn’t nailed down, dug into or built onto the land. Personal property is further divided two categories: tangible (car, furniture, jewelry, art, clothing, appliances) and intangible (stocks, bonds, patents, trademarks, copyrights). The central difference is that you can touch, move, or feel tangible property, while you cannot touch, move or feel intangible property.
If you were looking for the perfect category to drop digital assets into I am not confident that you will find one in the property overview above. Therein lies the problem. Digital assets more appropriately fall within the intangible property category as long as those assets remain in digital form on one’s computer or on the Internet. However, if a person’s digital photos or email is printed we quickly transition into the tangible property world because we can now touch, move or feel the photo or letter.
The distinction between tangible and intangible personal property is important because it ultimately drives the probate process. For instance, in Wisconsin a testator can have a list signed and dated after the execution of his or her Will in which they leave specific items of tangible personal property to specific heirs. There is no such provision for intangible assets. As such a testator must specifically direct the management and disposition of intangible assets in the Will or through contractual designation, such as transfer on death or payable on death designations or beneficiary designations. This requirement limits a person’s ability to control the management and distribution of their assets without first consulting with an attorney to update their estate planning documents.