Revised Uniform Fiduciary Access to Digital Assets Act

Which disclosure directions control?

In Minnesota, for example, an online tool direction overrides a contrary will, trust, power of attorney, or other record only if the tool allows modification or deletion of the direction at all times, and other states differ.

If the user gave no tool direction under that provision, or the custodian provided no tool, a will, trust, power of attorney, or other record may allow or prohibit disclosure, including communication contents.

Either statutory direction overrides a contrary terms of service provision only if that provision does not require affirmative, distinct assent separate from assent to the terms of service.

Access has limits

In Minnesota, for example, the chapter preserves the user’s and custodian’s contractual rights to access and use digital assets, and other states differ. It gives a fiduciary or designated recipient no new or expanded rights beyond the user’s rights.

User directions and federal law may modify or eliminate access. Terms of service may also modify or eliminate access if the user has provided no direction under the chapter’s user direction provision.

What if the trustee originally used the account?

In Minnesota, for example, a custodian must disclose account assets held in trust, including the trustee’s communication catalog and contents, to a trustee who is an original account user unless the court or trust provides otherwise, and other states differ.

Federal restrictions on protected communication contents remain separately applicable.

Federal protection for communication contents

Federal law prohibits public electronic communication service providers from knowingly disclosing communication contents while in electronic storage by that service, subject to statutory exceptions.

For a public remote computing service, the prohibition covers contents carried or maintained on behalf of a subscriber or customer and received electronically from that subscriber or customer. It also covers communications created by processing transmissions from that subscriber or customer.

Both categories must be carried or maintained solely to provide storage or computer processing to that subscriber or customer. The provider must lack authorization to access those contents to provide services other than storage or computer processing.

Statutory exceptions include disclosure to an addressee, intended recipient, or their agent, disclosure authorized by the federal provisions listed in Sources, and disclosure with specified lawful consent. Other statutory exceptions also exist.

The consent exception covers lawful consent from the originator, an addressee, or an intended recipient, or from the subscriber for a remote computing service.

Two related terms

Digital asset: In Minnesota, for example, this means an electronic record in which an individual has a right or interest, and other states differ. It excludes an underlying asset or liability unless that asset or liability is itself an electronic record.

Online tool: In Minnesota, for example, this is a custodian’s electronic service allowing a user to direct disclosure or nondisclosure of digital assets to a third person through an agreement distinct from the terms of service, and other states differ.

Put the plan on paper

This perspective on documenting family decisions offers a practical starting point for a conversation about digital accounts.

"But the main point is every quarter when you meet with your family or when you meet with your investment team, it should be on paper, exactly what you're trying to do and why you're trying to do that."

Common questions