11 Apr PROPOSED LEGISLATION ALLOWS COURT ORDER TO DISCLOSE DIGITAL ASSETS
Do you bank online? Do you have a Facebook, Twitter or Linked In account? Do you have an app such as Shutterfly? What about Bitcoins? These are all examples of digital assets (see our article about estate planning issues concerning digital assets by clicking here).
As a result of digital assets being used by many, if not most Americans, and since sometimes an asset such as a Facebook account is in the custody of the licensor (i.e., Facebook), it is becoming more important for an independent executor or administrator to be able to get the content or be disclosed such digital assets. Proposed legislation in Texas would permit the court, either at the time the independent executor of an estate is appointed or any time before an administration is closed to enter an order to: (1) direct the disclosure of the content of electronic communications of the deceased to the independent executor or administrator; or (2) direct a custodian to comply with a request to disclose digital assets to the independent executor or administrator.
As a result of digital assets being more commonplace, it is anticipated that future applications for probate will make such request so that there would be no necessity to go back to court to receive such disclosure.
If interested in learning more, consider attending our next free “Estate Planning Essentials” Workshop either Saturday, April 27, 2019 at 10:00 a.m. or on Thursday, May 23, 2019 at 1:00 p.m. by calling us at (214) 720-0102 or signing up online at www.dallaselderlawyer.com or by clicking here. We are also having a Facebook Live Event on Saturday, May 4, 2019 from 10:00 a.m. to 11:00 a.m. Attendees of the live webinar (and the “Estate Planning Essentials” workshops) will be eligible for a free one hour vision meeting with Michael B. Cohen. Please RSVP to the “Facebook Live Event” by clicking here and then click “going” to submit your questions for Michael B. Cohen (you must be logged in to Facebook in order to RSVP). You may also submit your questions for the “Facebook Life Event” by clicking here.