The rapid advance of technology has resulted in substantial portions of clients’ business and personal data being stored in digital formats. Many individuals do not perceive the value and extent of their digital records, and the potential for financial or sentimental loss if these assets become inaccessible. A well-drafted estate plan should address the management and distribution of digital assets to mitigate additional administrative burdens on fiduciaries.
Oregon is one of the states that has adopted the Revised Uniform Fiduciary Access to Digital Assets Act (UFADAA) and which is legislation that permits a fiduciary to access and manage digital assets. When we plan for clients we include provisions that allow appointed fiduciaries to access, copy and manage certain digital assets.