Who Knows Your Passwords?

Please keep information on your passwords somewhere that your Executors in your Will or Agents under your financial power of attorney can access.

Many people pay their bills on line, and receive their billing invoices by email. However, if no one has a way to access your email, they won’t know what bills need to be paid or are past due.

What are some ways to share your passwords, but retain security?

You can put your information on a stick drive that you hide away, and let your agents and executors know where to look for it. You can leave a hint for them near where you are keeping your Will or Power of Attorney, such as “Passwords are in the Calumet can”, or whatever would remind them of where to look. That way, it means nothing to someone that just stumbles across your paperwork, and you can update passwords easily.

Some folks do not use computers, but don’t want to write out their passwords for just anyone to see. They could write the information out on paper, and then use something like pinking shears to cut the paper splitting the passwords in half on each sheet. Give one half to one person to hold, and the other half to another person. That way, both individuals would need to work together with both pieces of paper to see the complete password(s). It may be old school, but it works!

We have prepare a document called “Information To Share With Your Loved Ones” which allows you to provide your loved ones with all the information that they will need in the event that you are incapacitated or should die.  It allows you to list out who your primary contacts are, such as your financial advisor, who prepares your taxes, insurance agent, employee benefits contact, etc.  It allows you to list out what property you have, such as land, royalty interests, time shares, boats, planes, bank accounts, investments, retirement accounts, safe deposit boxes, and promissory notes to name a few.  It provides an area to list out some of your liabilities, in case your bills are paid directly from a bank account that may be frozen, or you are receiving e-bills, but they don’t know your email password.  Finally, it allows you to list what documents you have, such as Wills, Powers of Attorney, etc.  If you would like a copy, please click here.  You are also welcome to share it with family and friends.

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