Growing up one of my favorite movies was WarGames with Matthew Broderick. One of the scenes in the beginning of the movie is where his character hacks into the school’s computer to change his grade (so he doesn’t have to go to summer school). He looks up the password by checking a paper in the principal’s office (it’s “PENCIL” and this is one of my favorite scenes). Will your kids be so lucky?
Here’s a good article from the NY Times dealing with “Leaving Behind the Digital Keys to Financial Lives“. In this case, it’s got less to do with Facebook access than dealing with their financial lives.
One of the things I recommend is using a password manager (like 1Password or LastPass), which helps you keep multiple passwords in one place. There are versions for both the Mac and the PC (and even your iPad and iPhone). The good thing about this solution is that you only have to give your kids a single password (to access the password manager) to give them access to your financial life after you’re gone.
Posted by Victor Medina, Medina Law Group, LLC