Am. Sub. H.B. 432, as adopted by the 131st Ohio General Assembly, takes effect on April 6, 2017. This legislation enacts the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADA), Ch 2137 Ohio Revised Code, to provide for continued access or control over digital assets when the owner of those assets dies or becomes incapacitated. The legislation tracks the RUFADA model act adopted by the National Conference of Commissioners on Uniform State Laws.
The Act defines a“digital asset” as an electronic record in which an individual has a right or interest. “Digital assets” may include email accounts, websites or social media accounts such as Facebook, Snapchat or Instagram.
The act provides user direction for disclosure of digital assets, the framework for disclosure of digital assets and creates an order of priority if the owner of digital assets provided conflicting directions or no directions regarding the digital assets.
Adoption of the Ohio Access to Digital Assets Act is an important development for attorneys drafting estate planning documents. It is a good idea to review this with clients to assist them in making appropriate plans or revisions to existing documents.
This legislation also enacts several other important changes to the law governing decedents’ estates Ohio:
- Revises deposit of a will in probate court
- Revises apportionment of estate tax
- Removes cap on number of autos that may be selected by surviving spouse on death of other spouse
- Increases total maximum value of autos selected by surviving spouse to $65,000
- Revises Uniform Simultaneous Death Act
- Provides that action brought under Ohio Trust Code is civil action
- Revises Uniform Principal and Income Act on deferred compensation, annuities
- Revises provisions on distribution of income of retirement account
- Revises Uniform Transfers to Minors Act
Click here to read the Final Analysis of the bill by the Ohio Legislative Service Commission.
Click here to access the entire Malpractice Alert Jan-Mar 2017