Recording Account details for heirs/spouse

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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TheGreyingDuke
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Recording Account details for heirs/spouse

Post by TheGreyingDuke »

Having given up on Quicken some years ago, I now use the simple Vanguard interface to list all my investments. It does not appear to give space to record account numbers, phone numbers and the like.

I would like to maintain a list of all my various accounts (not that many but including Treasury Direct x4 bloats the total) so those that need to pick up things when I leave this realm, will have an easy time of it. Passwords and the like are stored on LastPass which my son has access to. I could use LastPass for these other details but was wondering if there are any other thoughts?
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells
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frugaltype
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Re: Recording Account details for heirs/spouse

Post by frugaltype »

I do this with Excel, updated monthly or more often if I create or close an account, and a Word document with everything anyone could possibly want to know - account locations, numbers, end of year balance, note as to what type of account it is, year's interest/dividends if appropriate, IRA conversion history, tracking overall end of year asset status and change from year to year.

Both are easy to update once I had them tuned.
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jeffyscott
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Re: Recording Account details for heirs/spouse

Post by jeffyscott »

While account numbers and passwords may be appropriate for a spouse, I don't think that is necessary for other potential heirs such as children. If you die, I don't believe your children have any legal right to access your account via your log in and password. Assuming they are named as beneficiaries on the account they would need to provide a death certificate and probably sign some forms to get the money.

For my children, I just have a shared google document with a list of all the places we have money and insurance, no account numbers. For example it says "Roth IRA account at Vanguard for _______". I don't think they really need more than that in order to call and say "Mom and dad are dead, they had an account/insurance policy with you, their names are _______, SS numbers are _______, how do we get their money"?
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asset_chaos
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Re: Recording Account details for heirs/spouse

Post by asset_chaos »

Vanguard has an editable pdf with a suggested format that you could download to record this information. Search on the vanguard website for 'personal inventory'.
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Skiffy
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Re: Recording Account details for heirs/spouse

Post by Skiffy »

Really, this is not as simple as account listing, password etc unless your accounts are set up as payable-upon-death. My FIL recently passed, and the companies (utilities, credit card. . .) wouldn't even talk to him as he was not listed on the accounts. FIL had automatic charges hitting his credit cards after he had died. Granted, son was not that acquainted with all the details of his dad's finances. So take a look at your own bank statements, credit cards bills (whoops get those on line, not thru the mail?) Think about titles to vehicles, legal descriptions of property, etc. (will you still need car insurance if someone is driving your car right after you die) How will your heir(s) figure out what you have paid, what is still owed etc? If you have more than one heir, it gets pretty complicated, and there is a several weeks or months (years?) time lag to get everything renamed, closed, sold or paid.
john94549
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Re: Recording Account details for heirs/spouse

Post by john94549 »

I was very closely involved with all my Mom's accounts in the 3+ years before she died. As to one checking account, Mom agreed to set it up as a joint account, with my having a couple of pads of checks and check-writing privileges. On another checking account, I established on-line banking, so I could keep track of her balance. Toward the end, she found it impossible to balance her checkbook. On her "big" CD, we set it up with me as a co-owner, with the monthly checks (and 1099s) to her checking account and interest reported on her SSN. I knew every account, every account number, every account manager, every toll-free number. I hired her CPA (she finally agreed to let a CPA do her taxes, as she was legally blind).

This is a very sensitive issue. Elder parents never like to admit they're in need of help with finances. But, most assuredly, time catches up with us all.
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NotKevin
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Re: Recording Account details for heirs/spouse

Post by NotKevin »

I read an article sometime back to make sure and leave instructions or approximate value for your collectables if they have some real value. The article indicated that many people fail to disclose to their spouse how much they actually spend in their "hobby" or on some collectable piece, as a result their lifetime collection gets sold at pennies on the dollar if they die with out "coming clean". Although my wife knows what we have spent on art, our relatives do not. We have left instructions on what art we have that is actually valuable and where to sell or auction the pieces. If something were to happen it would be nice that our daughter recieve as much as possible, rather than something of reasonable value be given away or sold at a garage sale unknowingly.
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TheGreyingDuke
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Re: Recording Account details for heirs/spouse

Post by TheGreyingDuke »

Thanks for all the suggestions and caveats.

I also managed my parents' accounts once they hit 85, had all their passwords, got a joint checking account with my sister on it, accessed all the important stuff online, and had automatic payments on credit card, electronic tax payments, the whole nine yards. It went quite well and when my mother died took a month to catch our breath and then got things dealt with. There were five heirs (2 children, 3 grandchildren) and everyone was kept in the loop on all transactions.

My wife and I do a lot of travel together and as I get ready to cross the Pacific for the third time this year, thought it prudent to get something to my son (only heir). For the time being I have a document with all the accounts, their numbers and the telephone numbers of the custodian. I also have a spreadsheet with all the assets, updated monthly, that is in an easily accessible location on my hard drive (and backup). Son knows the password to get into the computer. For now, that will do but I will look at the other ideas presented here,

Thanks
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells
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Jay69
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Re: Recording Account details for heirs/spouse

Post by Jay69 »

I see this type of post come up here often, people worry about what happens when they check out. To me all you need at the time of check out is a list of account locations and your name, if you give up the account number that would be helpful.

I think the bigger issue to plan for is what do you need if you end up not checking out and can no longer take care of yourself. If you die who cares if it take a 6 months to work thru the issues but if you end up having a stroke and you need care and nobody has access or knows where your stash is that's when it becomes fun for your care givers and family members.

I can tell you first hand the latter is much more of a challenge vs. checking out. I'm not to that point yet as my kids are tad young but with any luck and if us as parents have done a somewhat decent job I'm looking forward to giving at least one of my kids some access to some of our funds, maybe the lonely check book etc.
"Out of clutter, find simplicity” Albert Einstein
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Re: Recording Account details for heirs/spouse

Post by placeholder »

Skiffy wrote: FIL had automatic charges hitting his credit cards after he had died.
Did you inform the CC company that he died as that would normally shut down any new charges.
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AAA
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Re: Recording Account details for heirs/spouse

Post by AAA »

Periodically I will log onto my Vanguard account and go to the page with my holdings. I then "print" this as a pdf and store it on an external drive (actually two drives for redundancy). I do this for other institutions also, basically getting a snapshot of holdings at that particular time. Separately, I have a list of the institutions and passwords.
technovelist
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Re: Recording Account details for heirs/spouse

Post by technovelist »

Skiffy wrote:Really, this is not as simple as account listing, password etc unless your accounts are set up as payable-upon-death. My FIL recently passed, and the companies (utilities, credit card. . .) wouldn't even talk to him as he was not listed on the accounts. FIL had automatic charges hitting his credit cards after he had died. Granted, son was not that acquainted with all the details of his dad's finances. So take a look at your own bank statements, credit cards bills (whoops get those on line, not thru the mail?) Think about titles to vehicles, legal descriptions of property, etc. (will you still need car insurance if someone is driving your car right after you die) How will your heir(s) figure out what you have paid, what is still owed etc? If you have more than one heir, it gets pretty complicated, and there is a several weeks or months (years?) time lag to get everything renamed, closed, sold or paid.
Yes, absolutely! You may not be able to renew your drivers' license without that if they get into an accident!

:oops:
In theory, theory and practice are identical. In practice, they often differ.
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