Digital assets are often overlooked, but have become very important and should likely be addressed in both your will and power of attorney (POA). Historically, executors under wills or agents under POA’s (fiduciaries) would simply check files and incoming postal mail to address things such as bank accounts, investment accounts, 401k’s, credit cards, utility bills, mortgages, and other open accounts. However, life in current times has in many instances become much more complex, more spread out, and most of all, MORE ONLINE. Regulations prohibit impersonation of another to access online accounts of another person that is living or dead. In the more paperless society that we have become, the possibility exists for others to not know about your bank accounts, investment accounts, and certain other assets, without some type of access to online information. Furthermore, cloud storage of online digital assets such as family pictures, or digital assets necessary to run a family owned business, might be inaccessible or destroyed. The Pennsylvania Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”) was approved July 23, 2020 relating to wills and Powers of Attorney. RUFADAA provides avenues for you to allow your executors under your will, or your agents under your POA, specific or limited means to manage your digital assets.
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The Pennsylvania Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”) was approved July 23, 2020 relating to wills and Powers of Attorney
Amendments to 20 Pa. C.S. Chapter 56 Powers of Attorney became effective January 1, 2015
A Mental Health Care Power of Attorney automatically terminates two years after execution