Estate planning has changed a lot over recent years. One of these ways is that people now have to consider their digital assets as part of their estate plan. For those in Virginia, becoming familiar with the Revised Uniform Fiduciary Access to Digital Records Act (RUFADAA) is beneficial because this state adopted this act to govern the fiduciary authority for digital assets.
When it comes to digital assets, access needs can vary greatly. These assets can be valuable financially or emotionally, so being able to get into the accounts that are important after a person dies is critical.
Why is the RUFADAA important?
The RUFADAA reduces the risk of being unable to access digital accounts when service providers cite terms of service or privacy laws. It clearly outlines how and when fiduciaries can access digital accounts, including who can access them and under what conditions.
There are four fiduciaries who may be able to access digital assets. These include:
- Agents who have a power of attorney
- Personal representatives who are administering an estate
- Trustees who are managing the decedent’s trust
- Court-appointed conservators
Each of these fiduciaries must act in the best interests of their position, and part of this is based on whether the user gave consent for the access. Consent can be granted through online tools, estate planning documents and court order. Even with consent, there are often limitations in place to balance the fiduciary authority with user privacy. This is particularly true if there are privacy protections in place because a court order may be required to release information.
It’s wise to have a clear understanding of what access you should have to digital assets during the probate process. Working with someone familiar with these matters may be beneficial, particularly because laws surrounding this area of estate planning and administration are newer and may change.
