Help Your Loved Ones by Keeping a Record of Online Accounts and Passwords<\/b><\/p>\n
These days, we increasingly manage our financial and social lives online.\u00a0 Many of us pay our monthly utilities and credit card bills online as well as receive paperless bank statements.\u00a0 Much of our communication with friends and family is through email or Facebook. \u00a0Often we opt out of receiving paper statements or bills from our banks, credit card companies, or utility companies.<\/p>\n
Almost all of us have been warned not to write down our online passwords or account information.\u00a0 Our passwords should be difficult for people to guess.\u00a0 While this may be good advice when attempting to prevent access to online information by those looking to profit from or steal it, these precautions could have the unintended consequence.\u00a0 Your spouse or other agents, should you become incapacitated, may be locked out from being able to access these accounts for lack of a password.\u00a0 This would also be true for the executor of your estate or the successor trustee of your trust when you pass away.<\/p>\n
Conducting financial and personal business online may be convenient now.\u00a0 But, the lack of a paper trail may create a hassle for your loved ones later if you haven\u2019t provided them with the necessary information to access your online accounts.\u00a0 Hopefully you have done some planning for when you are incapacitated or ill enough that you need help.\u00a0 That is generally done by signing a durable Financial Power of Attorney and a Healthcare Power Of Attorney stating who will help you manage your affairs.\u00a0 However, these people will be unable to help you if they do not have access to your email or online accounts. \u00a0Without paper statements they are unlikely to even figure out if any bills are due, much less be able to pay them.\u00a0 They may not even be able to access your computer if you log in with an ID and password.\u00a0 In addition, when you pass away, one of your executor\u2019s responsibilities will be to determine where your assets are located.\u00a0 They will need to do this to be able to pay your creditors and distribute your assets to your beneficiaries.\u00a0 If your executor is unaware of or unable to access online bank accounts or investments, this will complicate matters, increase the expense, and generally make life more difficult for that person.\u00a0 In addition, a lack of the online information may ultimately lead to your beneficiaries losing out on those assets.<\/p>\n
So, how can you implement a safe, practical solution for storing online account information and passwords? The following actions are not safe or practical ways to share your online information:<\/p>\n For more information regarding how to manage your online account information, or for help with other estate planning issues, contact our office at 888-822-8778.<\/p>\n Help Your Loved Ones by Keeping a Record of Online Accounts and Passwords<\/a><\/p><\/blockquote>\n
\n<\/b><\/p>\n\n
\n
\n