Page 24 - Leisure Living Magazine August 2018

Consumer Information
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RUFADAA gives these different fiduciaries different access based on whether the asset is content of communication (which gets higher protection under federal law) or any other type of digital asset.
By default under RUFADAA, executors, trustees and agents have broad access to digital assets, except that the user must affirmatively elect to give access to content of communica- tions. The default rule can be modified to grant access to content of communications, or to cut back fiduciaries’ access to certain accounts. These elections can be made in estate plan documents or by using online tools, which are specific, customizable settings that service providers are increasingly offering for their accounts. Examples include Facebook’s Legacy Contact setting and Google’s Inactive Account manager. RUFADAA gives these account-specific settings top priority in how digital assets are administered.
How an Attorney Can Help
This is a new area of the law and many form
wills do not give specific powers for digital assets. Experienced estate planning attorneys can cus- tomize estate plans to help their clients address their unique situations and develop comprehen- sive plans. An attorney can also help with the crucial step of developing an inventory of digital assets so survivors know where to look for them.
Similarly, if you are faced with the death of a loved one who hasn’t done this kind of planning, working with an attorney who understands the new laws that we have in Ohio, and the way to work with service providers to gain access to information, could be crucial to preserving the assets.
Mr. Lenz is certified by the Ohio State Bar Association as a specialist in Estate Planning, Trust, and Probate Law. He focuses his practice on planning for and administering wealth transfer for individuals and families as well as advising family foundations and other nonprofit organizations on tax and governance issues. He helps families develop comprehen- sive plans including complex charitable, retirement and tax planning strategies while paying attention to often-overlooked items such as planning for digital assets or pets. He also has experience handling many different types of estate and trust litigation matters including will contests, will and trust con- struction cases and claims of breaches of fiduciary duty. He is a partner at Schneider Smeltz Spieth Bell LLP in Cleveland.
This “Law You Can Use” column was provided by the Ohio State Bar Association. Articles appearing in this column are intended to provide broad, general information about the law. This article is not intended to be legal advice. Before applying this information to a specific legal problem, readers are urged to seek advice from a licensed attorney.
Reader Profile: Barb Drusbacky
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As a retiree, Barb continues her love of sports. She likes to travel, has tried her talents for selling and crafting and likes to read.
“I often save articles from Leisure Living Magazine. There have been many recent articles that are pertinent and offer helpful advice for me or my friends,” she explained. “I shared the article about Medicare and personally enjoy the financial features. In addition to the informational articles, I appreciate discovering new shops and area attractions that advertise in the publication.”
Imagine the satisfaction for advertisers to learn that readers are seeking their ads to learn about the business they are promoting! Thanks for such great feedback, Barb!
24 |LeisureLiving August 2018
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