May 28, 2015
Authored by: Stephanie Moll
Last year, we told you about the Uniform Law Commission’s approval of the Uniform Fiduciary Access to Digital Assets Act (“UFADAA”), the primary purpose of which is to empower fiduciaries, guardians, and agents with the power to “access, manage, distribute, copy, or delete digital assets and accounts”.
According to the Uniform Law Commission’s website, the UFADAA “is an important update for the Internet age. A generation ago, files were stored in cabinets, photos were stored in albums, and mail was delivered by a human being. Today, we are more likely to use the Internet to communicate and store our information. This act ensures account-holders retain control of their digital property and can plan for its ultimate disposition after their death. Unless the account-holder instructs otherwise, legally appointed fiduciaries will have the same access to digital assets as they have always had to tangible assets, and the same duty to comply with the account-holder’s instructions.”
Both the Illinois Senate, in Senate Bill 1376, and the Illinois House, in HB 4131, are considering adoption of UFADAA. Illinois joins 22 other states who have introduced the UFADAA in their legislatures. You can track the legislation in these 23 states, as well as others who may introduce the UFADAA in the future, as well as read the UFADAA, at the Commission’s website here.