What’s the password?
If something happened to you today and your family needed to access your email or accounts, would they be able to? What happens to your digital accounts if you’re no longer here?
Many people realize this in this digital age. We tend to plan carefully for the disposition of our physical assets at our deaths—homes, cars, and the like—but many people forget to plan for loved ones’ access to their digital assets.
Secure your financial inventory
So, should you give a relative or close friend a list of your usernames and passwords? Not when it comes to your financial accounts, cautions Doug True, CEO of Forum Credit Union. “We wouldn’t encourage our members to share usernames and passwords with relatives as we don’t feel it’s prudent,” he says. “Instead, we’d suggest a financial inventory stored in a secure place, with a listing of the financial assets, how they’re structured—investment specifics, beneficiaries, what documents are on file—and how to contact the institution holding the assets.”
Don’t forget automatic payments for utilities and cell phones that you’ve set up through financial institutions or directly with businesses. “Your heirs need to be able to go in and stop those, so your estate’s assets aren’t depleted through bills unnecessarily continuing to be paid,” adds estate planning and administration attorney David A. Shulman, Fort Lauderdale, Fla. “And it’s a good idea to secure your will and other important documents with your financial inventory.”
Robert Rutkowski, managing attorney of the Chicago office of Weltman, Weinberg & Reis Co., L.P.A., recommends securing your financial inventory and essential documents in a safe deposit box. You can also include lists of your social media and other online accounts. Check with your credit union to see its safe deposit box options.
Password Managers
Instead of storing all your passwords on a paper list or Word document, you can choose a digital option called a password manager. This is a database that safeguards all your passwords. You just need to memorize one master password to access all the others.
Many password managers include a feature called “Emergency Access.” You create a list of the people you trust and whom you permit access to this database. Upon your death, these individuals can access your passwords to close your accounts, stop automatic payments, etc.
Anything with a logon
Whether you choose to use a physical safe deposit box, available at some credit unions, or a digital one, make sure you have a complete list of all digital accounts—anything with a logon—securely stored with instructions for your designated representative to have access. Don’t take your passwords to the grave.
Contact WRCU if you have any questions
Have questions about securing your financial future or need help setting up a safe way to manage your digital accounts? We’re here to assist! At White River Credit Union, we’re more than just a credit union—we’re a part of the Enumclaw community, dedicated to helping you and your family.
So, don’t hesitate to reach out to us! Check out our member security page for up-to-date information to keep you protected. Give us a call or stop by our Garrett Street location, and let’s chat about how we can make managing your financial legacy simple, secure, and stress-free. Whether you’re setting up a financial inventory or looking for the best way to keep your passwords safe, WRCU has your back—as a good neighbor should.