cb25
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Post by cb25 on Feb 5, 2019 12:08:11 GMT
This thread was suggested by this story (though it's been on my mind anyway)
"Canada's largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder.
It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December.
Cotten, 30, had sole responsibility for handling the funds and coins.
In court documents filed with the Nova Scotia Supreme Court on 31 January, his widow Jennifer Robertson, says the laptop on which Cotten "carried out the companies' business is encrypted and I do not know the password or recovery key".
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I've got lots of financial and other accounts, with (edit) account numbers kept in a file on my laptop. The password to that file is known only to me and isn't written down anywhere.
When I die, bit of a problem for my executor(s) - they can't access the file (I have left a printed summary page of institutions I have accounts with, but no account numbers or other details, in case of theft).
Do others worry about this? Anybody have a workable answer?
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Post by wiseclerk on Feb 5, 2019 12:14:09 GMT
If you don't have a spouse / relative you trust than I would suggest
a) hire a bank safety deposit box and leave instructions there (your heirs will get them) - bank safety boxes are surprisingly cheap -at least here
or
b) contract a notary to forward an envelope to somebody you have selected in the case of your death
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cb25
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Post by cb25 on Feb 5, 2019 12:21:12 GMT
If you don't have a spouse / relative you trust than I would suggest
a) hire a bank safety deposit box and leave instructions there (your heirs will get them) - bank safety boxes are surprisingly cheap -at least here
or
b) contract a notary to forward an envelope to somebody you have selected in the case of your death
Problem with people you trust is that there are countless examples of relationships that were "I trust X with my life (and finances)" one day, then "they've run off with my money" the next!.
Not sure how common bank safety deposit boxes are in the UK (clearly, I can research that)
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locutus
Member of DD Central
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Post by locutus on Feb 5, 2019 12:25:15 GMT
This thread was suggested by this story (though it's been on my mind anyway)
"Canada's largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder.
It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December.
Cotten, 30, had sole responsibility for handling the funds and coins.
In court documents filed with the Nova Scotia Supreme Court on 31 January, his widow Jennifer Robertson, says the laptop on which Cotten "carried out the companies' business is encrypted and I do not know the password or recovery key".
------------
I've got lots of financial and other accounts, with the login details and passwords kept on my laptop in a 'master password' file. The password to the master password file is known only to me and isn't written down anywhere.
When I die, bit of a problem for my executor(s) - they can't access the file (I have left a printed summary page of institutions I have accounts with, but no account numbers or other details, in case of theft).
Do others worry about this? Anybody have a workable answer?
They should not be using your password after your death as they would likely be committing a crime by accessing accounts without going through the proper channels. I would keep a spreadsheet of companies, accounts and account numbers with which you do business. Encrypt and store this on dropbox. Share the link with a trusted relative or friend. Set up a dead man's switch (Google has one) to send the password to the encrypted spreadsheet on your death. They can then go through the proper channels to manage your estate. Edit: I can recommend VeraCrypt.
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cb25
Posts: 3,528
Likes: 2,668
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Post by cb25 on Feb 5, 2019 12:30:18 GMT
This thread was suggested by this story (though it's been on my mind anyway)
"Canada's largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder.
It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December.
Cotten, 30, had sole responsibility for handling the funds and coins.
In court documents filed with the Nova Scotia Supreme Court on 31 January, his widow Jennifer Robertson, says the laptop on which Cotten "carried out the companies' business is encrypted and I do not know the password or recovery key".
------------
I've got lots of financial and other accounts, with the login details and passwords kept on my laptop in a 'master password' file. The password to the master password file is known only to me and isn't written down anywhere.
When I die, bit of a problem for my executor(s) - they can't access the file (I have left a printed summary page of institutions I have accounts with, but no account numbers or other details, in case of theft).
Do others worry about this? Anybody have a workable answer?
They should not be using your password after your death as they would likely be committing a crime by accessing accounts without going through the proper channels. I would keep a spreadsheet of companies, accounts and account numbers with which you do business. Encrypt and store this on dropbox. Share the link with a trusted relative or friend. Set up a dead man's switch (Google has one) to send the password to the encrypted spreadsheet on your death. They can then go through the proper channels to manage your estate. Edit: I can recommend VeraCrypt. Point taken about them accessing my accounts after my death. As mentioned, I have a list of companies I do business with, but it doesn't list account numbers on the basis - the less info a thief could get the better. Thanks for the other suggestions, dropbox etc.
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cb25
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Likes: 2,668
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Post by cb25 on Feb 5, 2019 17:29:49 GMT
Do others worry about this? Anybody have a workable answer? No. You should not be sharing passwords with anyone or leaving copies with anyone. All financial services firms have very specific procedures to follow in terms of death of an account holder. Those procedures exist for a very good reason, for reasons such as probate. Attempting to bypass due-process through usage of passwords someone has "kindly" left behind could easily land you in a whole heap of problems. Therefore, forget about password lists. Just follow due process. The money won't suddenly disappear on death, it will be there, waiting for you to complete due process. My original posting (now edited) put too much emphasis on passwords rather than account numbers. As it stands, when I snuff it, my executor has only a printed list of organizations I have dealings with, but no account numbers which might make things easier. I don't list account numbers anywhere currently in case of theft.
It's certainly not my intention to 'bypass due-process through usage of passwords'.
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sarahcount
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Post by sarahcount on Feb 5, 2019 21:22:15 GMT
Maybe I'm missing something but I wouldn't have thought that having a list of investments complete with account numbers was a major theft risk.
If you keep a paper copy of your tax return each year and attach all the back up documents to it such as P60, annual interest statements etc that would be a good starting point for executors.
I'm sure the average burglar is more interested in finding cash, jewellery etc than having a good nosey through your tax returns.
I've got a rather large box of obsolete building society passbooks from my Sarahcount Share Account days and a burglar would get a hernia trying to carry that very far.
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pom
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Post by pom on Feb 5, 2019 22:38:45 GMT
No. You should not be sharing passwords with anyone or leaving copies with anyone. All financial services firms have very specific procedures to follow in terms of death of an account holder. Those procedures exist for a very good reason, for reasons such as probate. Attempting to bypass due-process through usage of passwords someone has "kindly" left behind could easily land you in a whole heap of problems. Therefore, forget about password lists. Just follow due process. The money won't suddenly disappear on death, it will be there, waiting for you to complete due process. My original posting (now edited) put too much emphasis on passwords rather than account numbers. As it stands, when I snuff it, my executor has only a printed list of organizations I have dealings with, but no account numbers which might make things easier. I don't list account numbers anywhere currently in case of theft.
It's certainly not my intention to 'bypass due-process through usage of passwords'.
I don't think you need to worry too much about the account numbers - institutions will be far more concerned with receiving a death certificate than testing whether executors have info they couldn't necessarily be expected to know anyway.
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mosaic
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Post by mosaic on Feb 6, 2019 11:27:29 GMT
Account numbers are important to record. When the solicitors sent death certificates to a major investment company, the company failed to recognise all the accounts my father had with them. The accounts they had not identified spookily held the majority of his investment with them. It was only because us kids queried the amounts that the solicitors reported, and chased down the missing account numbers that the 'missing' money was identified.
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cb25
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Post by cb25 on Feb 6, 2019 11:58:10 GMT
Account numbers are important to record. When the solicitors sent death certificates to a major investment company, the company failed to recognise all the accounts my father had with them. The accounts they had not identified spookily held the majority of his investment with them. It was only because us kids queried the amounts that the solicitors reported, and chased down the missing account numbers that the 'missing' money was identified. Do you leave your account numbers 'laying around', i.e. highly visible? I don't, hence this thread.
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pom
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Post by pom on Feb 7, 2019 9:26:49 GMT
mosaic wow sounds like an institution to avoid...then again how long ago was this? I'd like to hope they're all a bit more organised now. Either some people here are a lot more "paperless" than me or a lot more paranoid - or both....seems to me though that there's a big difference between leaving stuff lying around where anyone could see or just keeping a pointer (a printout of something related to all my paperless accounts, on top of the stuff kept for tax purposes) amongst other paperwork, which any executor is going to have to go through with a fine tooth comb anyway, but anyone up to no good wouldn't have time for....besides your plastic would probably be far more useful to them. Or if you're that worried just get a small safe like those in hotels.
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cb25
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Post by cb25 on Feb 7, 2019 9:50:51 GMT
Either some people here are a lot more "paperless" than me or a lot more paranoid - or both.... A number of the accounts I have are almost entirely paperless (maybe just a letter when you sign up with the institution). As to paranoia, even if you're not sure whether they are out to get you, it pays to be careful.
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Post by Deleted on Feb 7, 2019 10:19:37 GMT
I retain all account details and passwords in an encrypted programme. I back this up monthly and retain the backup on a USB in a safe, while retaining the master on my laptop. My wife, who does not need to go through probate to access what would then be her money, has the password. That same password or similar will be held with my will at my solicitors along with an annual backup of the USB.
I believe storing your passwords on the cloud as being akin to leaving the keys to your safe next to the safe.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 7, 2019 16:07:24 GMT
Let them work for their inheritance they get to enjoy your hard earned cash  On the serious side I started this last year on The imminent death of my mother. I will update today. link
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 7, 2019 17:20:18 GMT
On the serious side I started this last year on The imminent death of my mother. I will update today. linkFollowed the link expecting a recently updated list of your account details  As I’m immortal it won’t be a problem and unlike you all I will actually live long enough to see FS ans Lendy loans payback.
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