Maintaining good records for family in case you die

[+Warwagon MVC]

Today I want to talk to you about maintaining good records of your online accounts so that if anything happens to you (accidental injury, or unexpected death), family members have access to your accounts.

Nobody likes thinking or talking about the inevitability of death, but the reality is, you and I will die eventually. The thing about death is that nobody knows exactly when it’s going to happen. If someone did, wouldn’t that be a neat superpower!?

The best anyone can do is just plan for the unexpected. When that day comes (and it will) do you want your family to be able to easily get into your online accounts to settle affairs? I know I do.

I’m not going to talk about creating a will. Instead, I am talking about something that will facilitate its execution. Your POA (power of attorney) or executor can’t disperse property or assets that they don’t know exist.

For many people, that information is easily accessible through online accounts. There is something known as the  “Great Iowa Treasure Hunt”. A lot of it is property and is in the form of accounts that belonged to citizens. After several years, the accounts became stale from non-use and were reported to the state. If they go unclaimed, these assets go to the state treasury.

I’m going to tell you what I have set up in case something happens to me. You can do the same or take away some ideas.

I created a document called “Instructions”. It’s in a sealed envelope in a safe deposit box. In this sealed package, they will find all the information they need to get into everything that is protected by code or password.

Remember to add a signer besides yourself to your safe deposit box so they can get in without hassle. In the event of your death, this will give them access to your will. Think about it… if they don’t have access to your will, they won’t have the authority to get into the “box”. If your will is IN the box, Oops! Hassles ensue.

This includes.

1) Where all the stuff is stored on my hard drives.

2) The passwords to get into all my computers.

3) Door codes

4) QuickBooks password

5) Bank Passwords

6) Online accounts (this might include things like state and federal tax sites, insurance companies (health, life, property, auto), investment accounts, 401K accounts, and even retail accounts like Walmart Pay, Amazon, etc.

I like to call this “The Keys to the Kingdom”. I hope you understand how this will simplify their lives as they assist you as POA or as they carry out your wishes in the capacity of “executor” of your estate AND nothing will be missed and end up going to the state.

In that same location is 1 flash drive and 1 hard drive with offsite backups, which includes a copy of Keepass that has a backup copy of all my passwords, all 800 (Ya… I know, I have a lot). All My sites have unique passwords (as should yours!).  Instructions are also there on how to access it.

At a minimum write down the email address/master password and include it in the box, along with some way for them to get the two-factor code should you have two-factor authentication enabled. In my case, I have a spare cellphone in the box with an authenticator app on it.

If you trust your family and Significant other add their fingerprint or FaceID to your phone and tablet. I have my Parents and Gf’s fingerprint on my phone.

Some password managers have an emergency contact section where you can add the person’s email address. So, in case of death, they have access to your password manager.

A safety deposit box is a great location to store other important documents in addition to the ones I have outlined. Deeds, abstracts, car titles, etc. For one thing, it is offsite. If anything were to happen to your home, the information/documents would still be safe. (If you EVER had to replace an abstract, you would know EXPENSIVE that is.) Secondly, the person you set up as a co-signer must “sign-in” at the bank to access the safe deposit box.

That leaves a signature trail. You would immediately know if they were snooping through your stuff without your authorization or knowledge.

I hope this gives you some ideas on how to make important information more accessible to the people who need it upon your death.

 

 

[WaynesWorld]

If you don't/won't/can't do this, you WILL end up in that flamin place down below, for subjecting your loved ones to the sheer horror of not being able to deal with your passing, identifying/managing/distributing all your assets (digital or otherwise), as well as the terrible pain of discovering that you didn't really love them after all...

[allannyholm]

Thanks for the guide @Warwagon religious stuff put aside - it's something for all to lean up against. 

[Skyfrog]

[Fezmid Reviews]

Low-tech, but I just bought this:

https://www.thenokbox.com/

Just got it a few days ago so haven't done anything, but it's extremely helpful to have everything organized and I can just fill out forms (I'll copy them first) and drop in important documents into a file folder. I'm struggling a bit with the password/security piece - but will probably just put all account numbers, passwords, etc, encrypted on a thumbdrive and check it every year or so to make sure it still works (and to update to new standards as time goes on - like USB-A to USB-C, etc).  There were many things I hadn't even thought of - like documenting all of your recurring services that you automatically pay for monthly/quarterly/annually, so that loved ones can cancel them.