Tracking Accounts For Heirs/Executor

LinusP | May 24, 2018 | 21 posts since 2018

Question for those who have accounts at a bunch of different banks/credit unions and move money around often to get the best rates available: What information do you assemble for your heirs/executor if you were do die or become incapacitated?

I don't have a huge number of accounts, and I'm still struggling to keep things in a state where it doesn't seem like it would be a huge pain for someone to deal with if something were to happen to me.

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Ally6770 | May 24, 2018 | 4,307 posts since 2010

I have two grown children. Ever year before July I give them each a list of all accounts, account numbers, the bank or credit unions name, and their phone number. I do not give them the amount in each account. I do have some stock and they each have a copy of those statements because their names are on it also. Because I helped them with their accounts when their father passed, it will be no problem for them. They invest in the market, options etc. They do not have a lot of CD's or credit union held IRA's so their knowledge was limited dealing with this. I also do this with life insurance, even the little ones that the credit unions have for accidental death.
I bought several 11X16 inch 50 page 13 column ledger books at the $1 store years ago and use one page for each account updating it yearly with interest earned, if the CD matured and where it went, if I closed a checking, savings etc. The children also have a copy of each account signature card showing that they are beneficiaries.
My beneficiaries are my children. I am not sure I would give this information to others. When I pass they would just have to bring a copy of the death certificate to the bank or credit union and the money would belong to them. It would be up them to continue with the account or close it. If the money is in a CD and has a high interest rate most places will split the CD and continue with the high rate.

Ratesaver | May 27, 2018 | 187 posts since 2013

Ally6770, Reading your post was as if you read my mind... I also do exactly what you have been doing as for yrs, I was thinking what would happen if both my wife and I died in a car crash or a plane crash... I don't have much to add however it hearting to see someone else is thinking ahead... I don't however give them a copy of the signature card as it sounds interesting... I also have 2 adult boys and at my age I am trying to bring home more cd's locally as it may be easier for them ... With the present interest rates going up this may be a good time to lock in long term not so much for the interest but trying to localize the cds....Have a nice day

ocsteve | May 25, 2018 | 96 posts since 2010

I am an accountant and have used a simple approach for my elderly parents investments and banking details. Each year I start a new 2" binder with tabs for each Brokerage, Bank/S&L/CU, and use Avery monthly tab sets for each financial institution. I place either the original or a copy of the monthly/quarterly statements into the binder. When my Dad recently passed away, I had all the items I needed to start the Estate Return process.

I also maintained computer access for all my parent's accounts (banking and credit cards) and am able to print out any missing statements and get alerts for unusual activity. I check each financial institution each and every business day and monitor what's happening. Have found advance indications of problems, so could cancel credit card and have them re-issued when Dad fell for a computer "maintenance fraud".

Since I also am responsible for my Parent's tax return preparation, I know over many years exactly what they hold and where it is. Their Living Trust leaves it all to each of four adult children equally.

This approach works for my family, but may not for others, depending on the trust level between parents and an assigned adult child.

hank | May 28, 2018 | 110 posts since 2016

I have started using lastpass. It keeps a record of all the financial institutions that I am dealing with as long as I am signing on with an electronic device. It also saves your passwords. You can arrange for someone else to get access to it

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