Bitcoin and other types of cryptocurrency are often the first things that come to mind when people think about digital assets. Because investing in cryptocurrency is still not a mainstream activity, many people in Florida might think that they do not have any digital assets to protect. These individuals might not bring up digital assets at all when estate planning, or may address these assets in a manner not consistent with the law. Either of these actions can have unintended consequences.
Activities like listening to music, watching movies and even reading books are increasingly taking place in the digital world. Rather than having physical copies of these items, consumers can purchase digital copies that they can easily access and stream at virtually any location. While it might be easier than ever to access these forms of entertainment, it is much more difficult to pass them on to heirs.
Digital account ownership is regulated by the Revised Uniform Fiduciary Access to Digital Asset Act, or RUFADAA. Wills, trusts and even powers of attorney that deal with digital assets should be in accordance with this law. If not, individuals should be sure to update their estate plans to avoid undesirable outcomes.
However, there are other things than just the RUFADAA to consider. When purchasing digital products, consumers usually enter into terms of service agreements. A TOSA may dictate how an account may be controlled upon the passing of its original owner. Some TOSAs explicitly prevent people from passing on digital assets to heirs. Since TOSAs tend to be quite lengthy and filled with complicated language, consumers often quickly scroll to the bottom of the information and agree to the terms without reading.
Most people would probably prefer to not go back and comb all the TOSAs for their various purchases. However, not knowing how an asset may be passed on or how the law applies to certain property can make estate planning difficult. Since these matters are understandably complicated, speaking with an experienced Florida attorney can be extremely helpful.