Sound familiar?  You’re certainly not alone.  I’d venture to say that you’re actually in pretty darn good company.  There are more folks out there who haven’t planned properly than those who have.  Time to switch teams.

I will assume that if you’ve been reading this blog regularly (I’m optimistic) … you either already have a Last Will and Testament in place or you’re going to call a lawyer first thing in the morning and schedule an appointment to have one drafted.  You’re not going to put that off another day.  Promise?  Good.  That’s a start.

Now let’s talk about those other little details that we often overlook.  Things such as PIN numbers and account numbers and passwords.  Yeah, those pesky things that we all change rather frequently. Well, in theory we’re supposed to change them frequently.  Some people never change them.  You really should, in case you were wondering.

If you don’t happen to wake up one morning, someone in your family will have to know how to access your private information.  I don’t recommend leaving a file on your computer with all of that sensitive data because we all know that computers can be rather easily hacked.  Not a good plan.

Don’t leave a big notebook laying around with a brightly colored label alerting a would-be thief that hey, if you want to steal my identity, here’s everything you need and more.  Again, not a good plan.

Some people opt to keep such data in a safe deposit box.  That sounds like a good idea on the surface but keep in mind that before your loved one can access your safe deposit box upon your death they a) have to know it exists (and where), b) they have to be a joint owner of the box and have a key, or c) they have to be named executor or administrator of your estate and prove to the bank that they have a legitimate reason to access your box.  Remember, they still have to know it exists and they still have to have a key (or they will pay a rather high fee to have the box drilled open).  Besides, account numbers and PIN numbers and passwords change so frequently that you’d wear yourself out running back and forth to the bank trying to keep the darn list up to date.  That is, if you even remember to update the thing.

Some security experts suggest that you have an nondescript notebook or box in which you store all of the information.  Obviously, you have to tell your executor where it is located and why he or she will want to access it after you’re gone.  Other experts recommend that you prepare a confidential file and store it at your lawyer’s office along with your Last Will and Testament.  Then, when the Will is read, the lawyer can hand over the information to your executor.  Again, you will have to keep the file updated — and that may be as simple as sending your lawyer a letter when things change, or perhaps stopping by with the new file.

Smart phones are handy dandy little gadgets that store all sorts of information.  But remember that phones can be hacked, stolen and lost.  If you do keep your passwords in a folder on your cell phone, please be prudent enough to develop some sort of code so the passwords aren’t obvious to someone who should not ever have access to them.  Again, that method worries me just a tad.

When recording your passwords, PINS and account numbers, be sure to remember all of your online accounts.  Your list should include not only account numbers and URLs (the www.my account part) but also your user name, password and security question(s).  Don’t forget about your e-mail accounts and social media accounts (such as Facebook, Twitter, Linked In and the like).  These days, social media is one important way that your loved ones may have to alert people they aren’t even aware you know that you have died.

Whatever system you choose to employ, don’t put this off.  The new year is approaching, so go ahead and make this your new year’s resolution.  It may be the best thing you ever did for your loved ones.  Other than leave a Will, that is.

For further reading on the subject, check out PINs That Needle Families here.

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Disclaimer: The information, comments and links posted on the blog do not constitute legal advice. I will not respond to any specific legal questions in the comments section of this blog. Read my entire disclaimer.

copyright 2011 Irene C. Olszewski

Lack of Estate Tax in 2010: Now Cheaper to Die?
With Taxes Gone, Will Death Be At A Premium?

[Source: ABC News]

Don’t Die Today – Tomorrow There Will be No Estate Tax

[Source: North Carolina Estate Planning Blog]

Beating the estate tax to death
With estate tax set to end this year, retroactive lawmaking in 2010 is likely

[Source: Market Watch]

To paraphrase an old saying, the only certainties in life are death and taxes. Given that death is inevitable (much as I hate the thought), estate planning is something you should not ignore.

I often hear people say that they should have a Will drafted someday soon. (When they utter this statement, they have usually acquired some assets, large or small). I suppose it is human nature to procrastinate … and it is human nature to think ourselves immortal.

Wishful thinking aside, one day we shall all leave behind an heir or two.

Recently, I came across a well-written post authored by Pennsylvania attorney, Patti Spencer. It focuses on the issue of timeshares and how they come into play as part of your estate plan. If you own a timeshare, I urge you to review this post.

Read: Probate for Timeshares

[Source: Pennsylvania Trust and Estates Blog]