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Email this4:47 pm
October 10, 2017
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I use a couple of online banks, and depending on the rates, I will switch often, so putting them in a will doesn't make sense. How will the online bank get notified I die, if my will doesn't even know I enrolled? (I don't have people to pre-notify where my documents are or give access to my passwords)
5:12 pm
October 27, 2013
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You list it all in a Letter to Executor (also one to your Attorney as in POA which has some different twists* to it). Some call it Letter of Instruction.
Some samples....
https://legalbeagle.com/12719040-how-to-address-the-executor-of-an-estate-in-a-letter.html
https://www.moneycrashers.com/executor-will-responsibilities-duties-letter-instruction/ (except do not include dollar values)
https://www.investopedia.com/articles/retirement/08/letter-of-instruction.asp
I update both of my Letters (to Executor and to my POA) annually and provide them a copy. The Letters do not contain values because they obviously can change regularly AND values are highly personal to oneself on an ongoing basis, but they do include account numbers, addresses and/or contact numbers. I try to keep my affairs as simple as possible but each of my 'letters' are several typewritten pages packed with info.
It is important to have the "inventory" all in one place so something does not get overlooked, e.g. that term life insurance policy tucked away out of sight.
For any person who has named me as an Executor or a POA, or wants to do so, I insist they provide me with these Letters. No way am I going to be a forensic accountant or PI to hunt down all the pieces.
* The Letter to the POA is critical because that POA is acting on you behalf while you are still alive, so decisions have to be made on what to 'keep operational' plus this letter should also say where your IPS (Investment Policy Statement) is...because presumably you would like your POA to continue to manage your investments along similarc'principles' as you have been doing. That is not to say it will be the same because a POA does not have the time to do for you what you do for yourself, so there will need to be some KISS consolidation.
Added after seeing post #3: I also keep a copy of each letter plus a copy of my IPS in the same file folder as my Will et al.
5:13 pm
February 16, 2013
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@yesmath, bank accounts are typically not listed in a will. The estate consists of what remains after all debts (including your funeral) and taxes are paid and is distributed by your executor to your beneficiaries based on your wishes, which are outlined in your will. It is the responsibility of the executor to contact your online bank and he/she will likely need to provide a death certificate and possibly a probated will to be able to get the funds released to an "Estate" account set up specifically to aggregate your estate. The funds from your various bank accounts (online or bricks and mortar), funds from the sale of your personal effects, etc. would be moved or deposited into the Estate account and only released once all income taxes, debts, etc. have been paid. Executors do not typically get passwords and access your funds. They must keep track of all inflows and outflows and are held accountable to the beneficiaries. Funds are usually frozen immediately by the financial institution upon notification of death.
Assuming you have a will, I recommend that you make a list of the banks you deal with and put it in the same envelope as your will. Ideally, the account numbers would also be in the file but probably not absolutely necessary. I just went through this with both my parents and am quite familiar with the process in the province of Ontario. Things do vary by province.
5:44 pm
September 11, 2013
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If you have a Will you have an executor, so just let the executor know where your info is. For example, I've shown my executor where my little black book is, it has all the info of what's where. I also have a couple of USBs with files of the last monthly statement (i.e. showing account numbers) of every place where there is money over $20 or so, they're locked up with the black book, all in one place. Whatever system works for you.
I don't believe an executor has the right to use your passwords for online access to your accounts, though I'm not 100% sure on that. I'm assuming online access dies with me, hence the USBs info.
7:45 pm
October 27, 2013
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Bill said
I don't believe an executor has the right to use your passwords for online access to your accounts, though I'm not 100% sure on that. I'm assuming online access dies with me, hence the USBs info.
They don't. The purpose of the Letter is to provide a list of all assets, where they are and contact numbers so that something does not get missed or lost. It also really, really cuts the number of hours an Executor has to spend to try and find everything. Everyone's "system" is logical to the person who owns it but can be hell on wheels for anyone else to decipher it.
8:03 pm
October 10, 2017
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Thanks everyone.
Now I have to find a good hiding place for these documents. I don't have a safety deposit box (because I don't have a brick and mortar bank), and I assume we don't want potential thieves to have all this info.
8:14 pm
October 27, 2013
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It is not critical that thieves could have access to the documents. They may know account numbers but as long as there is no password information, they can't access anything online anyway.
9:40 pm
October 21, 2013
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I would ask your lawyer. Most will at least keep the will in their safe and related instructions.
11:19 am
January 12, 2019
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yesmath said
I use a couple of online banks, and depending on the rates, I will switch often, so putting them in a will doesn't make sense. How will the online bank get notified I die, if my will doesn't even know I enrolled? (I don't have people to pre-notify where my documents are or give access to my passwords)
Along with a Will (and other related documents), I keep an up-to-date
'Estate Directory' ... Everyone should ❗
One of many examples ⬇
Dean
" Live Long, Healthy ... And Prosper! "
12:35 pm
October 27, 2013
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That is a comprehensive one somewhat similar to what I have but I wouldn't include any Net Worth values nor would I write down any passwords for online access. The purpose of this document is for the Executor or POA to have easy access to it within a day or so, or for them to have a current copy of it. That means not under lock and key. Also because it needs to be continually updated annually or more often as necessary.
Net worth will be found out by the Executor or POA when they gain access to the accounts. They don't need it before then
Executor and POA are not supposed to have your online access. They need to seek authorization from the appropriate institutions. That said, my POA and Executor know the master password to my Password Manager plus they know the boot up password for my computer where 99% of my records are kept (paper records essentially zero).
12:59 pm
January 12, 2019
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Dean said
Along with a Will (and other related documents), I keep an up-to-date
'Estate Directory' ... Everyone should ❗One of many examples ⬇
Dean
FWIW ... I store my Estate Directory in PDF format on encrypted (password required) flash drives. My wife, adult son, and Executor know the password, and where the flash drives are hidden.
Can't be too careful ❗
- Dean
" Live Long, Healthy ... And Prosper! "
1:25 pm
February 7, 2019
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I keep 3 sets of records ...
1. Home PC. Spreadsheets containing all Banking/Investment data, PDF's of all pertinent documents: Wills, POA's, Insurance Documents (Home, Auto, Life), Income Tax filings and a ReadMe1st document explaining the contents and locations of everything. Updated monthly.
2. Home Fire Box. USB stick with everything in "1" plus printed copies of the Wills, POA's and the ReadMe1st. Updated quarterly.
3. Safety Deposit Box. Duplicate of Fire Box. Updated quarterly.
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