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

bluehende

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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
A few years ago I had a dear friend die suddenly right before Christmas. He was 10 yrs younger than I was. His wife had a devil of a time sorting out the financial ramifications and to this day thinks there are accounts that she does not know about. This prompted us to do what you did. Consolidate all the weird financial accounts and stock certificates you accumulate and never get around to closing. We consolidated all of those into our main accounts to simplify. Our kids did not enjoy our family meeting that Christmas to go over in the event of death talk.
 

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A few years ago I had a dear friend die suddenly right before Christmas. He was 10 yrs younger than I was. His wife had a devil of a time sorting out the financial ramifications and to this day thinks there are accounts that she does not know about. This prompted us to do what you did. Consolidate all the weird financial accounts and stock certificates you accumulate and never get around to closing. We consolidated all of those into our main accounts to simplify. Our kids did not enjoy our family meeting that Christmas to go over in the event of death talk.
I would also suggest they check unclaimed in their state. I don't like the dormancy rules. I also have had old drip accounts not even tell me they were sending me to unclaimed. booo....
 

bluehende

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I would also suggest they check unclaimed in their state. I don't like the dormancy rules. I also have had old drip accounts not even tell me they were sending me to unclaimed. booo....
I found an abandoned life insurance policy on my mom. I am sure it was small. The only catch was I had to prove where she lived in 1947.
 

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I'm not leaving passwords for anyone. Nobody gets to log in as if they were me. Account number, establishment name and number. They can call and identify themselves as next of kin and transact as themselves.

Of course, places like Tug, I have it remember me. This laptop also is not password protected. So could be someday someone starts posting as geekette, but is not geekette. It would be obvious, since my style and flair are inimitable ... :wave:
 

joestein

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Being an Executor is not an easy job. It is liked building that dream custom home.
IMHO.
Yes, it is time consuming, I was executor for both of my parent's estates. HOWEVER, I was making a joke (not that great apparently) - I was postulating most millennials don't know what an executor is. They might think it someone who executes somebody.
 

Paumavista

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My husband just changed all our accounts to a password manager.....we use one password to log on and we have the password manager loaded onto our phones & computers. We have a trust & the binder is in the files (with hopefully most of the instructions and lists of accounts). Estate conversations aren't easy....but not having these conversations is even worse (and should include a discussion of at least some personal items) - my mother left my brother and I her financial estate (a few savings accounts).....but she specified nothing about personal items and her husband (who I thought we got along with alright) hasn't even provided us a single childhood picture, or even any item belonging to my grandparents......6 years later this is still hard.......
 

VacationForever

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We are also not leaving passwords for anyone. The last thing that we want to happen is for the list to fall into the wrong hands with a break-in. I do have a letter to my son with all financial details for when I am seriously ill or dead.
 
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You would be surprised how much stuff you can eliminate as you approach the end of life. All I have left are three Bank Accounts, all JTROS with my kids and ex-wife. Basically they are theirs 100% with the delivery of a death certificate. I own some Cardona (a crypto) and some gold in PaxGold (another crypto) but both are in my Son's account. I know. Is their risk in doing this? Yes, if you don't trust your kids but I have had my stuff set up this way for 21 years without a problem...

George
 

pedro47

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You would be surprised how much stuff you can eliminate as you approach the end of life. All I have left are three Bank Accounts, all JTROS with my kids and ex-wife. Basically they are theirs 100% with the delivery of a death certificate. I own some Cardona (a crypto) and some gold in PaxGold (another crypto) but both are in my Son's account. I know. Is their risk in doing this? Yes, if you don't trust your kids but I have had my stuff set up this way for 21 years without a problem...

George
You just mention a very key document. You must be able to have enough death certificates to show proof of death . I will not go into details why you need this document.
 

bogey21

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Although you technically should take death certificates to the Bank to get deceased's name off JTWROS Bank Accounts, practically it doesn't really matter. Those who are the Joint Tenants are co-owners and can do whatever they want with the Accounts...

George
 

pittle

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We have a large 3-ring binder in the office closet that has our Trust documents in it. It also has our most recent password sheet in it - whenever I update mine, I print a new copy for the book. My youngest brother and oldest son know where it is. My brother is the Executor.
 

bogey21

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We have a large 3-ring binder in the office closet that has our Trust documents in it. It also has our most recent password sheet in it - whenever I update mine, I print a new copy for the book.
This is so simple I don't know why more don't do it. You can have the pages saved on Microsoft Word or Google Docs or whatever your use. When changes occur, all you have to do is update the page and substitute...

George
 

Ken555

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My husband just changed all our accounts to a password manager.....we use one password to log on and we have the password manager loaded onto our phones & computers.
1Password is great, as are other password managers. You can share a “vault” with others who have access to your passwords at any time (or just share your master password and key to gain access to your own account when needed). Keeping password in any other application (word, excel, etc) and leaving that file on your computer is just asking for all your passwords to be compromised in the event your computer is hacked, etc.


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Ken555

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This is so simple I don't know why more don't do it. You can have the pages saved on Microsoft Word or Google Docs or whatever your use. When changes occur, all you have to do is update the page and substitute...

George
Keep in mind Word and Docs are not encrypted. This is very simple, but also very vulnerable. It’s just another reason why password managers exist.


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PigsDad

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1Password is great, as are other password managers. You can share a “vault” with others who have access to your passwords at any time (or just share your master password and key to gain access to your own account when needed). Keeping password in any other application (word, excel, etc) and leaving that file on your computer is just asking for all your passwords to be compromised in the event your computer is hacked, etc.
Many of the password managers now have a "Digital Legacy" feature that allows a pre-set list of authorized individuals to access your password vault upon your demise. If they try to access it while you are still around, you are notified and can block the request for access.

And I agree -- if you are worried at all about improper access to your passwords, keeping them written down or in an unencrypted file on a computer is not the best idea. Yes, it is simple, but it is also very simple to be hacked.

Kurt
 

Brett

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Keep in mind Word and Docs are not encrypted. This is very simple, but also very vulnerable. It’s just another reason why password managers exist.


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yes, and it's easy to password encrypt a file with an utility program like RAR, Winzip, etc.
 

Ken555

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yes, and it's easy to password encrypt a file with an utility program like RAR, Winzip, etc.
Do you think the average TUG member knows how to do that, and will do that to keep the file secure? (And not put the password in writing on a post it note?…) :)


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