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Digital assets need to be included in estate planning process

| Jun 12, 2018 | Estate Planning

In years past, one would pour over the family photo album to learn about friends and family. If one wanted to say hello to grandma, he or she would have to pick up the telephone and place a call. Then, when the phone bill came in, along with all the other bills, someone would have to sit down and write out a check to pay the bills. Things have changed drastically over the past 20 years or so, and the way that the average Colorado resident communicates, preserves history and even takes care of financial matters has changed. While many of these changes offer a number of advantages, they also can present problems unless they have been addressed as a part of one’s estate planning process.

The average Colorado resident spends a portion of each day on the internet. For many, this includes updating their social media accounts, such as Facebook. This is a great way to stay in contact with friends and family members. It also offers the ability to notify friends and family of upcoming plans, social events and more. One is able to share pictures and even store pictures to look at any time one accesses the account.

In addition to the social aspects associated with one’s digital life, the Colorado resident has the ability to pay bills and access his or her bank accounts online. This can streamline the time it takes to conduct such business and the amount of mail that one has to sort through. By maintaining one’s finances online, one can maintain privacy and control over his or her accounts.

These technological changes have provided the average Colorado resident with a number of advantages. However, they have also presented some challenges when it comes to taking care of one’s estate upon death. In order to avoid problems, one will want to address these digital assets and accounts as a part of their estate planning.