Should Your Will Include a List of Passwords for the Executor?

Jun 25, 2021

Before the era of the Internet, estate planning was a lot simpler.

You could put all your important information and assets in a lock box, leave the key for the executor in your will, and be finished.

Today, far fewer records are kept on paper. This can leave spouses, children, and (most importantly) the executor of the estate in the dark to the very existence of some online accounts. Consider, for example, whether you have any savings accounts or investments that you only access online and that aren’t jointly held with your spouse. It’s very possible that your executor would never find these assets, and they would be lost after you pass away.

For ultra-high net worth individuals, this can be substantial losses to your overall estate, and 45% of high net worth individuals have not organized their passwords or accounts. We often hear from people who are planning to create a CD or other hard copy of their digital lives for their heirs or executors, but as the years go by, they often neglect to follow through with these plans. Working with an estate advisor can help. We understand that collecting all of the passwords of your entire digital life is time consuming and tedious. We’re here to make it easier.

Read more…

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