Estate Planning and Passwords

In many cases our significant other is expected to be the executor of our estate. At a minimum, everyone should think about providing access to important accounts when you cannot.

If you are incapacitated, a living will helps fulfil your requests when you cannot. Including your accounts and passwords with these papers can help. When someone takes over for you, they typically check your paper mail, but they may not know to check your email and make online payments for you. To do this, they will need access.

Keep a listing of your online accounts and passwords with your living will / will. Healthy passwords should change on a regular basis. Update the list regularly or provide the formula used to incorporate expiration dates into your passwords.

The last thing your family needs is delinquency notices or bill collection agencies during an already stressful time.

Even when we die, our passwords will not be obsolete. Social networking sites are loaded with pages of dead people haunting their friends and family members.

If you have a will, you are probably a good planner. Leave instructions in your will to close all your various accounts out.