Estate administration and online accounts: logins, passwords, and big headaches





In this day and age it seems as though so many areas of our lives can be managed on the computer, from communicating with friends and family to managing assets and keeping tabs on investments. But as with anything, online technology comes with a price. What can be convenient and greatly simplify your life when alive can become a nightmare for your executor and beneficiaries after you die.

To appreciate the challenges that some estates face, consider how much of your life is managed through password-protected accounts on-line. You may have retirement accounts, mutual funds, savings and checking accounts, college savings funds, life insurance policies, and more all accessible through the internet. There are also more sentimental things like photo albums, blogs, and social networking sites that require a user name and password for access.

If, like many Americans, you are careful with your account information, nobody but you knows your passwords. However, consider the impact on your family if you die unexpectedly: nobody would have access to any of that information. Some of your bank or investment accounts may even be “lost” if you only receive email statements: without seeing a statement in the mail, your heirs may not know that the account even exists.

Even if you carefully list all of your online accounts in your will, if you forget the passwords – or change them after you’ve listed them in the will – your survivors may have to jump through hoops to get access. It isn’t just death that can lock loved ones out of your online world; if you are seriously incapacitated, without a power of attorney your family members won’t have an easy time getting access.

This isn’t just a matter of complication – it can also be costly for survivors to fight for access to online accounts when they don’t have the right login information. Some companies may push back and need a specific court order to turn over the information, a process that can be long, frustrating, and expensive.

How to prevent this from becoming an issue for your survivors? Here are some tips:

  • Make a list of all your accounts, including screen names and passwords
  • Give the list to your lawyer or a trusted relative
  • If you don’t want one person to have all the information, divide it among different people
  • Store the list in your safety deposit box or in-home safe (make sure somebody else has access to the box or safe, or the list won’t do anyone any good)
  • Include the information in your will

To discuss this and other estate planning issues with a skilled Pennsylvania attorney, please contact the experienced estate planning attorney at the Wexford based law office of Shields and Boris.

Elder Law Offices of Shields and Boris

109 VIP Drive

Suite 200

Wexford, PA 15090

Toll Free: (888) 444-4093

Phone: (724) 934-5044


Bookmark and Share

Free Consultation

Name:

Phone:

Email:

Tell us more:


Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 102
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984

Get Directions

Special Report

Order our Pennsylvania Elder Law Attorney's Guide To Alzheimer's Care

See All

questions

Estate Administration and Probate

view all

©2010 Elder Law Offices of Shields and Boris, All Rights Reserved, Reproduced with Permission
Attorney website design by Foster Web Marketing, the best attorney website design solution on the Web offering search engine optimization for attorneys, lawyer website design, video for attorneys, and more.
Get SEO Tips from The Attorney Internet Marketing Blog
Pennsylvania Estate Plan Attorney, PA estate administration help, Pennsylvania probate lawyer, Wexford revocable living trust, Western PA special needs trust law firm, PA veterans benefits, aid and attendance VA benefits, asset protection help in PA
Served By: A