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What the Fiduciary Access to Digital Assets Act Means for Businesses

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What the Fiduciary Access to Digital Assets Act Means for Businesses

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A new law takes effect June 27, 2016 to allow fiduciaries in Michigan to access a decedent’s or incapacitated person’s digital assets. The “Fiduciary Access to Digital Assets Act” is one of a handful of such state laws throughout the country.

At first glance, the law may only seem relevant to estate planning and administration. Organizations whose employees use social media or other digital accounts for business purposes should also be aware of the law and the impact it may have on social media policies and practices.

The intent of the law is to cover an individual’s personal digital assets, as it doesn’t apply to “digital assets of an employer used by employees in the ordinary course of business.” Keeping an organization’s digital assets, such as social media accounts, separate from employee’s personal accounts and under the control of the organization becomes even more important to avoid disputes over the status of accounts.

Access the new law here. Contact us at Ossian Law regarding any information technology law matter.

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