The Digital Planning Podcast Hosts Lee Poskanzer

Digital Property and Estate Administration

Lee Poskanzer was a guest on The Digital Planning Podcast, hosted by attorney Jennifer L. Zegel, a partner in Kleinbard’s Business and Finance Department and Practice Leader of the Firm’s Trusts and Estates Group, attorney Justin Brown, a partner in the Private Clients Practice Group of Pepper Hamilton LLP, and Ross Bruch, from Estate Genie.

The podcast,  which you can access here, was a wide-ranging discussion about the current state of the law regarding digital property and how digital property should be handled during the estate administration process.

Fiduciary access to digital assets is challenging, as this is still a new area of the law.  RUFADAA (The Revised Uniform Fiduciary Access to Digital Assets Act) is in place in most states, but not all estate plans have incorporated its features.

The podcast features advice and information on handling digital assets. Trusts and estates attorneys, financial advisors and others in estate related areas will find this podcast highly valuable.

For further insight into the issues that digital property law must address,  take a look at HB156, a bill recently introduced in the Kentucky state legislature:

Revised Uniform Fiduciary Access to Digital Assets Act to establish a framework for the management and disposition of digital assets upon death or incapacitation; define terms; set forth the applicability of the chapter to fiduciaries, personal representatives, conservators, and trustees, and provide that the chapter does not apply to a digital asset of an employer that is used by an employee in the ordinary course of business; prioritize user directions regarding disclosure over certain terms-of-service agreements; provide that the Act does not impair custodian and user access to records under terms-of-service agreements; establish procedures for disclosing digital assets; enumerate documentation required for a personal representative to gain access to content of electronic communications; enumerate documentation required to access digital assets other than the content of a decedent’s electronic communications; enumerate documentation required for a person with power of attorney to gain access to the content of electronic communications of principal; enumerate documentation required to access digital assets other than the content of a principal’s electronic communications; authorize disclosure to trustees who are original users of a trust’s digital assets; enumerate documentation required for content disclosure to a trustee; enumerate documentation required for disclosure of a trust’s digital assets other than content; enumerate documentation required for a conservator to gain access to a protected person’s digital assets; apply fiduciary duties and authority to digital assets; provide compliance guidelines for the custodians of digital records; require that the chapter be applied to promote uniformity among the states; establish conformity with federal requirements related to electronic signatures and records; provide that the chapter may be cited as the Revised Uniform Fiduciary Access to Digital Assets Act (2015).

Want to know more about how digital property intersects with estate planning and administration? Contact Lee Poskanzer 1-800-372-8121 or send a note to lposkanzer@directivecommunications.com – and learn how DCS can help you better serve your clients.