Comprehensive List of Personal and Financial Information

One of the biggest hurdles faced by your successor trustee / executor in distributing your estate is knowing what assets need to be distributed. And what bills to pay. And what accounts to close. Executors spend a lot of time researching your life. You can simplify the process (and increase your control of it) by being more organized. Additionally, you will likely save your Executor considerable time and your estate significant money by providing the needed information.

You will need to make an individual decision regarding how much of this information is provided to your successor trustee / executor during your lifetime. For example, you may want to place the information in a secure location with just the access instructions provided, as opposed to the actual information.

Successor Trustee / Executors need the answers to number of questions to properly perform their duties, including:

  1. Where do you bank?
  2. What type of accounts do you have and with what financial institution?
  3. Do you have online accounts?
  4. What are your email and other online account user names and passwords?
  5. Who are the beneficiaries of your life insurance and retirement accounts?
  6. What are the phone numbers and addresses of your beneficiaries?

picture showing a login for your personal financial informationThe most important list will relate to your digital assets and online accounts. Previously, your successor trustee / executor could just check your mail to get information about bank accounts, investments, bills and subscriptions. Now, when most of us have gone paperless, that information is all online. Your power of attorney and successor trustee / executor will need a current list of user names, passwords and security questions. (Note, some online providers Terms of Use prohibit anyone but account holder from accessing your account, even with the password.) You will also need to determine, and document, which online accounts to close, whish accounts to delete and who can have access to what accounts.

Back to Executor Guidelines

Want to learn more about executor/successor trustee guidelines and why they’re important? Legacy Assurance Plan offers a FREE guide that will help explain more about this important estate planning component.

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