There is no question that Internet banking and paying bills on line make our lives easier. But could we be creating a computer mess for our family when we die? Just think of all the passwords we have created for various programs and Internet applications.
I was the executor of my dad’s estate. Every year, he would call a family meeting and explain what he was invested in, what accounts he had, and where his passwords were. That was invaluable when the time came to handle the accounts. Without the access, the task of managing the accounts would have been more complicated and would have taken months, instead of weeks, to update.
Because passwords are such an integral part of our financial management, consider revising your estate plans to include a complete list of online user names and passwords. You would not have to share passwords with everyone, as my father did, but include a select few. Your executor, your lawyer, or your banker would be alternatives to family. Placing a password envelope in your safe deposit box would be another solution, just make sure to keep the list updated.
Password protection is not just about nobody knowing your passwords, it is about protecting the assets behind the password and making sure that if you can’t access it, someone you trust should be able to.
The Money Mom
