FInancial information backp in case of accident

[flhrci]

So my Mom is almost 80 and mostly computer illiterate. If something happened to me she would need a central and easily managed access to my financial information.

I have been trying to figure out how to balance my personal information security with easier access for my Mom if she needed it.

Put it all on paper, put all account number and other contact info for accounts on one excel file on a cd? Those are just examples I have thought of.

Looking for suggestions on how to do this the best and safest way.

 

[smv]

So my Mom is almost 80 and mostly computer illiterate. If something happened to me she would need a central and easily managed access to my financial information.

I have been trying to figure out how to balance my personal information security with easier access for my Mom if she needed it.

Put it all on paper, put all account number and other contact info for accounts on one excel file on a cd? Those are just examples I have thought of.

Looking for suggestions on how to do this the best and safest way.

Specify an executor who is not almost 80 and is computer literate? Specifically one without an overwhelming emotional connection.

 

[benyflyguy]

She will likely need a lawyer to navigate and the red tape anyway as an executor so just give info to lawyer right?

 

[Ted]

I’d recommend having a lawyer, make sure your mom knows who that lawyer is, and give that lawyer the appropriate information.

 

[PaulS]

I’d recommend having a lawyer, make sure your mom knows who that lawyer is, and give that lawyer the appropriate information.

^^This, you should have a will and estate plan anyway, this could be part of the info you give the lawyer. Not having will makes this much harder on your family when you go.

 

[Ghery]

We're in the process of revising our wills (it's been 10 years and a lot of things have happened in the last 10 years). I think having this information provided to our personal representative will be a very useful thing. Otherwise, it is a mess.

 

[wilkersk]

Wills and lawyers are great advice. But, she'll still need to pay the bills and buy groceries while the lawyer and the government are busy slicing and dicing your estate.

I keep a 3 ring binder with recent account statements and a recent credit report. My wife is either a joint account holder, or primary beneficiary on all accounts. And the online login and password info for all accounts is stored in a digital password manager with instructions for either my son or daughter on how to access it.

In addition, there's specific instructions on what has to get done right away, and on managing the remaining retirement funds and pension, as well as a copy of the will, the medical directive, and life insurance policies.

That binder is kept in a 30-min fire safe. And I bring it up to date a couple of times a year. I usually make a production of this, mentioning it the wife and kids.

 

[Ted]

Wills and lawyers are great advice. But, she'll still need to pay the bills and buy groceries while the lawyer and the government are busy slicing and dicing your estate.

Depends on how you do it. I'm not familiar with Ohio's laws, but if Dave is worried about these sorts of things, a trust may be worthwhile. People tend to think of trusts as being for the wealthy but they have benefits for anyone with assets they want to be easily passed on.

 

[wilkersk]

Depends on how you do it. I'm not familiar with Ohio's laws, but if Dave is worried about these sorts of things, a trust may be worthwhile. People tend to think of trusts as being for the wealthy but they have benefits for anyone with assets they want to be easily passed on.

Unless he's keeping cash under the mattress, my previous post still applies.

 

[saracelica]

Google legacy drawer. It's a Dave Ramsey thing but it helps to being everything together. Print it out and give to Mom out lawyer.

I put Keybank has my old IRA account xxxxxx1234
Chase has savings xxxx6789

 

[FormerHangie]

Binders? CDs? Put the files in the cloud and give some trusted people the login.

 

[PaulS]

She's 80 and computer illiterate, these are good ideas, but she won't be able to access them with out help. Not sure if she is dependent or financially independent, but if access to cash is an issue, in many states a joint account is the answer. If one owner dies, the other owner can still access the cash.

 

[kshaw]

I use an Apple app named mSecure. All information you enter into mSecure is encrypted. I keep all my email addresses, account numbers, insurance policies, automobile VIN numbers, firearm serial numbers, etc. on it. You can get a Windows version as well for your laptop. You can synchronize the information between the platforms. You can do periodic printouts for the safe deposit box.