Estate Plans and Digital Assets-Part Two

An earlier blog posting (July 6, 2018) discussed the importance of including digital assets when developing an estate plan.  In addition to being proactive, doing so confers a valuable additional dispositive power to those who are wise enough to engage in this planning activity.

Let’s face it—-most of us simply hit the “Accept” button when downloading an app, making a purchase or joining a new group.  Who’s got the time to read, much less comprehend all of the legal minutiae in the Terms of Service Agreements (TOSA) that inhabit nearly every significant corner of the internet?  An article on businessinsider.com reported that 91% of us accept the legal terms and conditions without reading them and the percentage increases to 97% for those aged 18 to 34.  Unfortunately, clicking “Accept” generally causes us to relinquish some rights, however, the RUFADDA act referenced in the earlier blog posting offers a possible end-of-life solution to this dilemma. 

Under RUFADDA, which has been adopted by 38 U.S. jurisdictions, if estate planning documents grant a fiduciary the power to access a digital asset, the provisions of any previously accepted TOSA will no longer prevail.  So, for yet another important reason, it’s vital to include the consideration of digital assets when engaging a qualified estate planning attorney.