Estate fights aren’t just over grandma’s pearls or perhaps more accurately, grandma’s mansion anymore. Digital assets are going on the table and in the Will. “The steady growth of most individuals’ online presence has given rise to a novel legal issue—authority over administering the digital assets and accounts of an account holder upon death or disability,” said associate Carly Ziegler of Proskauer Rose, in her recent blog post on the issue.
To account for this, the Uniform Law Commission released a model statute called the Access to Digital Assets Act, which dealt with the emerging legal issue of what happens to digital assets upon the account holder’s death. Ziegler reported that under the Act, fiduciaries entrusted with the estate’s tangible assets, are also given authority to manage their digital ones, so long as no other legal document prohibits it.
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