Trust Industry Brief: The Assets that We Forgot: How to Properly Integrate Digital Assets Into Your Trust Planning

August 12, 2014

On August 12, 2014, Delaware was one of the first states to sign into law a Fiduciary Access to Digital Assets and Digital Account statute, recognizing that an increasing percentage of people’s assets are stored digitally. While this new statute may initially seem somewhat small in scope, applying only to iTunes and Facebook accounts, it should be considered in light of the growing number of digital currencies and professional assets that are maintained digitally, such as licensed photography, literary works, and digital artwork.

Commonwealth Trust Company is pleased to provide this article as a guide. Commonwealth Trust Company is not engaged in the practice of law and is not providing legal advice by the provision of these materials. Commonwealth Trust Company recommends that clients seek the opinion of their attorney regarding the specific legal and tax issues addressed in this article.