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Online credentials to beneficiaries?
Old 10-30-2010, 06:49 AM   #1
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Online credentials to beneficiaries?

To smooth the eventual handling of my estate: is there any real reason to leave my executor/beneficiaries the usernames + passwords to my online financial accounts? Or should they be able to access funds with, say, a faxed death certificate?

I really don't like the idea of having all my usernames + passwords recorded in one place, even if it's (currently) in someone's safe or safe-deposit box.

I feel just as uncomfortable giving the info to an online service that supposedly safeguards the info for your beneficiaries.

At the same time, I want the process to go as smoothly as possible for them (so they can use the $$ to start building libraries, universities, monuments in my name, etc. ).

So, what do you do, or what do you recommend?

And if I claim to be a wise man, it surely means that I don't know.
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Old 10-30-2010, 07:33 AM   #2
Give me a museum and I'll fill it. (Picasso)
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I keep my passwords in a notebook in my file cabinet . Once every few years I send my daughter a letter on where everything is including the passwords , accounts , deeds , etc.. I keep a copy of this letter in my safe along with my will .

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Old 10-30-2010, 09:44 AM   #3
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I do something similar to Moemg. Online financial accounts are sources of historical transactions and statements, and I am not certain they will still be available to someone else once the institution learns of my demise. I keep three things in separate places: a list of institutions where we have accounts (encrypted computer file) ,userids and passwords for the accounts (encrypted userfile) and how to access those two files (instructions and passcodes) to estate executors. In addition, since most of my financial documents are on hardfile with backups, instructions on how to access.
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Old 10-30-2010, 03:06 PM   #4
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This does not answer your question, Onward, but I have transfer on death (TOD) on all my accounts where I name a beneficiary (my only child). It avoids probate but, of course, not taxes.
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