Wealth Law Blog : Oregon Asset Protection Lawyers & Attorneys : Samuels Yoelin Kantor Seymour & Spinrad Law Firm : OR Estate Planning, Fiduciary Litigation

In a recent "TED talk," Adam Ostrow, a journalist and editor in chief of Mashable, an online news site dedicated to covering digital culture, social media and technology, discusses a fascinating topic that relates to the "Virtual Assets" issues that we've previously written about on WealthLawBlog.com.

In his short lecture, Mr. Ostrow states that "today we're all creating this incredibly rich digital archive that's going to live in the cloud indefinitely, years after we're gone. And I think that's going to create some incredibly intriguing opportunities for technologists.” He then discusses how technology is forever changing the manner in which our virtual existence continues after we die.

As technology continues to change the manner in which we humans interact with our many forms of “virtual assets,” the law will continue to develop in potentially unpredictable ways. In the context of our estate planning, I believe the key component for effective planning will be careful organization of our virtual assets and arranging for that information to be placed in the right hands when we’re gone.
 

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For those of you in the Chicago area on July 14-15, Samuels Yoelin Kantor attorney Victoria Blachly will be speaking at the ALI-ABA CLE Representing Estate and Trust Beneficiaries and Fiduciaries.

Her topic is incorporating virtual assets and online information into an estate plan:

1. What are virtual assets?
2. Integrating virtual assets into your estate plan.
3. Creating a VAIL (Virtual Asset Instruction Letter).
4. Consider who should receive your virtual assets.
5. Use caution when dealing with commercial services to hold your virtual assets.

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We are pleased to announce a new seminar series that will keep our clients and colleagues informed on recent developments and industry best practices. The seminars take place in our beautiful, state-of-the-art conference room on the 38th floor of the US Bancorp Tower. Seminars are complimentary and include a boxed lunch.

To register, contact events@samuelslaw.com or call us at 503-226-2966. Seating is limited, so be sure to contact us soon!
 

VIRTUAL ASSETS
WEDNESDAY JUNE 1, 2011, 12 NOON - 1:30 P.M.

Presented by Victoria D. Blachly and Michael D. Walker, P.C.

Virtual assets include emails, digital images, electronic financial statements, social media accounts, web sites, and e‐banking related accounts, among others. Many of these assets are assets that are generally transferred through a client’s will or trust.

As more of our population goes online, we have seen a rising number of cases surrounding the use (and abuse) of these assets.

This seminar will outline the policies employed by some common email and media providers, talk about where these assets fit in our clients’ estate plans and point out some specific areas of concern. We will conclude by talking about the pros and cons of some of the different “online vaults” that are available to clients.

ASSET PROTECTION
WEDNESDAY JUNE 8, 2011, 12 NOON - 1:30 P.M.

Presented by Edward "Ted" L. Simpson

The legal landscape across which creditors chase debtors is ever changing. What worked 10 years ago does not necessarily work today.

This has resulted in three categories of asset protection strategies: those that are readily identifiable and either do or do not work according to established law; those that are promoted as asset protection strategies, but about which the law is not settled; and those that are new and unique, have not been identified as asset protection strategies, and which have not been the subject of studied attempts to pierce. In this seminar we will take a thoughtful and practical look at how asset protection planning is approached and how strategies are developed, both broadly and in specific situations.

INCLUDING PETS IN YOUR ESTATE PLAN
WEDNESDAY JUNE 29, 2011, 12 NOON - 1:30 P.M.

Presented by Glen Goland

This seminar will discuss Oregon’s long history on the forefront of animal rights and will cover the short and long‐term questions that pet owners should consider when preparing their estate plans.

To register for any of these seminars, contact events@samuelslaw.com or call us at 503-226-2966. Seating is limited, so be sure to contact us soon! 

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(Click Image To Launch Video)

SYKS&S partners Victoria Blachly and Jeff Cheyne were recently interviewed by reporter Kerry Tomlinson for a KATU-TV (ABC affiliate) news story about “virtual assets” such as internet domain names, online content such as photos and videos, and personal accounts for email, banking, brokerage and social media sites such as Facebook. Increasingly, personal information and content is being stored online — and few people know what happens to these assets when a person becomes incapacitated or dies.

In other words, who can gain access to our “virtual existence” when we’re gone?

As previously discussed in a two-part “Estate Planning and Virtual Assets” blog post by SYKS&S partner Michael Walker, the answer can be quite complex. For more detailed information, read Part I and Part II of Michael’s post. You can also view the KATU-TV story on the station’s website. 

As part of the KATU-TV news segment, our estate planning team prepared avirtual assets checklist, which is posted on KATU.com. 
 

Also in the news… partner Steve Seymour was quoted in a recent Portland Business Journal article about the Oregon State Bar’s proposed mandatory mentoring program for new attorneys. The state bar’s mentoring committee is drafting a proposal that could be in place as soon as May 2011.

SYKS&S already has an organized mentoring program in place for new attorneys joining the firm.
 

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In Part 1 of my last article, Estate Planning and “Virtual Assets,” I discussed the complex issues relating to estate planning and “Virtual Assets,” which include financial accounts, email accounts, social media sites, and other personal or family information. All of these assets are typically accessed over the internet with a username and password. Here are two additional recommendations with respect to Virtual Assets:

1.   Consider Who Should Receive Your Virtual Assets. If a virtual asset is a bank or investment account, your will or trust should (presumably) control who will receive these assets at your death. However, what about access to family photos or genealogical information? One might want to specifically instruct your executor or trustee to replicate and distribute these items so that they pass to multiple intended beneficiaries.  

2. Use Caution in Using Commercial Services to Hold Your Virtual Assets. A new cottage industry has sprung up to provide a type of “online safe deposit box” to store your virtual assets and provide a means by which designated individuals can gain access to your virtual assets. A few words of caution are in order. First, be careful and make sure you’re dealing with a reputable company. Giving someone the keys to your digital existence would be a goldmine for someone bent on stealing your identity. Second, remember that giving someone access to information about an asset is not the same as giving that asset to that individual. Your will or trust should ultimately control who should inherit your assets, not an online service provider. There may be complex legal and tax issues that need to be taken into account in designating beneficiaries of virtual assets. For example, one online service provider refers to an “electronic will.” In most states, a will requires certain formalities (typically a written instrument signed before two witnesses), and the absence of these formalities can render one’s good intentions legally invalid.

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