Elder law attorneys assist individuals with their wills, trusts, powers of attorney, and advance medical directives. They also discuss issues such as life and long-term care insurance, financial planning, and funeral arrangements. In this electronic age, individuals should also leave instructions to their agents and their survivors regarding access to online accounts, including passwords. A good time to discuss this is during planning for incapacity and when you are discussing items like Durable Powers of Attorney and Advance Medical Directives with your attorney.
More people conduct financial business online than ever before, creating varied passwords for all accounts. Some people never write down this information and change passwords frequently. This process works well while someone is alive, but it can create havoc if the person becomes incapacitated or dies. It is more important than ever that individuals leave a list of account numbers along with the access IDs and electronic passwords. This is particularly true if a person is receiving account statements by e-mail
rather than by regular mail.
Individuals should review their electronic mail and financial accounts, and make a list of the accounts and passwords for their own use. The list should be stored in a safe place, and they should also ensure that their family members know how to access the list in the event of their death or incapacity.