An Act clarifying the rights of fiduciaries to access digital assets
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to clarify the legal rights of individuals who manage assets for others, such as trustees or guardians, when it comes to accessing digital assets. Currently, there may be uncertainty about how these fiduciaries can gain access to digital accounts and information held by individuals. The bill seeks to establish a more uniform and predictable process for fiduciaries to fulfill their duties regarding digital assets, ensuring they can properly manage and protect these assets on behalf of their beneficiaries.
Key provisions
- Defines ‘digital assets’ for the purposes of fiduciary access.
- Establishes a process for fiduciaries to request access to digital assets.
- Requires digital asset providers to respond to reasonable requests from fiduciaries.
- Addresses potential conflicts between digital asset provider policies and fiduciary duties.
- Clarifies the scope of fiduciary access to digital assets held by incapacitated individuals.
- Provides for expedited access in emergency situations.
- Specifies the types of information fiduciaries may access.
- Outlines procedures for resolving disputes regarding digital asset access.
Who is affected
- Fiduciaries (trustees, guardians, etc.)
- Beneficiaries of estates and trusts
- Digital asset providers (banks, investment firms, etc.)
- Individuals holding digital assets
Notable changes
Bill text
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Sponsors
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