The vast majority of Americans have numerous electronic passwords that they use to access any number of applications or programs. Typically, the most we ever think about these passwords is when we need to create new ones, with being required to come up with a dizzying combination of letters, numbers and characters to pass the minimum security threshold. But, as much of an annoyance as electronic passwords can be on a daily basis, just imagine how annoying they can be for family members who are left behind to attempt to figure them out after you are gone.
As a recent article noted, electronic passwords can cause all sorts of headaches when it comes to estate planning and probate. After all, these days online banking is incredibly common. If you do not leave a way to access your financial accounts via password security, an executor of your estate may need to jump through various hoops just to get to your assets.
On top of access to online financial accounts, many people store all sorts of data in the “cloud,” which is also likely to be password protected. Important documents, photos and even a person’s estate planning documents may be password protected on their computers. Without instructions on how to access these accounts, probate litigation among family members could become a huge concern.
There are a wide variety of estate planning documents that Nevada residents can consider when it comes to their own unique plan. However, there are certain issues that must be addressed in almost every estate plan.