close
You are now leaving the peoples.com website and entering an external website.
Ok
Cancel
Important

You must have a People's United Bank personal checking account to access AlwaysChecking.

Don't yet have a checking account?

Explore checking

Skip to navigation Skip to main content Skip to login Skip to footer
People's United Bank, N.A, is now part of M&T Bank. Today, keep banking the way you always do. Learn more
menu
People's United logo with tagline, A division of M&T Bank
  • search
  • Log in Log in
arrow_drop_up
  • Personal
  • Business
  • Other
Invalid Character
Can't Login? Enroll in Online Banking
Invalid Company ID
Invalid User ID
Can't login? Enroll in eTreasury+
  • Online Investing
  • Commercial Credit Cards
  • Client Point
  • Consumer Loan Servicing
  • LockBox Exceptions
  • LockBox Research
  • Personal Credit Card
  • United Bank Credit Card
  • Retirement iPlan
  • Shareholder Services
  • One-Time Loan Payment
  • PCLC Online Payments
Search search
Site Menu
  • Personal
  • Business
  • Wealth
    • Personal
      • PRIORITIES
      • Personal Investing
      • Saving for Education
      • Retirement Planning
      • Trusts, Estates and Charitable Planning
      • Insurance, Income and Annuities
      • Private Banking
      • IRAs
      • CAPABILITIES
      • Investment Strategies
      • Philosophy
      • Process
      • People
      • Systematic Investing
      • Brokerage Services
      • About People's United Advisors
      • About People’s Securities Inc.
    • Institutional
      • PRIORITIES
      • Institutional Investing
      • Retirement Solutions
      • Global Custody and Escrow Services
      • Cash Management
      • Business Wealth Management
      • Private Banking
      • CAPABILITIES
      • Investment Strategies
      • Philosophy
      • Process
      • People
      • Systematic Investing
      • About People's United Advisors
    • Insights
      • OUTLOOK
      • Monthly Insights
      • Quarterly Magazine
      • In the News
      • LEARN MORE
      • Advice
      • Investing
      • Retirement
      • Trust and Estate
    • Working With Us
      • OUR ADVISORS
      • Find an Advisor
      • INVESTMENT TEAM
      • Meet Our Team
  • ATM & Branch
  • Customer Support
  • About Us
  • Careers
  • About Us
  • Careers
  • Personal
  • Business
  • Wealth
  • ATM & Branch
  • Customer Support
Peole's United logo with tagline,  A Division of  M&T Bank
  • Personal arrow_drop_up
    • PRIORITIES
    • Personal Investing
    • Saving for Education
    • Retirement Planning
    • Trusts, Estates and Charitable Planning
    • Insurance, Income and Annuities
    • Private Banking
    • IRAs
    • CAPABILITIES
    • Investment Strategies
    • Philosophy
    • Process
    • People
    • Systematic Investing
    • Brokerage Services
    • About People's United Advisors
    • About People’s Securities Inc.
  • Institutional arrow_drop_up
    • PRIORITIES
    • Institutional Investing
    • Retirement Solutions
    • Global Custody and Escrow Services
    • Cash Management
    • Business Wealth Management
    • Private Banking
    • CAPABILITIES
    • Investment Strategies
    • Philosophy
    • Process
    • People
    • Systematic Investing
    • About People's United Advisors
  • Insights arrow_drop_up
    • OUTLOOK
    • Monthly Insights
    • Quarterly Magazine
    • In the News
    • LEARN MORE
    • Advice
    • Investing
    • Retirement
    • Trust and Estate
  • Working With Us arrow_drop_up
    • OUR ADVISORS
    • Find an Advisor
    • INVESTMENT TEAM
    • Meet Our Team
  • search
  • Log in
arrow_drop_up
  • Personal
  • Business
  • Other
Invalid Character
Can't Login? Enroll in Online Banking
Invalid Company ID
Invalid User ID
Can't login? Enroll in eTreasury+
  • Online Investing
  • Commercial Credit Cards
  • Client Point
  • Consumer Loan Servicing
  • LockBox Exceptions
  • LockBox Research
  • Personal Credit Card
  • United Bank Credit Card
  • Retirement iPlan
  • Shareholder Services
  • One-Time Loan Payment
  • PCLC Online Payments
close

Digital Assets: A Quick Guide for Holders and Fiduciaries

By Moya A. Elliot, CFP®, CTFA, CRPC, SVP, Wealth Management Group, People's United Bank

SAVE PDF

Digital assets—accounts, documents, and records accessed primarily via electronic devices such as smartphones and laptops, and including social-media and purchasing accounts—have, unsurprisingly, become more widespread.

But too often, holders neglect arranging for how these assets will be handled after their death or if they become incapacitated.

The Revised (2015) Uniform Fiduciary Access to Digital Assets Act, now adopted by most states, provides guidance on this issue for fiduciaries. A fiduciary may be an agent under a power of attorney, an executor for an estate, a trustee, or a conservator.


Fiduciary Authority Is Narrow

The Act and most digital providers grant only limited powers to fiduciaries. On Facebook, for instance, the Terms of Service Agreement states that a fiduciary can do only one of two things with posts after a user dies: freeze them (subject to scrubbing by Facebook) or delete them.

However, the Act does allow fiduciaries to access and manage—though not control the disposition of—digital assets, using one of three routes. The first is an online tool (available so far only on Facebook and Google) that users set up designating who may access their accounts after death. The second method is an estate-planning document that grants a fiduciary access through a durable power of attorney, will, or trust. The third is a Custodian Provider’s Terms of Service Agreement, under which a digital provider spells out conditions of use, though only rarely for fiduciaries.

As to priority, authority proceeds in the order above: online tools first, followed by estate-planning documents, followed by Terms of Service Agreements.


Some Details

It’s important to note that simply providing a fiduciary with names and passwords to access digital assets in the event of incapacity or death is poor policy. In fact, it may expose fiduciaries to charges of computer hacking and fraud, and is also a violation of most Terms of Service. Instead, digital users should review the provider’s policy about access at death or incapacity, establish an attorney-in-fact who has specific powers to administer digital assets under a Power of Attorney, and include specific language in one’s will to address how and by whom digital assets should be handled.

Note that access to digital property in the form of emails and texts is also addressed in the Act, absent any contradictory terms in estate-planning documents. The Act specifies that a fiduciary must give a digital provider, upon request, the dates, times, and electronic addresses—albeit not the content—of all communications to and from the user.


The take-home lessons on digital assets

Become familiar with fiduciary access rules, align user access decisions with their comfort levels, and stay vigilant for changes in the digital landscape.

Related Links

No Phishing Allowed

How Investment Supermodels Changed My Life

When Should You Begin Managing Your Parents' Assets

People’s United Advisors can help

Come see us about prudent investing.

Red and blue telephone. Call this phone number for help, to speak with an expert or for more information

800-772-8778

People's United Advisors official logo

People's United Bank, N.A. merged into M&T Bank. It is now People's United, a Division of M&T Bank. Although account documentation or other materials may continue to reflect the People's United Bank, N.A. name or logo, new wealth management accounts opened on or after that date will be opened with M&T Bank or it's People's United Advisors Inc. or Wilmington Trust, N.A. affiliates. For more information please go to www.wilmingtontrust.com, reach out to your relationship manager or refer to your account agreement(s).

Investment products are offered through People’s United Advisors, Inc., a registered investment advisor. People’s United Advisors, Inc. is a wholly-owned subsidiary of M&T Bank. Investment products may involve risk, including possible loss of principal.

Investment Products:

• Are Not Insured by FDIC or any Federal Government Agency
• Are Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate
• May Go Down in Value


Form CRS - ADV Part 2A - Privacy Policy - Legal Disclosure

PUA is not soliciting any action based on this material. It is for general informational purposes only. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors.

On April 2, 2022, People’s United Bank, N.A. merged into M&T Bank. It is now part of M&T Bank and its former branches and most services will operate as the People’s United division of M&T Bank until we complete the integration of our systems later in 2022. M&T Bank is a Member FDIC, Equal Housing Lender and Equal Opportunity Lender.

By using People's United Online Banking, you agree to the People's United Electronic Services Agreement.

ABOUT
  • About Us
  • Careers
  • Community
  • Press Room
  • Investor Relations
SITES
  • Personal
  • Business
  • Wealth
  • Site Feedback
SERVICE AND SUPPORT
  • Support Center
  • Security Center
  • Find a Branch
  • Mobile Banking
  • Online Banking
TERMS & CONDITIONS
  • Privacy
  • Online Terms
  • Servicemember Information
  • Accessibility Options
Peole's United logo with tagline,  A Division of  M&T Bank