Our last column began the discussion of preparing a āRoadmapā for your executor or heirs to follow in the event you are unable to assist with managing your personal affairs. I should add that this map could well be an asset for a surviving spouse in the event they are not the one who manages that aspect of your lives.
At the risk of being redundant, I will emphasize what I wrote in the last column. The most effective way to manage this tool is to follow the three, simple āGoldenā rules 1) write everything down in detail, 2) start a three ring binder or well organized folder to keep the details in, 3) be certain your executor/ heirs know where this binder or folder can be found and what itsā for.
(See previous column for step one.)
STEP TWO: It is extremely important that electronic access is set up for all of your credit card, bank, investment, and social security accounts. Whether you are āuser-friendlyā or not, you can be certain your executor and heirs will be, and when the time comes, they will want, and need, timely access to that information. Regardless of where you are on the continuum of computer skills, your Roadmap can be updated to include this information.
Many of you have already established electronic access to your various accounts and regularly access them. Remember that your executor or heirs will need to access that information at some point, so your Roadmap needs to include the information allowing them to do so, if you are not there to guide them. Our Roadmap contains the following information for each one of our bank, credit card, and investment accounts:
1. The name of the institution and the type of account.
2. The web siteās address.
3. The user ID.
4. The password.
5. The customer service phone number.
6. Pin numbers for any debit cards.
7. The security questions and answers that go with each website.
8. A list of all automatic deposits and withdrawals to checking accounts, including dates and amounts.
9. A list of all automatic or recurring charges to credit card accounts and the amounts.
And, in addition, if you have not yet set up your social security account on line, that is a priority. The SSA website allows you to make changes to almost everything associated with your social security account, including changing the bank where you have your direct deposit sent. It beats waiting an hour or more on the phone, or a trip to the SS office in Woodstock. One little known fact: the SSA website requires a new password every six months, so mark your calendar accordingly (ssa.gov).
If you have not yet established electronic access to your various accounts, I encourage you to do so even if you donāt plan on using them regularly or at all. You can be sure that your executor/heirs have probably done so for themselves and taking these steps now will make their job easier when the time comes.
If the process of setting up user IDās and passwords is foreign to you, enlist the aid of one of your family members or friends who know how. It is not difficult, and in the process, they will not have access to your personal information.
Questions or comments e mail tsansom2002@gmail.com.
