Ohio Department of Aging
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September 2007
Going Paperless Need Not Leave Heirs In the Dark
As consumers increasingly use the online features of banks and brokerages to manage their accounts, heirs are finding it more difficult to sort out finances once a family member is gone. Without careful records, a family might not even know where to start looking for accounts. In a worst-case scenario, some assets may never be found.
However, listing all private financial account passwords in an accessible location may not be the best option, given the rise in identity theft and fraud in recent years.
Instead, consumers can build a roadmap to their assets, including banking and brokerage accounts, insurance policies, real-estate and retirement plans. Heirs may also need the names of advisers, details about safe-deposit boxes, estate-planning documents and others.
Explain where to find the will, trust, power of attorney and other estate documents. If there is a safe-deposit box, give the bank's name and address, and the location of the keys. Provide the name and phone number of the agent if there is a life-insurance policy, and a copy of the policy or its number.
List all the people heirs will need to contact, including lawyers, accountants, executors or guardians for any minor children.
Do not include passwords to online accounts. Heirs don't need them. With some assets, like bank accounts, heirs can gain access by showing a copy of a death certificate and proof of designated beneficiaries.
Do include computer passwords if back copies of potentially important financial paperwork (like old tax returns) are on your PC. As a general rule, don't keep a copy of estate-planning documents on your computer. But if it is kept there, make sure your computer is as safe as possible from hackers and is password-protected.
Think carefully about how to store the list. Heirs need to be able to find it, but it shouldn't be generally accessible. One option: a fire-resistant home safe, which can also hold passports or other important items.
Ohio Department of Aging