A “digital asset,” for the purposes of digital estate planning, is any “asset that exists only as a numeric encoding expressed in binary form,” i.e., anything of value stored electronically. Digital assets are created and may exist in both personal and business settings. For instance, an individual’s digital asset estate may consist of videos, text documents, photographs, music, emails, online subscriptions, cell phone applications, video games, online personal social media accounts, and other similar items. In the business setting, the digital estate may contain valuable information such as mailing addresses, customer lists, online storefronts, business bank accounts, payroll systems, computer software, business plans, and other digitized assets. Data about the digital asset, commonly referred to as metadata, is also considered part of the digital asset. Metadata may contain information about when the digital asset was created, by whom it was created, when it was last accessed, and whether it was edited or altered. Additionally, metadata may be used to authenticate and describe the digital asset and enhance retrieval of similarly situated assets. As such, metadata can be invaluable in lawsuits and ownership disputes regarding digital assets. It is important to distinguish items that do not constitute digital assets. Specifically, digital assets do not include the electronic storage units within which they are held—such as computers, servers, video game consoles, cameras, and cell phones. While digital storage units are vital to the maintenance, collection, and distribution of digital assets, they are not the primary focus of digital estate planning.
ChIII : Digital Assets
