Info for heirs

[DrRoy]

There is another recent thread about trusts. We should revisit both issues to bring things up to date.

 

[NoiseBoy]

And believe me, you want to ask for more of them than you think you'll need. Small cost, but well worth it.

I'm not sure that this is necessarily true these days. In dealing with my father's estate, which is just starting the probate process, I've only given away one hard copy so far. When I applied for his VA life insurance (my sister and I were contingent beneficiaries) everything was done by electronic upload. The same was true when I had to remove Mom from their accounts two years ago. The bank took a copy, scanned/faxed it to their legal department, and gave it back to me. FWIW - I requested 6 copies and expect that to be more than enough.

Regarding the discussion about directly accessing the deceased's accounts, what was posted earlier about them being locked is true. You will not be able to continue to pay bills etc., because as soon as the bank learns that the account owner has died, they will lock the account. This applies to singles. Spousal situations can be different.

 

[JustCurious]

Regarding the discussion about directly accessing the deceased's accounts, what was posted earlier about them being locked is true. You will not be able to continue to pay bills etc., because as soon as the bank learns that the account owner has died, they will lock the account. This applies to singles. Spousal situations can be different.

I don't think it matters if the deceased was single or married, the only thing that matters is whether the account was individual or joint.

 

[braumeister]

I'm not sure that this is necessarily true these days. In dealing with my father's estate, which is just starting the probate process, I've only given away one hard copy so far. When I applied for his VA life insurance (my sister and I were contingent beneficiaries) everything was done by electronic upload.

Good to know. My experience was different, but it makes sense that fewer pieces of paper would be needed today.

 

[someguy]

Do any of you with the "death binder" method worry about its physical security?

 

[NoiseBoy]

Good to know. My experience was different, but it makes sense that fewer pieces of paper would be needed today.

I should add that your point about the cost is still true. I was advised by the funeral director to request as many copies of the death certificate as I thought I might need as it was cheaper to do it all at once.

 

[ownyourfuture]

Do any of you with the "death binder" method worry about its physical security?

No.
You can make copies, you can back up the original on flash drives, you can keep copies in a bank safety deposit box, you can give copies to your beneficiaries, etc.

You don't have to have everything 'on the cloud'

 

[Sunset]

Do any of you with the "death binder" method worry about its physical security?

I would worry more about an online system, as it's vulnerable worldwide to a scammer. Who's SSN or at least the last 4 digits are not already out in the world on the dark net

 

[Sunset]

I've often heard people say that they have given their username and passwords to their accounts to their loved ones in case the pass away, but I wonder how useful that is?
.....
I suppose your heirs could use the account credentials to log in and see the account information without taking any action before they notify the account holders....

I'd say it's very valuable.
So that some assets don't get "lost" or forgotten to be told to the heir.
Many insurance companies failed to pay death benefits and were sued by States. Banks have been known to do bad things to customers (Wells Fargo).
Finally there is just the crooked employee at the bank/brokerage who realizes that dead people don't complain.

Certainly it's valuable and worth it to get screenshots, and download statements to prove the value/asset in case it disappears.

 

[isisdave]

I have all my data online in Gdrive, and passwords in LastPass. My computer is not locked, and I have an extensive list of info in a file called "Important Stuff" which is located in a folder called "In Case We Drop Dead", and there's an icon for that on both my computer and wife's computer desktop.

I didn't put the LastPass master password in the document. Instead, it's in the safe, and the name of another person who knows the safe combo is in the document.

Heck, if I can't take it with me, I don't wanna make it too easy!

 

[hotwired]

I have an encrypted document on my computer, which I print out and put into a three-ring binder and everybody knows where it is. then if I make any changes, like account numbers usernames passwords or open a new investment account I add it to that encrypted document and then print whatever portion of it has changed punch holes in it and replace that page in the binder. It feels good to have this.

 

[DawgMan]

On my death bed, I’ll be whispering to my heirs, “Please clear the browser and remember me as the person you thought I was.”

Damn! Just when you thought you had taken care of everything! I will add this to my list!

 

[Stonewalker]

Do these include someone to clear your browser history?

+1

 

[KarenF]

I am sorry for your loss.

 

[RetireeRobert]

One of the best things you could do for your heirs, is have a binder with will or trust, durable POA's, Advance directives, Hippa forms, AND copies of statements of all your IRA, bank, brokerage accounts. In my RLT binder, once a year I put the latest statements from Vanguard brokerage, Schwab IRAs, and bank checking account statements. Saves a lot of changing phone numbers, addresses, and so on. And gives a quick accurate snapshot of fairly recent balances involved. Your heirs will love you for it.

 

[PatrickA5]

One of the best things you could do for your heirs, is have a binder with will or trust, durable POA's, Advance directives, Hippa forms, AND copies of statements of all your IRA, bank, brokerage accounts. In my RLT binder, once a year I put the latest statements from Vanguard brokerage, Schwab IRAs, and bank checking account statements. Saves a lot of changing phone numbers, addresses, and so on. And gives a quick accurate snapshot of fairly recent balances involved. Your heirs will love you for it.

I do the same thing. My (rather large) binder is almost up to date for the year. Once done, I'll put it back in the safe for another year. DW and kids know about it and how to access it.