Jan 21, 2007 2:45 pm US/Central
When Passwords And User Names Die With The User
Unfinished Business: When Loved Ones Die, How Do Survivors Close The Virtual Books?
by Frank Vascellaro
(WCCO)
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As more consumers opt for paperless statements and billing, many accounts can go undiscovered or undisclosed for months.
CBS
Security experts warn us to keep our passwords and user names under lock and key. But what happens after a loved one dies? How do survivors get access to information and documents kept squirreled away in safe deposit boxes and hard drives for years?
For Tracy Bennett, the death of her mother was the saddest and most stressful time of her life. "You are exhausted and emotionally distraught, and then there's a lot of business to be taken care of," she said.
But it wasn't as nerve wracking as Bennett feared because her mother left an estate plan with detailed information. "My mom had listed that there were bank accounts in certain locations and a safety deposit box that we were unaware of and the location of the key," she said.
Keeping track of account passwords and Internet passwords is hard enough. Now imagine what can happen once a loved one is gone.
More and more people are using the Web to manage their financial and personal accounts. However, they don't think to leave behind user names and passwords with a trusted resource.
"It could be difficult to impossible to obtain passwords, codes and other information. It could require a court order," said estate planner Martin Kuritz, author of
The Beneficiary Book (Active Insights: 2001).
Kuritz's advice begins with taking the common sense route: keep a list of e-mail, bank, credit card and investment accounts. Also include retail and even photo-sharing log-ins, making certain to update the list every time a password or pin is changed.
"A minor change makes it impossible to access the information," Kurtz said.
As more consumers opt for paperless statements and billing, many accounts can go undiscovered or undisclosed for months.
"If there's a delay in obtaining certain information, particularly bills that need to be paid ... a life insurance policy or a health insurance policy can lapse," Kurtz said.
Having all of her mother's information helped Bennett. As a result, she is in the process of putting together her own list.
"I plan on putting any pass codes that I have to my bank accounts and even the bills that I pay online [on that list]. Makes it a lot easier for everyone," she said.
Estate planners advise making three copies of your list of accounts -- one for your lawyer or estate planner, one for a trusted relative and the third for yourself.
If that isn't a workable option, personal identity safety experts suggest keeping a list of access user names and passwords on your computer -- just make sure the information is saved to a file that doesn't have an obvious name.
(© MMVII, CBS Broadcasting Inc. All Rights Reserved.)
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