Memorandum of Digital Assets

Clients should be encouraged to catalogue all of their digital assets and services, and provide access information in a centralized Memorandum or file for the executor. The Memorandum should also express wishes with respect to how the assets should be handled after they die, for example whether accounts should be deleted and closed, or contents passed on to others. Obviously it will be key to maintain tight security over such a list.

The Memorandum may be kept in a safety deposit box, or sealed and stored with the Will in the lawyer’s file. Alternatively, the client may store the information in a password‐protected electronic document and keep the password for the file separate from the file itself. A Memorandum of Digital Assets is sometimes referred to as a “digital will” or “social media will”. However, since such a document would likely change frequently and many assets would not have financial value, in most cases this document will not be constituted as a formal will. Any assets having significant value should be dealt with specifically under the will, or incorporated by reference in a binding memorandum executed as a testamentary document. A sample Memorandum of Digital Assets is set forth in Appendix I.

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Eleanore

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