Secure Digital Vault Leader, IronClad Family Puts RUFADAA into Practical Action for Estate Planners and Financial Advisors
This leaves a huge hole in most people's estate planning that we are working to close," commented Ironclad Family's CEO, Sahar Lester.
Miami, Florida--(Newsfile Corp. - March 25, 2024) - IronClad Family, the industry leader in online personal information protection, recently announced that it had enhanced its already revolutionary digital personal information protection system to further embrace RUFADAA to ensure its client's personal property was protected and would be distributed to others as the information owner directed.
IronClad Family
"Many consumers don't understand that a normal will won't cover their digital assets. This leaves a huge hole in most people's estate planning that we are working to close," commented Ironclad Family's CEO, Sahar Lester.
In the early 2000's, consumers started using online storage of information and started accumulating more and more "Software as A Service (SaaS)", where they accessed applications online instead of loading them onto their local computers. As they did, attorneys specializing in estate management, wills, and trusts, started sounding alarms. The law just did not cover digital property. If someone passed away, the executor of their estate could access financial accounts, medical records, 401K's, and other estate documents, but could not legally access a person's digital assets, including online accounts or emails, even just to shut down the account. Financial advisors are also including digital financial assets such as crypto and faces the challenge of ensuring proper transfer of these assets to eligible family members.
In 2014, many states adopted an act called the Uniform Access to Digital Assets Act, or UFADAA. The act met with immediate opposition by numerous groups claiming that the act could invade a person's privacy in a way they did not imagine and could infringe on service providers' rights.
In response to this, the REVISED Uniform Access to Digital Assets Act (RUFADAA) was proposed and has been adopted by forty-six states. While three states (California, Massachusetts, and Oklahoma) have introduced RUFADAA as bills in their legislature, it has not passed yet. And one state (Delaware) has passed the original UFADAA.
Without getting into the full law, one of the most impactful areas of RUFADAA that a consumer, or a financial or state planner needs to be aware of, is that digital access is not automatically allowed to an executor unless a person expressly grants them that access. There are, of course, some nuances to this, and RUFADAA does try to balance the needs of a fiduciary or executor with the individual's privacy and service provider's concerns.
IronClad Family has solved this problem. With their zero-knowledge encrypted vaults, consumers, or their advisors on their behalf, can securely upload all assets, including digital ones such as passwords, crypto, and other information in locked online vaults. IronClad Family then provides the user with wills and codicil templates to designate how those vaults and their digital contents are to be distributed in case of the death/incapacitation of the owner.
"Unless it is already included in their will, every person should execute an addendum to their will, or codicil, that expressly states an individual's desires concerning their fiduciary's or executor's access to their digital assets or accounts. We at IronClad Family want to make that easy, so no person is left with their accounts in question, and that is why we now offer new Will templates for those who do not have a will, and codicils for those that already do. Coupled with our online personal vaults that store their information and deliver it to their designated recipients if anything happens to them, we provide a complete personal or family protection system," Sahar continued.
IronClad Family was designed to ensure that a person's or family's information is protected from every foreseeable risk and gets safely delivered to others when the time is right. With multiple, geographically diverse backups of all data, and an encryption system that is better than any other system like it currently on the market, it is no surprise that IronClad Family is the premiere personal and family information protection system in the industry and that more and more people are choosing to protect their family's future by using their services.
Financial advisors, insurance agents, and Professional Employment Organizations can find out how they can partner with IronClad family to offer personal information protection to their clients at https://www.ironcladfamily.com/advisors-and-agents.
For consumers who want to take care of their assets on their own, they can easily create their own IronClad Family vault online by going to https://www.ironcladfamily.com/digital-protection.
Sahar Lester
IronClad Family
66 West Flagler Street, Suite 900
Miami, FL 33130
O: 786-360-1352 // IronCladFamily.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202039