Friday, July 18, 2014
The Uniform Law Commission has approved the new Uniform Fiduciary Access to Digital Assets Act. With huge technology advancements changing where assets are stored, a legal update is needed to accommodate the increase in digital assets. The Act adopts “media neutrality”, which means that the individuals who would gain access to tangible property as a fiduciary after the owner dies, such as personal representatives, or during the owner’s life, such as a guardian, will now also have access to the digital assets. However, if the owner has previously expressed a desire that the assets be kept private, then those wishes will be honored.
See, Uniform Fiduciary Access to Digital Assets Act Approved, Uniform Law Commission, July 16, 2014.