The Revised Uniform Fiduciary Access to Digital Assets Act
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) in California tackles the growing challenge of managing online lives after death or incapacity. It empowers individuals to designate a fiduciary, to manage digital assets like email accounts, social media profiles, and even cryptocurrency. This ensures these assets are handled responsibly and prevents unauthorized access. While RUFADAA doesn't directly address transmutation agreements, its focus on transparency and accountability in managing digital assets offers valuable lessons for preventing potential abuse in other areas of estate planning.
The benefits of the RUFADDAA are that it offers structure and clarity for managing digital assets in a legal and organized manner, prevents unauthorized access and protects sensitive information; and empowers individuals to control how their digital legacy is handled. The Act does not reign supreme in the land of other established law. Fiduciaries might still need court permission to access certain types of content protected by privacy laws and Terms of Service (ToS) agreements.
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