What is the Latest On Digital Asset Laws?

If you are a regular reader of this blog, then you know that digital assets are a "hot topic" in the estate planning world.

Nearly everyone is online these days.

So, when someone dies, what happens to their "virtual" life and assets? 

In Oregon, recently signed legislation will go into effect on January 1, 2017, to protect the "digital assets" of its citizens.

kitv.com reported this new development in an article titled "Governor signs new law which protects digital assets."

What does the law provide?

To gain access to the digital assets of a decedent, he or she must affirmatively provide for fiduciary access by specific provision in appropriate estate planning documents.

What if an Oregonian fails to do so?

Then access to his or her digital assets defaults to the terms of the various service agreements.

As you know, other states are addressing this issue.

Stay tuned.

This issue is not going away anytime soon. 

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: kitv.com (March 8, 2016) "Governor signs new law which protects digital assets"