Sharing a logon vs separate with access permissions

[sengsational]

Given a Fido account that is set up in one spouses name, TOD to the other spouse, I was wondering if there were any "gotchas" in just sharing the logon instead of doing the formal thing...filling out confusing forms that would allow access.

I looked at the form...lots of pages that would be intimidating to some. And if just using the logon would allow the other spouse to manage the account, no matter if the account owner was not able to do it, or was no longer around to do it, then the form could be skipped. Of course the goal is to have continuous ability to manage the account, regardless of the account owner's situation.

So if anyone here has been through something like this, or knows any problems with the sharing logon option, I'd like to hear about it.

 

[akck]

I share user names with my spouse for all our accounts and have not had any problems. One issue is that you won't be able to communicate with the broker about the account. There may be an issue if your spouse dies and you initiate activity prior to TOD taking effect.


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[Walt34]

I share user names with my spouse for all our accounts and have not had any problems. One issue is that you won't be able to communicate with the broker about the account. There may be an issue if your spouse dies and you initiate activity prior to TOD taking effect.

I completed the paperwork at Vanguard that allows DW to manage the IRA if I can't. It was a bit of a pita (had to be notarized) but after seeing all the hoops she had to jump through managing her father's stuff I've done everything I can to make it as seamless as possible for her if I can't manage it.

 

[Alan]

I completed the paperwork at Vanguard that allows DW to manage the IRA if I can't. It was a bit of a pita (had to be notarized) but after seeing all the hoops she had to jump through managing her father's stuff I've done everything I can to make it as seamless as possible for her if I can't manage it.

Same here. In fact DW has her own account at VG and all our after tax investments are in her name only, and we have agent authorizations set up so we both have full authority over each other's accounts.

 

[MichaelB]

For my mother's account Vanguard specifically requests I access it and transact through my account and not use her login.

 

[samclem]

So if anyone here has been through something like this, or knows any problems with the sharing logon option, I'd like to hear about it.

Not relevant to your situation, but in general: I know of a guy who is managing Vanguard investments for his mom. She wanted him to just use her login, but he insisted on being her agent instead and he has full permissions to buy or sell anything of hers, set up new funds, etc. His sole significant limitation is that the only place he can send any of her funds is to her checking account (to which he has no access).

There are other children in the family, and he just didn't want there to be any question or perception that he might have taken any of her money.

 

[target2019]

I think you want to be careful about sharing a login. It is not permitted as a matter of accreditation. There is always some hidden gotcha whereby you'd create a unique problem in the future where the institution would get suspicious, and inconvenience you as a matter of enforcing security.

On VG, spouse's accounts show up when I login, and I have limited access to transactions. Filled out a form for this.