Today more and more of our assets only exist in a digital world. A growing number of people opt for digital records. Gone are monthly bank statements and bills that arrive in the mail.
All of these bank accounts and investment accounts are protected by passwords and most accounts have privacy agreements with the account holder.
So what happens if you die tomorrow? Does anyone know your multiple 6 letter (1 uppercase), 2 number and a symbol passwords? Even if you have told your lawyer or your executor your passwords have those passwords now changed because you forgot them?
Worse still, what if your laptop or cell phone is destroyed in an accident when you die? How is your executor to know where your money is and what bills need to be paid? Even worse, what if you own cryptocurrency or receive income from an online source such as Patreon?
In the past executors have been able to go to the deceased’s home and collect the paperwork they need. Could your executor still do this?
It’s a good idea to keep a physical list of your current assets, accounts, debts and monthly bills so your executor knows which institutions to contact on your death. There is also password software you can download to keep your multiple passwords securely in one place and you can give your executor instructions on how to access it.
Deborah A. Todd