Most trusts deal with a customary set of assets – real estate, cars, stocks and bonds.
In my firm I have placed a special focus on passing on unusual assets and addressing unusual situations. One of these is the Digital Asset Protection Trust.
What are digital assets?
Can you pass on rights to assets that don’t strictly exist in the physical world? Digital Asset Protection (DAP) trusts are set up for just this purpose, allowing you to place digital rights into a trust so that those you love can inherit the full benefit and protection of these rights.
It’s a novel concept, addressing the need to protect digital assets the same way you protect a second home, collectibles or art.
Anything made of 0s and 1s can be protected by a DAP trust – email, items stored in the cloud, bitcoin, saving and other financial accounts, even Facebook data. Really, any text, images, multimedia and personal property you keep on your computer, pad, smartphone, etc.
A new idea
You can bequeath digital properties to a specific loved one in your will, but there are often questions about ownership. Who owns a password to an account, for instance. This is where the trust format becomes important.
Because it’s new, digital asset protection is an unsettled part of the law. You will want to work with an attorney who understands and has experience in this realm. I am one of them, and I invite you to call with your questions.