My wife has access to all our money
“Make sure your wife and kids are able to access all family funds” A friend told me this when I first got married and it stuck with me. In the event that I’m no longer here, best to be prepared. - Online accounts use an email account that we both have access to - 2FA with Google Authenticator allows us to use the same account - Google voice for phone number used in account profile. we can use to make and receive calls from our laptop - we are both on a joint bank account that has the bulk of our funds - not used for day to day stuff Looking into trusts, will e.t.c. As well. #personalfinance #personalfinance I’m curious what people do in terms of estate planning and account management for stock, crypto, or any other type of financial account. I’m looking for services that take use cases like this in mind where it’s more seamless than simply sharing account creds. TC: $550k
Instead just open a family trust, it’s simple
Yep have an appt with a lawyer to talk about Trusts and what options we have there
What cases would a family trust be good for? I’ve heard family trusts can be tricky to setup and of they make a mistake it can cost a lot more down the road.
Use a password manager
Family plan on 1password with a special vault for this stuff is what I do with my parents
You could simply appoint her and your children after her as your beneficiary and let her know your accounts details. Every bank and brokerage account I've used allows that conveniently. And an up-to-date will would take care of whatever is left out of accounts.
Ok good to know. I’ll surely look into setting this up. Thanks
You can do this online.. only takes a few minutes for each account. I have done it too for all my accounts, although she does not know my passwords. I also maintain a Google doc shared with my children and her, that lists all our accounts, login id's etc., but no password.
We set up a trust and also hired a fiduciary to protect our assets. We also moved virtually everything into those.
Sign a prenup
550 tc, architect?
1Password
Setup a trust and a living will so your spouse and family knows what you want. You can’t tell them after you’re gone. As mentioned before, utilize a password manager and a financial aggregator like Personal Capital. This way they have a single view into assets and liabilities. Also setup your Apple next contact. I’ve gone through this with my wife in the event something happens to me.
LOL assuming that OP is an Apple user
Lol simp
Little kid..
Ensuring your wife gets all the assets and savings you have does not necessitate sharing all your accounts though
I’m at the very beginning stage of putting thought into this so I’m totally open to hearing and learning more efficient approaches.
It's easier if they have access though. My dad doesn't want me to have to go through all the legalities in the case of an emergency. I can just login and transfer the money. They dealt with a lot of this when a relative had dementia and had to take over thier accounts. Also I mean this in addition to setting up beneficiaries, that should be your default. Give access as bonus to make it easier for them