Keys hanging from doorWe have seen some reminders recently about letting your heirs know your passwords if you die – such as passwords for online banking.

We think the easiest way to do this is to write down your passwords and keep them in a safe place, preferably with your estate planning documents in a fire-proof safe.  What matters is that your heirs are able to find the passwords and use them if you pass away.

When you review your estate planning documents, make sure that your passwords are listed and updated along with the other estate planning documents.  We recommend an annual review of your documents to make sure that the specific fiduciaries you have chosen to act and the distribution of your assets remain consistent with your desires.

You could possibly do this every January 1, or on your birthday every year.  When you review those documents, then you can also update your passwords and keep that list with your documents.  You should also review your beneficiary designations in other accounts and policies at that time, because if those are incorrect your plan may go awry.  If you desire any changes after your annual review, you should contact us so that we can assist you with these changes.