Don't Take Your Passwords to the Grave
Katrina Mellinger

In today's society, online banking is the wave of the future and just as common as it once was an exotic luxury. Banking, bill payment, and personal finance budgeting can be made much easier with the use of the Internet and various computer software programs. Recently, however, an unanticipated issue has come to light - if we were to die or become incapacitated, would our family and friends be able to access our banking, e-mail, and other personal accounts?

You may believe that the companies you have the accounts with will simply hand the passwords or account information right over to your family once you have passed on. In many situations, however, this isn't the case. Some companies will give the family access but only after weeks or months of paperwork and phone calls. Some companies, on the other hand will say, "They died? We'll be sure to close the account, then. Thanks!" In that case, no one will have access to the information.

Let's go back to the idea that some companies will eventually grant the family access to the accounts. Even if this were to happen, why not save your family a lot of stress and possible financial hardship? If you receive bills via e-mail with paperless billing, and no one knows your e-mail password, this could delay your bill payments. In the long run, it could mean your family has to pay your bills out-of-pocket with a potential late fee, because you didn't leave a record of the password to your bank account.

There is a simple solution. Select one trustworthy person to give your passwords, usernames, financial account numbers and contact names. This may be a relative, a close friend, your lawyer, etc. In addition, you can leave a list of sensitive information in your safety deposit box at your bank. (Just be certain someone knows where the keys are!)

Finally, it is a good idea to not only leave this information with one person or in one place, but to have it in several safe spots. Anything can happen, from theft to natural disaster, so keep the information in a water- and fireproof safe at your home, a safety deposit box or similar hardware not located in your home, or even with a trustworthy relative or friend that lives out of state.

Be mindful of your security, and in the case that your family must suffer your traumatic loss, you won't add to that stress with unnecessary paperwork and headaches to finalize your assets.

Possible usernames and passwords to include:

• Personal computers (Windows, e-mail, etc.)
• Bank and online bill-pay accounts
• ATM/Debit and credit cards
• Cellular phone and other voice mail accounts
• Computer and home security systems
• Safe combinations and the spot where you hide the keys
• Stock, retail and selling accounts (E-bay, Amazon.com, etc.)
• Entry gates and keyless entry locks