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Revised Uniform Fiduciary Access to Digital Assets Act
Revised Uniform Fiduciary Access to Digital Assets Act

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!!! Overview
[{$pagename}] ([RUFADAA]) Has been enacted in 43 [US States] (with [DE] having the previous version). In [2019|Year 2019], it was introduced in [DC], [MA], [PA]. States that haven't yet considered it are: [CA], [OK], [LA], and [KY]
The purpose of the Revised Fiduciary Access to [Digital Assets] Act (Revised UFADAA) is twofold.
* First, it gives [fiduciaries|Fiduciary Responsibility] the [legal] authority to manage [Digital Assets] and electronic [communications] in the same way they manage tangible assets and [financial] accounts, to the extent possible.
* Second, it gives [custodians] of [Digital Assets] and electronic communications [legal] authority to deal with the fiduciaries of their users, while respecting the user’s reasonable expectation of privacy for personal communications.
The general goal of the act is to facilitate fiduciary access and custodian disclosure while respecting the [privacy] and intent of the [user|Data subject]. It adheres to the traditional approach of trusts and estates law, which respects the intent of an account holder and promotes the fiduciary’s ability to administer the account holder’s property in accord with legally-binding [Fiduciary Responsibility]. The act removes barriers to a fiduciary’s access to electronic records and property and leaves unaffected other law, such as fiduciary, probate, trust, banking, investment securities, agency, and privacy law. Existing law prohibits any fiduciary from violating fiduciary responsibilities by divulging or publicizing any information the fiduciary obtains while carrying out his or her fiduciary duties.
Revised UFADAA addresses four different types of fiduciaries:
* personal representatives of decedents’ estates,
* conservators for protected persons,
* [agents] acting pursuant to a power of attorney,
* and [trustees].
It distinguishes the authority of fiduciaries, which exercise authority subject to this act only on behalf of the user, from any other efforts to access the digital assets.
Family members or friends may seek such access, but, unless they are fiduciaries, their efforts are subject to other laws and are not covered by this act.
!! More Information
There might be more information for this subject on one of the following:
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* [#1] - [Revised Uniform Fiduciary Access to Digital Assets Act|https://www.uniformlaws.org/committees/community-home?communitykey=f7237fc4-74c2-4728-81c6-b39a91ecdf22&tab=groupdetails|target='_blank'] - based on information obtained 2019-07-31
* [#2] - [Fiduciary Access to Digital Assets in Ohio|https://www.ohioprobatelawyer.com/digital-assets/2018/12/06/fiduciary-access-to-digital-assets/|target='_blank'] - based on information obtained 2019-07-31
This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthorTop