Though much of what many Colorado residents do these days occurs online, most people do not really think about their online activities as their lives. Certainly, they have social media accounts they use regularly, participate in online banking, have email accounts and conduct important life affairs online, but they may not think about just how important those accounts are. As a result, many people forget to include them when estate planning.
The issue with not including digital assets and accounts in estate plans is that without permission, surviving loved ones cannot access those assets or accounts. Many social media platforms have terms and services addressing this type of issue, and without the passwords or permission given to the executor of the estate, loved ones could easily be locked out. Unfortunately, it does not mean that those accounts will stay locked forever as hackers often target dormant accounts and use them for nefarious purposes.
Instead of letting this happen, individuals may want to make a list of all of their online accounts along with their usernames and passwords. This inventory could be provided to the intended executor of the estate or kept with another trusted person. This information could help provide easy access to loved ones when the time comes to need that access. It is also important to update that inventory if a new account is created or any login information changes.
Including digital assets and accounts when estate planning is still relatively new. As a result, many Colorado residents may not fully understand the exact way to go about doing that effectively. Fortunately, experienced attorneys stay up to date with such trends and necessities and could help interested parties create plans that include their digital affairs.