14 Mar

Legacy digital assets being taken seriously at last?

In the murky world of how the digital assets of someone who has died are treated, some clarity is starting to emerge.

It’s difficult enough finding out whether the deceased had digital assets (online bank or betting accounts, bitcoins, social media etc), let alone getting access to them.

Until recently, access could only be obtained by being a) a nominated contact ( in the few instances where online entities actually have a policy for this), b) logging on as the individual (requires knowing password and possibly illegal as this may breach hacking/identify theft measures), or c) providing a death certificate and possibly having to resort to  a court order.

In the U.S. the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) is being enacted across the various states through to the end of this year, giving rights to access an individual’s digit assets by their fiduciary (executor, in the UK).

Now there is lobbying for consistency in the tax treatment of such resources, NASDAQ reports.

Anyone aware of the situation to provide an equivalent to RUFADAA in Europe, please let us know. As far as we can tell, we’re still waiting for the completion of a feasibility study.

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