are transmitted by wire . Notable exceptions to this definition are oral communications such as voicemail , and electronic funds transfer information such as bank wire transfers .
“ Custodians ” 6 are people responsible for the transmission , maintenance , and storage of the digital assets of another person . They generally will be employees or owners of whatever platform your digital assets are located .
“ Fiduciary ” 7 is used as an overarching term to refer to personal representatives , conservators , agents , trustees , and each of their successors . Fiduciaries have a special legal duty that creates a set of obligations that the fiduciary owes to whomever or whatever is the subject of the fiduciary relationship . The Act is fairly comprehensive in covering the distinctions among the different types of fiduciaries , but ensures that fiduciaries have the same duties imposed on them with regard to digital assets , as they have always had with physical assets . 8
The second article of the Act encourages custodians to host online tools , 9 which allow users to designate a recipient to which the custodian will disclose some ,
6 Ga . Code Ann . § 53-13- 2 ( 7 ) ( 2018 ) 7 Ga . Code Ann . § 53-13- 2 ( 13 ) ( 2018 ) 8 Ga . Code Ann . § 53-13- 30 ( a ) ( 2018 ) 9 Ga . Code Ann . § 53-13- 2 ( 15 ) ( 2018 ) all , or none of the user ’ s digital assets , including the contents of electronic communications . 10 This process can be likened to the beneficiary designation on a life insurance policy or a TOD account . 11 Importantly , if the online tool has the ability to be modified at any time , it will override any contradicting directions in a will , trust , or power of attorney . 12 In the absence of a provided online tool , or if the user failed to utilize one , any of the instruments in the preceding sentence may be used to provide the same direction . 13
For many people living in the twenty-first century , digital assets have taken the place of more traditional sources of income . If you happen to run a successful blog , YouTube channel , or other content creating outlet , you need to start thinking about how you want that legacy to be passed on . This new act provides your personal representative with the authority to sift through your digital assets and distribute them according to your estate plan . In the absence of a direction to the contrary by a probate court , the
10 Ga . Code Ann . § 53-13- 10 ( a ) ( 2018 ) 11 A TOD or “ Transfer on Death ” account is one which allows a person to designate a beneficiary , or beneficiaries , to which the contents of the account will pass outside of probate immediately upon the person ’ s death . 12 Ga . Code Ann . § 53-13- 10 ( a ) ( 2018 ) 13 Ga . Code Ann . § 53-13- 10 ( b ) ( 2018 )
Act instructs custodians to disclose to the personal representative of the estate of a deceased user a catalogue of electronic communications and all digital assets other than the content of electronic communications . 14 When passing on revenue producing digital assets , it may be important for the content to be accessible and that means proper planning , some of which may be specified in trust or will instruments . 15
To delve further into the intricacies of the Act would exceed the scope of this article . The sections not covered in the preceding paragraphs are primarily concerned with technical details regarding fiduciaries entrusted with digital assets , their duties , as well as the processes they must go through to remain in compliance with the Act .
Just because the Act has fail-safe provisions to ensure that digital assets are not left inaccessible , does not mean that they should be ignored in an estate plan . The Georgia Legislature has implemented this useful act so that you won ’ t stop thinking about tomorrow . Take the time to plan who should be responsible for your digital legacy because yesterday ’ s gone , and we may soon see the day where digital assets are among the most important assets that one owns .
14 Ga . Code Ann . § 53-13-14 ( 2018 ) 15 Ga . Code Ann . § 53-13-18 ( 2018 )
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