In June of 2016, the Colorado Legislature passed the Revised Uniform Fiduciary Access to Digital Assets Act, as amended (“RUFADAA” or “the Act”). RUFADAA has transformed the legal landscape in Colorado with regard to Estate Planning and Estate Administration.
50 years ago, family momentos were stored in photo albums, antique cabinets, safes, and bank deposit boxes. Today, we store our momentos on our smartphones, in iCloud, and in other cloud-based/virtual storage. Not only has the way we stored momentos changed, but the nature of our keepsakes has changed as well. For information about Digital Documents, Photos, and Music, click here.
Social media posts and accounts, blogs, and YouTube videos are but a few examples of items of sentimental value that people now possess at their death. For more information about Social Media, click here.
Further, the introduction of cryptocurrency such Bitcoin, Litecoin, and Ethereum have changed the way that people use and think about currency, contracting, and bartering. The dramatic rise of cryptocurrency and expansion of cryptocurrency markets has lead to significant legal changes in Estate Planning, Estate Administration, contracting, and even the way that assets are divided in Dissolution of Marriage and Legal Separation cases. For more information about Cryptocurrency, click here.
Blogs have replaced traditional news and entertainment sources. For professional bloggers, their primary asset, business, and value is derived from their Blog. This value of this Digital Asset can be volatile and is dependent upon constant updates, posts, and user engagement. This can post significant challenges in the case of a blogger’s incapacity or death. For more information about Blogs, click here.