In previous decades, if the average person did not do any estate planning, they were being unwise but not necessarily reckless.
Most of the possessions people had were physical. It was, therefore, very easy to keep track of physical property of any value. Even financial accounts had paper trails that were normally not too difficult to find.
Today, however, things are different.
A large share of important business is now conducted exclusively online. There might not be much of a paper trail for an estate executor to find, as the Times Standard recently discussed in "You and the Law: Planning for the expected unexpected."
The problem is that if no one knows that a digital account exists and whether you own any digital property, then they might not even know to look for it.
Even if they had a vague notion that you have digital items of value, it would be difficult to even know where to look to find it.
Technology companies make it even more difficult, since they are loathe to provide any information about their customers, even after their customers are deceased.
Someone might know to check your email for any account information, but they would have a difficult time accessing that email.
To avoid these problems, estate planning, in Cincinnati and elsewhere, is even more important than it was previously.
With an estate plan, you can make a list about what digital accounts you have and how to access them.
That does not solve all possible problems, but it is an important first step.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Times Standard (July 31, 2017) "You and the Law: Planning for the expected unexpected."