Fiduciary Access to Digital Assets and Cybersecurity Under RUFADAA: Avoiding Liability

Passwords, Inventory, Assessing Risks, and Updating Documentation

A live 110-minute CPE webinar with interactive Q&A


Thursday, December 19, 2019

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, November 22, 2019

or call 1-800-926-7926

This webinar will provide tax advisers and estate fiduciaries with a guide to handling digital assets in an estate. Our panel of experts will identify how the new Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) can allow fiduciaries to circumvent access restrictions common to terms of service access agreements (TOSAs) and discuss steps to identify, access, and protect digital assets held by an estate.

Description

Digital assets in estates present unique challenges to tax advisers and fiduciaries. These assets include cryptocurrencies, social media and email accounts, photos, videos and music accounts, specified financial accounts, business accounts, and anything stored on an electronic device including smartphones and Chromebooks. Many of the potential problems, and dangers, of managing and maintaining these accounts after death are not readily apparent.

Access to online information is usually denied based on TOSAs routinely agreed to by users. Most TOSAs allow the user to access the account and have no provisions for access after the death of an owner. RUFADAA was enacted to allow originators to give consent for others to access electronic information. RUFADAA rights allow a third party to access information; these rights don't extend to engaging in transactions. State considerations add another layer of complexity to managing digital holdings. At least 39 states have adopted all or some sections of RUFADAA.

Unlike some post-mortem actions, planning for digital assets must include ensuring electronic asset listings are complete, providing fiduciaries access to these assets, and ensuring estate documentation covers and protects electronic assets.

Listen as our panel of experts addresses how to inventory assets and passwords, protect financial and sentimental assets, and update estate plans to address assets held electronically.

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Outline

  1. Digital assets
  2. Financial assets
  3. Sentimental assets
  4. Inventory
  5. RUFADAA
  6. States responses to RUFADAA
  7. Cybersecurity
  8. Assessing risk
  9. Protecting assets
  10. Estate documentation

Benefits

The panel will review these and other pertinent issues:

  • What are digital assets?
  • What are a fiduciary's rights under RUFADAA?
  • How have states responded to RUFADAA?
  • What steps should be taken to ensure access to a decedent's digital accounts?

Faculty

Miller, Kim
Dr. Kim E. Miller, Ph.D.

Director of Investigative Intelligence and Analysis
Porzio Compliance Services

Dr. Miller specializes in due diligence investigations, including executive and employee background, e-commerce vendor...  |  Read More

Ploss, I. Richard
I. Richard Ploss

Counsel
Porzio, Bromberg & Newman

Mr. Ploss is a member of the firm's Trusts and Estates Department. He concentrates his practice primarily on...  |  Read More

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