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Digital accounts and estate planning

While settling an estate has never been easy for executors in Nevada or elsewhere, the items within an estate tended to usually be of the tangible variety. Today, most people live some or all of their life online. This means that there may be digital assets that need to be accounted for in an estate plan. The first step in accounting for digital assets is to identify what they may be.

For instance, a person may have online bank statements, social media accounts or similar assets. These and other assets should be included as part of a will that contains a power of attorney and can be overseen by a fiduciary. Whoever is chosen to be the executor of a person's estate should have access to social media and other online passwords. Those who don't feel comfortable sharing passwords should create some sort of system for recovering them through some other means.

It may also be a good idea to keep a list of any recurring payments that are paid through an online bank account. This may make it easier to get information about those payments and stop them after a person has died. To make the executor's job even easier, an individual should write down the name of the bank where an account is located and the account number.

The use of a will or other estate planning documents may give a person greater control over his or her assets after passing. Adding beneficiary designations to assets such as a house or car may allow them to go to a beneficiary without the need for probate. Talking with an attorney may help an individual begin the estate planning process as well as help them learn more about wills and how they may help that person meet his or her needs.

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