LETTER: Legislation addresses protecting digital assets

To the editor:

Two identical bills in the Alaska legislature (HB108, SB16) address a problem that deserves some public awareness. The bills have a long name (the Revised Uniform Fiduciary Access to Digital Assets Act, or RUFADAA) but the purpose should be pretty clear. Most of us are accustomed to having many online accounts. We bank, purchase products, email, and communicate via social media online. Each account requires a user name, password, and we must agree to the terms of service, including privacy. But what happens when the user becomes incapacitated or dies? What happens to these “digital assets?” Currently, no person, not even the executor of an estate, has the authority to access and close the accounts without a court order. Not only can the estate not be entirely settled, but the accounts are live and subject to the possibilities of recurring charges, hacking, or even identity theft and exploitation. HB108/SB16 specifies that an individual can name a person they trust to act as their fiduciary representative (executor, court-appointed conservator or guardian, an agent appointed under powers of attorney, or a trustee) with authority after the person’s death or incapacity to access an account in order to make inventory of essential information, like email or bank accounts, as well as to close the account in a timely manner. The bill has the support of online providers including Facebook and Google. The bill’s provisions would give Alaskans the right to treat their digital assets in the same manner they treat their tangible assets. AARP views this as another way that individuals are able to do effective advance life planning, and to give trusted family members the ability to settle the loved one’s financial and personal affairs. This legislation addresses the fact digital assets have monetary and sentimental value. We support the passage of RUFADAA and we ask that you contact your legislator and express your support for HB108/SB16. For more information on the issue, read the Challenges and Opportunities in Managing Digital Estates published by AARP’s Public Policy Institute at http://bit.ly/2mehBHk.

— Terry Snyder , AARP Alaska State President

Palmer