Overview#Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) Has been enacted in 43 US States (with DE having the previous version).
The purpose of the Revised Fiduciary Access to Digital Assets Act (Revised UFADAA) is twofold.
- First, it gives fiduciaries 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. 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 duties. 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.
More Information#There might be more information for this subject on one of the following:
- [#1] - Revised Uniform Fiduciary Access to Digital Assets Act - based on information obtained 2019-07-31
- [#2] - Fiduciary Access to Digital Assets in Ohio - based on information obtained 2019-07-31