Florida Fiduciary Access to Digital Assets Act
June 20, 2019
In this day and age, it is nearly impossible for a Myrtle Beach resident to not have an online presence. Digital assets have fast become an important part of an estate plan. When a person passes away, it can be difficult for the family to access these online accounts. The Florida Fiduciary Access to Digital Assets Act is legislation that residents may want to be aware of.
There are two purposes of the Florida Fiduciary Access to Digital Assets Act. First, the Act provides fiduciaries the legal right to access digital assets in the same way they are given access to tangible assets and accounts. And second, the Act allows the digital asset company to legally interact with the fiduciary while still honoring the user’s privacy.
With this digital assets legislation, digital assets need to be a part of estate planning for Myrtle Beach residents. Digital assets are not just social media accounts, but they can also include cryptocurrency, bank accounts, investment accounts and other similar accounts.
Often, a person has an account that is only online and a family would never know about it unless it was recorded. A person should update their estate plan to include who they want as their fiduciaries to access their online accounts. They should also take an inventory of all of their online accounts, record these accounts and store their passwords in a secure location.
Digital assets are fast becoming an important part of a person’s life. Email, social media accounts and financial accounts are here to stay. An attorney who specializes in estate planning can help their client create an estate plan that encompasses all assets. They can also make sure that when the time comes, these assets are accessible and thoroughly recorded for the intended recipients.