On July 23, 2020, Governor Wolf signed Senate Bill 320, which became Act 72, and added a ninth “hot power” in Pennsylvania. Specifically, access to digital assets is now not available to a fiduciary unless specifically provided in a document.
In today’s world, accessing digital assets, which would include smart phones, laptops, iPads, and all the peripherals and passwords that go with them, is critical to properly acting as an agent under a Power of Attorney or in another fiduciary capacity.
For example, if a business owner becomes abruptly incapacitated, without this power, his agent may not be able to access bank passwords, PayPal accounts, the webpage, etc. It is essential that you update your documents to include this and other developments in the estate planning and the wealth preservation world.
Author: Wayne M. Pecht, Esq.
Part of the Johnson Duffie Estate and Trust Planning Team