Do you know how to handle your family’s financial transactions?The Rev. Jerry Kolb Five-minute read. Resources
In a conference call with the Church Pension Fund, we became aware of a situation that has prompted us to provide some education. It has to do with the death of a partner and financial transactions.
If you have been allowing your partner to do all the banking, paying bills and general financial transactions (especially online), we would like to encourage you to immediately begin sharing those responsibilities. In the instance we became aware of, the husband was doing all the financial transactions. When he died, even though they had joint accounts, the surviving spouse was unable to do any financial transactions because she did not have the passwords, login information, account numbers or access codes to access the required accounts.
Please begin to share financial responsibilities with your partner. Record your passwords and account numbers in a secure location which is familiar to both of you. Consider using an online password and account manager to make this process easier. Help your spouse pay bills ‘online’ (if that is your financial method) so they know how to do it. Also, make sure that both you and your partner’s names are on your accounts.
This kind of information is still important if you pay your bills by a paper check. It is also important if you are a single person handling your affairs. Someone will need this information. Make sure they know how to find it.
One suggestion is to alternate doing the monthly financial transactions. If there is a question, someone is there to provide the answer.
When there is a death of a spouse, the bank and the utility companies will be of little help to you without this kind of information.
Also remember, this issue isn’t just limited to financial transactions. Couples often split the workload. What responsibilities does your partner undertake that you would not know how to deal with if they were to die or become incapacitated?
With the proliferation of online accounts and social media, it’s a good idea to consider putting together an ‘online will’, setting out what should be done with your online accounts when you die. Facebook, for example allows you to elect a ‘Legacy Contact’ to oversee and memorialize your account.
ResourcesBack to Contents
- Facebook Legacy Contact Information: www.facebook.com/help/1568013990080948
- Facebook Account Memorialization: https://www.facebook.com/help/contact/234739086860192
- Google Search ‘Password Managers’: www.google.com/search?newwindow=1&q=password+managers