Death and digital assets: Where do you hide your treasure?

Most of us recall easily the objects that can actually be seen and touched when asked to identify our "assets". We are calling to apply our bank account, deposit certificate, stock portfolio, retirement plan, and 401 (k) account to our assets. However, a relatively small number of people tend to identify "digital assets" as valuable assets. "Digital asset" refers to e-mail and Internet accounts, websites, domain names, photos and videos stored on a computer, or "in the cloud". However, who knows, the next big business plan and design may now remain completely anonymous somewhere in the electronic file.

Think that your digital assets may contain possessive property with substantial economic value or sentimental value. Please think that this valuable asset may remain unknown. If that happens, do you know if your loved one is buried in your laptop or is trapped in a cloud? If so, will they have access to them? Sometimes people sometimes find hidden treasures and sometimes those who will leave such a prize.

Like me, if you enjoyed talking about the childhood of the pirates looking for the buried treasure, you may create a map of the unforgettable treasure buried in cyberspace right now. I refer to the revised unified bidding law to the digital asset law adopted by 20 states, including both Oregon and Washington. This Act will enter into force in Oregon on January 1, 2017. After that, after dying to the same extent as you are alive, you can access your digital account by a personal representative who you named in your will.

The drafters of the law understand that there is no doubt that someone who is not keen to let loved ones access the crimes of mail communication. Under this law, you can leave certain instructions to prohibit such disclosure. Therefore, the law is aimed at facilitating the discovery and management of trustee's digital assets, but we also respect the reasonable expectations of account owner's privacy.

For a more detailed explanation of this law, consider the interim notes prepared by the committee that drafted the model act. We are interested in seeing if this new law will help dismantle the hidden treasure.