One of the main goals in estate planning is to provide for a clear and efficient way to distribute assets upon your death. This process can become much more frustrating for your family if they are unable to access your online account information with your banks, stock brokers, etc. Thus, it is a good idea to make a list of all user names and passwords for your accounts and to let the executor/trustee of your estate know where this list is located. It helps to write down the security questions and answers too.
In fact, even at the point you may execute a Durable Power of Attorney , it is important to provide this list. Remember that the Durable Power of Attorney is used by your designee to conduct business for you if you become ill or incapacitated. If you lose your memory without making this list, it will be more difficult for the person with power of attorney for you to make necessary transactions on your behalf.
The Law Office of William J. Reinhardt, Jr. has been helping families on estate planning matters for over 29 years and is available to assist you and your family with your estate planning needs. Email me at firstname.lastname@example.org or call 718-377-8880 to schedule your free consultation.