Michigan Governor Signs "Fiduciary Access To Digital Assets Act" Into Law
Michigan residents can now use a Will to specify who should assume ownership of their digital assets.
Michigan Governor Rick Snyder recently signed the “Fiduciary Access To Digital Assets Act” into law. What does this mean, exactly?
Here’s the gist:
Residents of Michigan can now use a Will to specify who should assume ownership of their digital assets once they die. This is exciting for a few reasons:
- First, surviving family members won’t be subject to the lengthy verification processes imposed by most online service providers before they’ll grant access — the deceased’s chosen beneficiary will be legally entitled (though we can’t say there won’t be some process involved).
- Second, the law ensures — for Michigan residents, at least — that one’s digital assets are maintained (or disposed of) in accordance with their preferences, not those of the issuing company.
The catch? You must create a Will. And you must specify who'll inherit your digital assets. Bonus points for including them in your Everplan.
Read the full text here.
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