Do you have a "master financial list" for your partner/family?

[disneysteve]

Years ago, I typed up a master list of all of our financial accounts with the institution name and phone number, our account number and type, and the approximate value. It occurred to me recently that I hadn't updated that list for a very long time. I do have our portfolio spreadsheet which doesn't have all of the account details but it would at least point my wife in the right direction if I was gone. Plus all of our account statements are very neatly organized in my desk drawers so it wouldn't be hard for her to sort it all out.

Still, I've decided to update the master list to make it even easier. I just pulled it out of the lock box and found it is dated December 2006. It isn't nearly as out of date as you might think after 13 years but a couple of companies have changed names and we do have some new accounts like my 401k and a couple of others. Time to make a new list.

[Smallsteps]

I was just thinking about creating this for my world yesterday. Master list makes good sense even if they have a general idea.
I have done most of the investing for our situation.
DH has little interest in it he knows where his stuff is located but it makes it much easier to have everything ready just in case. i am sure all except one have a right to survivor ship but the end or if it is sudden people are NOT always in the right frame of mind to deal with it.

[QuarterMillionMan]

Here, here. My family knows exactly where to look.

[disneysteve]

On my updated list, rather than the phone numbers, I'm putting the website address, user ID, and password for each account. If they have that, they can get the phone numbers if needed (or they're on the statements in the drawer anyway). I figure it will be more important to have electronic access to the accounts.

[mumof2]

My hubby and oldest knows all the bank details and my life insurance (hubby can't get it) is in the safe with the will with all the other forms...probably should have a look and update just to make sure

[disneysteve]

My hubby and oldest knows all the bank details and my life insurance (hubby can't get it) is in the safe with the will with all the other forms...probably should have a look and update just to make sure

Ooh, I didn’t think to include the insurance policies on the list. Thanks.

[QuarterMillionMan]

On my updated list, rather than the phone numbers, I'm putting the website address, user ID, and password for each account. If they have that, they can get the phone numbers if needed (or they're on the statements in the drawer anyway). I figure it will be more important to have electronic access to the accounts.

I haven't gotten to passwords just yet. Actually, I thought about it before but got cold feet. However, if I'm laying in my death bed I will relinquish it. My accounts are "payable on death" and I've listed my beneficiaries and developed a living revocable trust and created trust accounts where my successor trustees will have access to my accounts upon my death but again releasing my passwords is not easy for me to give up yet but I know would make things a whole lot easier for my family but whew, that's hard for me to do.

[Like2Plan]

I have a spreadsheet of the composition of DH and my estate. I update a print out annually (at tax time) and put a copy with our important papers.

The spreadsheet is divided into several sections such as real estate, regular accounts, retirement accounts, life ins and so on. I have who owns which item/account and who is the beneficiary. I don’t have account numbers and passwords, though. I think the passwords would only be useful in the case of joint accounts. Even with durable power of attorney I believe you are required to open your own account in order to manage/access the funds (or that is how fidelity and vanguard do it). In the case of my death, power of attorney would be no good. I wouldn’t want to make it easy for an unauthorized individual to get access.

I keep a copy of the end of year account statements with our taxes.

One thing I debated was whether or not to list old retirement accounts that had been rolled over on the spread sheet. I was thinking that it could lead to a wild goose chase if someone found an old statement (prior to the rollover). For now, I put the balance at 0 and then a note that the funds have been rolled over to xyz account.

[kork13]

I do have a list that had all of my financial accounts, online account info, insurance info, and even some brief biographical data (personal/family history, health info, etc.). I'm pretty sure I read an article back then talking about creating a document like this to enable my executor/heirs to have any/all info they could possibly need.

However, that document is from 2011 and violently out of date, and I think it only lives in my computer (no hardcopy). It's also from before I met my wife (2013), and before I moved my investment accounts to Vanguard (2012), and cash savings to Ally (2013?) ... or any of the 3 or so interim accounts before I landed at Ally -- ING, RNB, etc.

So I suppose I'll go through and update it, though it's going to take ALOT more time now. I used to only have everything in one place -- now, there are over a dozen various accounts (gratefully, mostly between just a handful of companies).

Once I have it updated, I'll need to be sure to get a hardcopy printed out and put into our document safe, along with our wills, PoA, living will, birth/marriage certificates, SSN cards, passports, etc. We only recently found a decent (and affordable) fire-/waterproof document safe since I have been deployed, so I'll have to populate the safe with everything upon my return.

ETA: Digging through my electronic documents a little more, I found both a "template" for recording all of this stuff (the site won't let me upload it as an attachment, for whatever reason), as well as one more little gem: a letter to my family, starting off "In the event of my death, ...." It's part self-eulogy, part thank you & goodbye, part last words of advice. Almost touching to read myself waxing sentimental. But in any case, now that I'm reminded of it, I do see that letter as another worthwhile document to put together for inclusion with my will, especially now that I have a family of my own (again, the current version was written about a decade ago).

[corn18]

I have an 8 page diatribe that starts with "I'm dead, now what?" It walks through all our money including account #'s and logins and phone numbers. It also covers life insurance with account numbers and phone numbers to call to report my death. I even tested the phone numbers to make sure they are correct. Also has social security info, when to take it and phone numbers. Basically, if I die, just follow the advice in this paper.

[MonkeyMama]

I have a list, is more for our kids/parents if anything happens to both of us. Just accounts, account #s, beneficiaries, and websites. Plus attorney info, where important papers are, etc.
We use password software so that we can get into all of each other's accounts in an emergency. Our parents can also access in an emergency. (These passwords are for anything and everything, not just financial accounts).

[Wolf_278]

I use a password manager for all my passwords. I gave my wife both my masterpassword and made her an emergency contact so that she can get into my password manager if something happens to me. I'm still working on adding more detailed info into the notes section (life insurance etc...) so it is all in one place for her.

[disneysteve]

I haven't gotten to passwords just yet.

In today's world, I think the passwords are almost the most important part. Knowing where stuff is is great, but not if you have no way to access it. Except for retirement accounts, everything we have is joint, so she should know how to get in even when I'm alive. Plus, some of the accounts are solely hers - traditional IRA, Roth IRA, 403b, 401k - so she should have that access info too. I manage it all regardless of whose name is on the accounts but it's all hers every bit as much as it's mine.

[Thrif-t]

Yes, but mine is all written out in a blk and white composition book, it's titled Thrift-y & DH Financial Info. I keep it in our fire proof safe. Everything is written down, all sites and passwords. My DH is old school and would be clueless to find things on the computer. I have passwords written in pencil and when I update them I erase and update the book. I'm good about keeping everything to date because I don't want my family to have a hard time should I go first. My kids all know to get the book should anything happen.

I will admit I do need to write some kind of letter to go with the book, that I have been remiss about. I'd really like to make a video instead, I have so much to say and it would take too long to write it all down.ha

[QuarterMillionMan]

In today's world, I think the passwords are almost the most important part. Knowing where stuff is is great, but not if you have no way to access it. Except for retirement accounts, everything we have is joint, so she should know how to get in even when I'm alive. Plus, some of the accounts are solely hers - traditional IRA, Roth IRA, 403b, 401k - so she should have that access info too. I manage it all regardless of whose name is on the accounts but it's all hers every bit as much as it's mine.

I applaud you disneysteve and others who have included passwords but I get major anxiety about it.