Over half of millennials are responsible for executing their parents' wills, but hardly any have access to their parents' online passwords

[MULTIZ321]

Over half of millennials are responsible for executing their parents' wills, but hardly any have access to their parents' online passwords

Over half of millennials are responsible for executing their parents' wills, but hardly any have access to their parents' online passwords

End-of-life decisions are hard to face. Although two in three millennials have a will, only two in five have a clear view of their digital accounts.

www.zdnet.com

Richard

 

[Luanne]

I have put together a list of my accounts and passwords (it's as much for me as for anyone else). I will let my daughters know where to find it.

 

[Sandi Bo]

Conversely, my father had his all posted on the wall next to his computer. I had to gently tell him and my stepmother I was putting it out of view because of help coming into the house. Of course, that made them paranoid and my stepmother hid some jewelry in her socks. Some she couldn't find. We looked forever for it. One day she was wearing a necklace we looked high and low for. I excitedly said 'oh you found it!' to which she replied she didn't know it was missing.

I'm taking notes and trying really hard to do things differently for my children.

 

[rhonda]

My parents showed me a specific folder in their filing cabinet. The name on the folder tab was "coded" (not something obvious). The inside lining of the folder contained a long table of digital account info: site, user name, password. This was an incredibly helpful folder when it came time to execute their will/trust!

 

[pedro47]

I have it all ready in my black notebook.

 

[glenmore]

I made up a notebook that has my passwords for all my accounts.

I have taken pictures of pictures, jewelry and items in our home that have sentimental and/or monetary value. They have names and addresses for stock account and life insurance policies

I have left instructions on how to use or give away our timeshares.

I told my family to keep my cell phone operational to receive texts to change passwords etc. I made up a chart showing which bills were paid when and from which account

I did this for my parents and in-laws and it was incredibly helpful when it came time to settle the estates

it is initially quite a project but easily updated once or twice a year!!

Notebook and stick are in safety deposit box

 

[bluehende]

We have a list of passwords in our safe deposit box. Both of the kids have access.

 

[Luanne]

We have a list of passwords in our safe deposit box. Both of the kids have access.

Do you have to put a new list in there every time you update a password?

 

[bluehende]

Do you have to put a new list in there every time you update a password?

Yes, but we are admittedly bad about changing passwords. It is also more importantly a list of where our accounts are and the account numbers. We have our kids name's on our checking and savings account to cover any funds needed in the near term.

 

[bogey21]

I have a white 3 ring notebook with probably 40 pages of information including my wishes upon my death, list of Bank Accounts, location of stuff like my will, accounts to close, login IDs, passwords, answers to identifying questions, etc. Each page is a separate subject. Why a 3 ring binder? Simple. Things constantly change and having stuff on individual sheets by subject matter makes it easy to keep things current by replacing pages when information has changed with an updated pages is easy. My kids know exactly where to find the 3 ring notebook...

George

 

[CalGalTraveler]

We have Norton password keeper software. All they need is the login and 2 factor auth to the software which we have stored in a safe place with our wills. This way we can change individual passwords regularly and not worry.

 

[artringwald]

Do you have to put a new list in there every time you update a password?

I use Dashlane to keep track of all my passwords. I have the most important ones (including Dashlane's master password) printed and stored in a locked fireproof box in the basement. My wife and son know where the keys are. Our estate lawyer recommend a fireproof box instead of a safe deposit box for all the important documents. Banks have limited hours, and some documents might require immediate access.

Our son's friend died suddenly, and his widow had a terrible time trying to get into all his accounts. It prompted me to make sure I leave a good trail for my heirs.

 

[Luanne]

I use Dashlane to keep track of all my passwords. I have the most important ones (including Dashlane's master password) printed and stored in a locked fireproof box in the basement. My wife and son know where the keys are. Our estate lawyer recommend a fireproof box instead of a safe deposit box for all the important documents. Banks have limited hours, and some documents might require immediate access.

Our son's friend died suddenly, and his widow had a terrible time trying to get into all his accounts. It prompted me to make sure I leave a good trail for my heirs.

Our older daughter had asked to sit down with us when she is here over the Christmas holidays to go over where we keep everything. I've been putting a list together for her. She had a couple of friends who recently lost their parents and they were having a horrible time trying to sort everything out.

 

[easyrider]

I hope there isn't anything wrong with saving the passwords in the google password manager. It's free and easy and so far safe.

Bill

 

[Talent312]

When I show my DW our monthly cash-flow budget, she says:
"I have no idea how to access our accounts or pay these bills."

My reply:
-- A list of accounts & passwords is right 'here' in my desk.
-- All the online accounts are bookmarked in the browser.
-- You're welcome to take over our finances anytime you want.

Next month, we'll have the same conversation.
.

 

[pedro47]

Do you have to put a new list in there every time you update a password?

Yes. You must update your listing every time; you change your password. Please include a date on your password sheet. My dates is on the left hand corner.
Also, please shred all your old passwords sheets.

 

[Luanne]

Yes. You must update your listing every time; you change your password. Please include a date on your password sheet. My dates is on the left hand corner.
Also, please shred all your old passwords sheets.

My question was kind of tongue in cheek. I seem to change my passwords a lot, since I tend to forget them. I would be forever running down to the safe deposit box with a new list.

 

[Luanne]

When I show my DW our monthly cash-flow budget, she says:
"I have no idea how to access our accounts or pay these bills."

My reply:
-- A list of accounts & passwords is right 'here' in my desk.
-- All the online accounts are bookmarked in the browser.
-- You're welcome to take over our finances anytime you want.

Next month, we'll have the same conversation.
.

Actually this is kind of sad. A friend and I were having lunch with a mutual friend. The mutual friend admitted she knew nothing about their finances. We both told her she needed to get educated. When my father passed away he was the one who handled all of their finances. My mother managed to muddle along (with the help of my sister who lived near by) but mostly she just decided not to make any changes in any of their financial arrangement.

Both dh and I pay the bills. Some of them come automatically out of our joint checking account, others we pay individually. We do need to share information about which credit cards we hold (we don't have any joint cards, just individual ones).

 

[Talent312]

... When my father passed away he was the one who handled all of their finances....

My DW will likely ask her CPA-son for help, although its spelled on a "Death Checklist"
I wish I could get her participate, but she doesn't have the patience. "It's too dull."
Maybe if it was like a movie where aliens would chase and devour her, unless Citi-Bank was paid.


.

 

[easyrider]

My question was kind of tongue in cheek. I seem to change my passwords a lot, since I tend to forget them. I would be forever running down to the safe deposit box with a new list.

That's the main reason I change passwords. I will forget the password and be off traveling with no way to get my password so I get a new one.

Bill

 

[Luanne]

That's the main reason I change passwords. I will forget the password and be off traveling with no way to get my password so I get a new one.

Bill

I have some passwords on my phone, mostly the ones that have to do with travel. I have them under the name of the "company", like United where I also have my account number, password and telephone number for them.

 

[joestein]

When asked about being their parent's executor, 91% of millennials started crying and said "They don't want to kill their parents".

 

[rapmarks]

I have three utility stocks I bought many years ago and are held by shareholders services. They just keep reinvesting. I received a letter that the accounts are inactive as they haven’t heard from me in three years . this was a shock. I am moving them into my main brokerage account. At least he knows I am alive. And they will be easier for my kids to find

 

[pedro47]

I have three utility stocks I bought many years ago and are held by shareholders services. They just keep reinvesting. I received a letter that the accounts are inactive as they haven’t heard from me in three years . this was a shock. I am moving them into my main brokerage account. At least he knows I am alive. And they will be easier for my kids to find

Utility stocks liked Dominion Resources in Virginia are worth alot of money.
This utility stock have paid very good dividends for the passed 40 years

 

[pedro47]

When asked about being their parent's executor, 91% of millennials started crying and said "They don't want to kill their parents".

Being an Executor is not an easy job. It is liked building that dream custom home.
IMHO.