The Top 10 Passwords and Asset Information to Write Down for Your Trustee

Close-up of user entering password on computer

When planning your estate, providing your trustee with essential passwords and information about your assets can save your loved ones significant time, stress, and legal hurdles (expense!) in creating a seamless trust administration after you become incapacitated or pass away. Proper preparation ensures your estate is managed smoothly and according to your wishes. Below are the top 10 types of passwords and asset information we recommend you document for your trustee. These passwords do not need to be shared with anyone now; you need to ensure that your trustee has access to retrieve these passwords and information:

1. Bank account information:

Provide account numbers, online banking information, login credentials, and security questions. These details are essential for accessing all checking, savings, and other accounts, which allows you to quickly pay off debts and expenses, distribute assets, and close the accounts.

2.  Email accounts:

Your email account is the gateway to accessing all your accounts, tax information, and everything else about you! Two-factor authentication and password resets are generally linked to your email, which makes this account information especially important. Document your primary and secondary email logins, as the trustee may need to reset passwords or verify accounts during estate management.

3. Social media accounts:

Facebook, Instagram, LinkedIn, YouTube, and even unique social media accounts like TikTok, Snapchat, and Twitch often have memorialization options. Access to these accounts allows your trustee to manage or deactivate them according to your wishes.

4. Safe deposit boxes:

Document the location, keys, and combination of safe deposit boxes. Include an inventory of the box’s contents to retrieve essential documents or valuables easily. Often, safe deposit boxes are not held in the trust, and further administration is needed (like a small estate affidavit or even opening probate in extreme scenarios) to access the contents and distribute them per the terms of the trust.

5. Digital financial accounts:

Providing passwords and account information for all of your digital assets (including Bitcoin, Cryptocurrencies, Venmo accounts, and other digital assets) helps your trustee identify these assets and access them efficiently if your trustee is provided this information. Thus, these assets could be distributed more quickly and efficiently, per the trust terms.

6. Home safe access:

Again, it is essential to document the location, keys, and combination of safes kept inside your home, as well as a documented inventory of the safe’s contents, so the trustee can effectively marshal the assets and distribute them according to the terms of the trust.

7. Insurance policies:

Life, health, and auto insurance policies can ensure a smoother transition for your trustee when taking over your assets. You must note your agent and insurance companies’ account numbers, policy details, and contact information.

8. Utility and subscription services:

List utilities (such as PG&E, AT&T, and Comcast) and subscription services (such as Amazon Prime, Netflix, Audible, and iCloud storage) and provide login credentials to avoid unnecessary service interruptions and charges for automatic payments.

9. Credit cards, investment accounts, and other retirement accounts:

Include brokerage accounts, IRAs, 401(k)s, pensions, information surrounding your credit card issuers, account numbers, and online access credentials. This helps your trustee confirm any associated beneficiary designations, efficiently settle your debts, and protect your estate from fraud.

10. iPhone passcode:

Last, and most certainly not least, your iPhone passcode is paramount for your trustee. As technology advances, our cell phones have become invaluable to us and contain our entire lives. Allowing your trustee access to your phone is a great way to ensure they can access each of your assets and valuable information. Cell phone companies often do not disclose a deceased individual’s passcode without a probate court order. Thus, if avoiding probate is your key goal, providing your cell phone passcode is critical.

Conclusion

Without straightforward access to critical accounts and assets, your trustee may face delays, additional costs and expenses, and unnecessary legal barriers, including the potential for your estate to go to probate. Preparing this information ensures a seamless transition and gives your loved ones peace of mind. If avoiding probate, unnecessary administration costs and delays for your loved one are some of your goals, and you are unsure where to start or would like more information on what other assets you could help identify in your estate plan, our team at Absolute Trust Counsel would be more than willing to discuss your unique situation.

[AD] Estate planning addresses many important factors about your future and legacy. Where do you get started if you don’t have an estate plan in place? If you do, how have new laws and life transitions changed? Will your plan still protect you? Regardless, you deserve to have control over your wants, needs, goals, and hopes for the future. We can help you understand your options and, legally, how you will best be protected at all touchpoints. Get started today by scheduling a free discovery call so we can discuss your needs. Visit https://absolutetrustcounsel.com/scheduling/ or call us at (925) 943-2740.

Ariana Flynn:
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