The estate planning process may lead a person to think hard about where all of his or her assets may really be and what may be important. While obvious assets such as houses, cars and bank accounts may be a part of the estate planning process for Nevada residents, other assets may be harder to coordinate. Digital assets go beyond needing a password to access bank account information, as any Nevada resident who uses technology to shop, stay in touch, or pay bills needs to plan for the fate of those digital assets.
Any site that someone has shopped from may require a password and may have a person’s credit card information. Retail establishments and online auction sites, such as eBay, may need to be notified of a person’s passing, and accounts may need closed. Closing accounts on these sites may be harder than anticipated if there is no plan in place beforehand.
Social media sites are another form of digital assets that may need to be addressed as part of comprehensive estate planning. Pictures and communications may be important to those left behind. Listing passwords, email addresses and user names is a simple way to ensure that accounts are handled properly.
Whenever digital assets are addressed as part of estate planning, Nevada families may want to openly communicate wishes. When everyone affected knows the plan ahead of time, there may be less room for contention or disputes. Handling digital assets in a timely manner can also help families get a clear picture of all the assets to be considered.
Source: marketwatch.com, “Estate planning and your digital footprint“, , June 24, 2014