Our April Elder Law Today newsletter addressed that because we live in an internet world, our estate planning documents should address digital assets. As expected, our governor recently signed into law the “Fiduciary Access to Digital Assets Act.” Effective June 27, 2016, Michigan joins a growing number of states adopting laws which provide for the management of digital assets when a person dies or becomes incapacitated.
Many of our most precious personal belongings like photographs are no longer stored in boxes or three-ringed binders, but rather in a cloud or other digital format. The new law treats these digital assets similar to tangible property. Be sure to see an experienced elder law attorney to make sure your loved ones are legally authorized to manage your digital assets.