Protect Your Digital Assets - Now and in the Future!
Since Michigan passed its Digital Asset Authorization law in July of 2016, we’ve spent a lot of time in our office explaining its necessity as part of one’s estate plan. Digital assets encompass everything you have stored in digital form, whether on your home computer, on social media sites, in Cloud backup or storage, or at other companies such as banks or investment firms. If you become disabled or die, third party vendors, for example, Amazon, Apple, Google, Facebook, Pinterest, Outlook, Banking or investment entities, can cut off access by well-intentioned non-owners (children, spouses) of the electronic information, effectively freezing your digital information. With the new law, it is essential that you have planning for your digital information as part of your estate plan.
Today I read that digital assets are now encompassing “Electronic Wills.” Instead of signing a hard copy in ink, the testator electronically signs the will, and it is also signed by witnesses and notarized electronically. You can be sure that LegalZoom is looking at this new development as a future product to market to the public. Currently, Nevada is the only state where “Electronic Wills” are valid—Florida recently attempted to pass an “Electronic Wills Act” but the governor vetoed the legislation citing a number of reasons, including concerns over notarization (which requires that a notary can only be valid if signed in the “presence” of the notary). The future—unknown. Many states are “studying” the concept, but not Michigan as of yet, but stay tuned!
Get the information you need and stay abreast of the latest developments in elder law, special needs, and disability planing by attending a seminar or event conducted by the Nawrocki Center. Click to see our August and September, 2017 schedule.
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