Keeping passwords safe

[Moemg]

I don't mean to be rude, but what passwords would your loved ones need from the binder, and why? The reason I ask is that I would think that the executor would have to deal with financial institutions directly anyway, to give them the death certificate and such. Maybe I am over-simplifying!

My loved ones will need the password to my money market to pay for funeral expenses . Plus if I am incapacitated they will need my bank account password to pay my bills . Maybe because I've been thru this scenario I realize all the little things that will make life easier for the loved one handling affairs during critical times.

 

[W2R]

My loved ones will need the password to my money market to pay for funeral expenses . Plus if I am incapacitated they will need my bank account password to pay my bills . Maybe because I've been thru this scenario I realize all the little things that will make life easier for the loved one handling affairs during critical times.

Hmm.. Thanks. That is certainly something to think about.

 

[Alan]

My loved ones will need the password to my money market to pay for funeral expenses . Plus if I am incapacitated they will need my bank account password to pay my bills . Maybe because I've been thru this scenario I realize all the little things that will make life easier for the loved one handling affairs during critical times.

If the owner of the bank account is dead then even if a person has the account details and password and begins withdrawing money then surely this is illegal - fraud - identifying yourself as someone else. Just like writing a check and forging the signature.

I annually send my son and daughter a list of our account numbers and institutions so that they know where to send copies of wills etc.

 

[Moemg]

If the owner of the bank account is dead then even if a person has the account details and password and begins withdrawing money then surely this is illegal - fraud - identifying yourself as someone else. Just like writing a check and forging the signature.

I annually send my son and daughter a list of our account numbers and institutions so that they know where to send copies of wills etc.

That's why I have my daughter's name on my money market . I don't want her to be worrying about paying bills when she is grieving .

 

[Spanky]

I store the passwords on a couple of USB encrypted flash drives.

 

[Alan]

That's why I have my daughter's name on my money market . I don't want her to be worrying about paying bills when she is grieving .

Good forward planning, very good.

 

[Andy R]

I use RoboForm on PC and 1Password on Mac. RoboForm is better. For some sites I use a generic easy to remember password and on other banking, brokerage, etc I use 8 digit alpha number (including special characters) for security reasons. That way I can easily remember my passwords on less important sites but when it comes to the ones that need the extras security they have it. I really love RoboForm, it can streamline your who internet experience since you can just type in the begining of the passcard file name like "Earl" and it will present Early-Retirment.org, you hit enter and it pulls up the sites and logs you in. It's like having bookmarks that also log you in. It's very safe, the way it's built and keep the password files encrypted.

 

[boots]

password

Break it if you can

 

[myself]

Anybody ever use OpenID?

 

[JustCurious]

Is it true that if someone knows your username, and they tried to guess your password and log on to a financial site (like Vanguard, or a bank), then access to your account will be frozen after a certain number of attempts? If that is true, what is the typical number of attempts? And if that happens, how is the account thawed?

 

[JustCurious]

I annually send my son and daughter a list of our account numbers and institutions so that they know where to send copies of wills etc.

Alan, your children will not have to send copies of your will to anyone. If you have designated your son and daughter as beneficiaries of your accounts, then they will receive the proceeds of those accounts upon your death, regardless of what your will says, and regardless of whether they even have your will. All they will need is a copy of your death certificate to prove you are dead, and then the money get transferred according to your beneficiary designations.

 

[TromboneAl]

what passwords would your loved ones need from the binder, and why?

They need the password for this forum, so that they can log on and tell you that I croaked.

 

[TromboneAl]

Break it if you can

Attached Files

Passwords.txt.zip (734 Bytes, 3 views)

Well, it took me 10 minutes to get the decrypter, and it ran for 2.4 hours. Here are the results:

Vanguard Boots10 swami1013
GirlsGonewild.com JustBoots whoppee27
NaughtyNurses.com MeDoctor fever87

 

[Lsbcal]

Is it true that if someone knows your username, and they tried to guess your password and log on to a financial site (like Vanguard, or a bank), then access to your account will be frozen after a certain number of attempts? If that is true, what is the typical number of attempts? And if that happens, how is the account thawed?

You get 3 attempts generally. Then you may have to answer some questions only the user should know. Failing this you will have to call them and go through a security check.

 

[W2R]

They need the password for this forum, so that they can log on and tell you that I croaked.

Awww, I didn't know you and the forum cared if I croaked or not!

On a fitness forum that I belong to, several of us have posted daily for almost 10 years and have become pretty close (though I have never met any of them IRL). One woman posted about some serious intestinal cancer that she was battling, and then completely disappeared for the past three years. I assumed that she must have croaked, and was ecstatic when she showed up this month! It turned out that she had simply lost interest in her fitness endeavors.

 

[Alan]

Alan, your children will not have to send copies of your will to anyone. If you have designated your son and daughter as beneficiaries of your accounts, then they will receive the proceeds of those accounts upon your death, regardless of what your will says, and regardless of whether they even have your will. All they will need is a copy of your death certificate to prove you are dead, and then the money get transferred according to your beneficiary designations.

Thanks, I'll be sure and do this right now. I know I have them set up as secondary beneficiaries in 401(k)'s and IRA's.

The main reason for the list of institutions and account numbers is to be sure that they know who to contact and what accounts are held - after all - who is going to tell Vangurad, Fidelity, etc that I'm dead.

A maiden Aunt of DW died a few years back and in going through her accounts DW's brother, a lawyer and namd trustee in her will, wrote to one of her banks - the now infamous Northern Rock in England that has just een taken over by the government to save it from going out of business. The bank refunded the money to the trustees and stated quite clearly that this was the sum of her accounts with them. 2 months later while clearing her house they found a pass book with several thousand in it and when BIL approached the bank again they suddenly realized that they had "missed that particular account".

 

[Moemg]

The main reason for the list of institutions and account numbers is to be sure that they know who to contact and what accounts are held - after all - who is going to tell Vangurad, Fidelity, etc that I'm dead.

.

I do the same thing plus I include where the deed to the house and car are , my insurance information and everybody who needs to be contacted (social security ,my pension ,credit cards ,etc. )

 

[boots]

password

Well, it took me 10 minutes to get the decrypter, and it ran for 2.4 hours. Here are the results:

Vanguard Boots10 swami1013
GirlsGonewild.com JustBoots whoppee27
NaughtyNurses.com MeDoctor fever87

Nice try Trombone Al you have gotten further then anyone but you are not even close. There is a message inside the text message if you do open it post the message as proof of breaking the code PGP is pretty tough to decrypt. My son and I use PGP for e-mail and password protected files I attaché his key to all in case something happens to me he can still retrieve important information.

Thanks for trying

 

[REWahoo]

There is a message inside the text message if you do open it post the message as proof of breaking the code...

"I'm a leg man."

 

[boots]

"I'm a leg man."

No !! You are not trying you are guessing

 

[REWahoo]

Guessing is trying, isn't it?

 

[JustCurious]

Thanks, I'll be sure and do this right now. I know I have them set up as secondary beneficiaries in 401(k)'s and IRA's.

For many people, or perhaps most people, having a will is irrelevant to determining how their liquid assets will pass to their heirs, and they don't realize it. The average person has most of their money and liquid assets in financial accounts (mutual fund companies, brokerages, banks etc), and for those accounts, the funds pass directly to the named beneficiaries on the accounts, regardless of what your will says, or even regardless of whether you have a will. I don't think many people understand this. Therefore, when determining how to pass your liquid assets to your heirs, the most important thing to do is to make sure your beneficiary designations are up to date, and you can simply ignore your will, or, ignore the need to have a will in the first place. (There may be other valid reasons to have a will, I am only referring to the issue of passing financial accounts to your heirs)

NOTE: I started a new thread on this topic, so please post any replies in that new thread.