jspωiki
Revised Uniform Fiduciary Access to Digital Assets Act

Overview#

Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) Has been enacted in 43 US States (with DE having the previous version).

In 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 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.
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: