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Posthumous protocol for online accounts
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Posthumous protocol for online accounts

› Forums › General Melanoma Community › Posthumous protocol for online accounts

  • Post
    • March 12, 2013 at 12:23 pm
    POW
    Participant

      PBS Newshour broadcast an important segment last night titled: "What happens to your online accounts when you die?" According to this report, there are few laws– and no consistent laws– about how executors can get information about or gain access to online accounts. This hit me particularly hard because I handle all of our finances and they are all done online– not only checking and savings but also investment accounts, retirement accounts, everything.

      PBS Newshour broadcast an important segment last night titled: "What happens to your online accounts when you die?" According to this report, there are few laws– and no consistent laws– about how executors can get information about or gain access to online accounts. This hit me particularly hard because I handle all of our finances and they are all done online– not only checking and savings but also investment accounts, retirement accounts, everything. My husband knows I do this, but he has no idea how to do it himself and he is completely uninterested in learning. For most of these accounts, they do not even send out paper statements anymore so how will my heirs even know they exist? The financial institutions do send me a notice that my monthly (online) statement is now available, but the notice goes to my (password protected) email!

      My brother's first symptom of melanoma was a stroke. He was taken to the ER where they determined that he had had a stroke, then found that the stroke was caused by a bleeding melanoma tumor in his brain. Unfortunately, the stroke itself damaged his memory and he could no longer remember the passwords to his accounts or the combination to his storage locker or anything. Fortunately, he was still alive and mentally competent so I was able to work with him to re-set everything. But the whole process took several months.

      So just a word to the wise that if you have online financial accounts or Facebook or email or Picasa or whatever, be sure to write down the account information and put it in a safe place. If you don't want to share it with anyone right now, at least put it in a safe deposit box that your executor will be able to access. And if you are an executor, be sure to check the free websites for "unclaimed money" as described by consumer advocate Clark Howard ( http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/finding-and-claiming-missing-money-easy/nCySp/ )

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    • Replies
        • March 12, 2013 at 2:20 pm
        Cielo
        Participant

          It's been marked "Check" on our list.  We require our banks/ financial institutions to mail us hardcopies of monthly statements even doing online.  My husband is from the old school, a wise small  business man and even though everything is practically done cybercally,  he insists on getting his financial affairs the way he likes it. 

          • March 12, 2013 at 2:20 pm
          Cielo
          Participant

            It's been marked "Check" on our list.  We require our banks/ financial institutions to mail us hardcopies of monthly statements even doing online.  My husband is from the old school, a wise small  business man and even though everything is practically done cybercally,  he insists on getting his financial affairs the way he likes it. 

            • March 12, 2013 at 2:20 pm
            Cielo
            Participant

              It's been marked "Check" on our list.  We require our banks/ financial institutions to mail us hardcopies of monthly statements even doing online.  My husband is from the old school, a wise small  business man and even though everything is practically done cybercally,  he insists on getting his financial affairs the way he likes it. 

              • March 12, 2013 at 3:24 pm
              Janner
              Participant

                Good points.  I have a password software program on my phone that contains all my important data.  2 people have access to the phone password and software master password.  While everything may not be spelled out, all the data needed to manage my affairs is in there.  Also a program to wipe the phone clean if it ever gets lost.  I also have a PC backup for the password software but that isn't done automatically.  Good reminder to do that now.

                It doesn't matter what the system is, only that a system exists to pass on the information!  smiley

                • March 12, 2013 at 3:24 pm
                Janner
                Participant

                  Good points.  I have a password software program on my phone that contains all my important data.  2 people have access to the phone password and software master password.  While everything may not be spelled out, all the data needed to manage my affairs is in there.  Also a program to wipe the phone clean if it ever gets lost.  I also have a PC backup for the password software but that isn't done automatically.  Good reminder to do that now.

                  It doesn't matter what the system is, only that a system exists to pass on the information!  smiley

                  • March 12, 2013 at 3:24 pm
                  Janner
                  Participant

                    Good points.  I have a password software program on my phone that contains all my important data.  2 people have access to the phone password and software master password.  While everything may not be spelled out, all the data needed to manage my affairs is in there.  Also a program to wipe the phone clean if it ever gets lost.  I also have a PC backup for the password software but that isn't done automatically.  Good reminder to do that now.

                    It doesn't matter what the system is, only that a system exists to pass on the information!  smiley

                    • March 14, 2013 at 3:14 pm
                    Tina D
                    Participant

                      Very good and practical help. Last year, since I do our bills, I put together a comprehensive list of how to access everything. It is just in a notebook, so prob not the most secure, but it gave us great peace of mind to know he would be able to get into the accounts, etc. THanks for posting this!

                      Tina

                      • March 14, 2013 at 3:14 pm
                      Tina D
                      Participant

                        Very good and practical help. Last year, since I do our bills, I put together a comprehensive list of how to access everything. It is just in a notebook, so prob not the most secure, but it gave us great peace of mind to know he would be able to get into the accounts, etc. THanks for posting this!

                        Tina

                        • March 14, 2013 at 3:14 pm
                        Tina D
                        Participant

                          Very good and practical help. Last year, since I do our bills, I put together a comprehensive list of how to access everything. It is just in a notebook, so prob not the most secure, but it gave us great peace of mind to know he would be able to get into the accounts, etc. THanks for posting this!

                          Tina

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