IP Tech Knowledgy

Background hero atmospheric image for Digital Assets Should Be Addressed During Estate Planning

Digital Assets Should Be Addressed During Estate Planning

Digital assets still exist even after the owner is incapacitated or dies, and should be a part of any estate plan. An owner of information or creative works stored on a computer or digital device should specifically designate someone to have access to those digital assets using either a power of attorney, will, or the custodian’s online tool. The Maryland Fiduciary Access to Digital Assets Act, which became effective October 1, 2016, ensures that, if a person grants to an agent under a power of attorney and/or to a personal representative under a will authorization to access the owned digital assets, the authorization must and will be respected by the custodian of those digital assets. If a designation made using an online tool conflicts with the provision in a power of attorney or will, the online designation will control.