Jun 15

Digital Assets: Who is in control?

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Butcher Elder Law strives to help you stay in control of you and your “stuff” even if you become incapacitated. A financial power of attorney document (POA) enables an agent to make legal and financial decisions for you if you are not able to do so yourself. By choosing someone that you trust, and including some instructions in your POA, you are essentially keeping control over your own affairs.

What type of power of attorney document do you have? Did an attorney draft it for you? Power of attorney documents are not standard documents.  Therefore, they are not all the same.  Attorneys should have a discussion with their clients about what powers should be included in the document that they prepare to be certain that the agent will have both the authority and the instructions necessary to satisfy the client’s needs and meet the client’s obligations.  Butcher Elder Law recently revised its financial power of attorney document to reflect recent changes in the law.

A new Ohio House Bill went into effect on April 6, 2017. The new law means that Ohio has now adopted the Revised Uniform Fiduciary Access to Digital Assets Act. This allows an agent acting under a power of attorney document to have access to the digital assets of the principal. Previously, an agent may have been told that they may not have access to the principal’s emails, social media websites, online accounts, or digital photographs due to unauthorized computer access laws. If something happened to you, would your family be able to access important accounts? Make sure you are prepared.

Please make an appointment to update your financial power of attorney document today. As a reminder, if you are a member of our maintenance program, you are entitled to a FREE update of your financial power of attorney document. Contact us today at (440) 268-8284!