One Secret You Shouldn't Keep

It's an executor's worst nightmare. And it goes something like this:

Before he passed away, "Albert" did everything to get his affairs in order. Or so it seemed. The will was drafted up. The financial records were all in order. And all of the important documents were neatly stored on the home computer. However, "Albert" failed to share his computer password with anyone, and in so doing, he took that secret--and with it, access to all of those documents--to his grave.

Believe it or not, it happens quite often--and unfortunately it's likely to occur a lot more in the future. And as you'd expect, it's causing families a lot of headaches. It's also causing aches in the pocketbooks of heirs who are often forced to hire expensive computer experts to break into password-protected files--a growing trend in the age of cyberspace.

Heirs, executors and lawyers alike rarely encountered this problem years ago when most people simply used their computers to send e-mail, create documents, or surf the Web. Today, however, more and more people are using their computers to conduct much, if not all of their personal business, including bill payments, online banking, money transfers and stock trades. Plus, people are keeping EVERYTHING on their computers--even crucial documents like their wills. A practice that some lawyers think is a bad idea...especially when there's a chance that the will might become inaccessible after a person dies.

But in an age of computer viruses and hackers, we believe that we can never be too safe. As a result, people go to great lengths to protect the contents of their computers with passwords that others won't easily guess or with software that will keep unwelcome eyes out. Unfortunately, in the effort to keep their personal affairs secure, a great many people are also unintentionally shutting out their loved ones.

If you keep information or conduct business on a computer that your heirs will need access to upon your death, you can easily avoid this password problem. You can keep your computer secure and ensure that your loved ones will receive the inheritance you leave behind by following the guidelines listed below:

• Put a list of passwords in your safe deposit box.
• If you don't have a safe deposit box, leave a list of passwords with the lawyer who drafted your will.
• Tell your executor and/or spouse the password.
• Write the list on a sheet of paper and place it in a folder with your will and power of attorney.
• Under no circumstances include your password in the actual text of your will. When the will is entered in probate, it becomes a public document and your password will be out there for all the world to see.
• Don't think you can avoid the problem by using an obvious password, such as your birth date (or your spouse's or children's birth dates as well), or your pet's name. Instead, come up with a password that is random and which you can easily remember.
• Don't keep your password list on your computer.

So don't be like "Albert". Make sure that you take care of the "password problem", leaving your affairs in order--and accessible.