Recs

1

Is Your Password Too Good?

How do you choose a "good" password? When it comes to cyber-crooks, "good " is anything a ne'er-do-well couldn't easily guess just by, for example, combining your children's names or knowing your birthday.

But what happens when your password is too good?

Should one of life's emergencies (your sudden infirmity) or tragedies (your sudden death) strike, will your loved ones know how to access your email, online bank accounts, or other password-protected accounts? In many cases, the answer is no. And "no" will leave them scrambling at the very least, if not schlepping to a lawyer's office to legally convince companies to give them access to your accounts.

Think for a moment about the many online activities in which you take part that also require a password (don't worry, we won't make you 'fess up to all of them). If your loved ones need to access even just a small portion of them to manage your estate (or try to figure out who "Candy" is and why you left her $10,000 in your will), their job will be that much harder if they're expected to guess the access code to entry.

The problems are compounded when your passwords vary; sometimes sites have different password requirements that dictate a minimum length or require a combination of numbers and letters. It's not that it's impossible to crack the code to someone's passwords; it's just that it takes time and energy, as well as leading to possible costly delays in settling your estate. Online service providers may require such documents as a death certificate, power of attorney over the email account, other proof of relationship, or even a court order before supplying heirs with access to your accounts after your demise. So while you should still choose a combination that foils the average hack, you also want to be sure that your top-secret codes are recorded somewhere your heirs can locate them.

Do:

  • Still choose a complicated password, made up of symbols, numbers, and letters of varying cases. You'll want to foil potential thieves, even while you're ensuring access to those you've selected.

  • Treat your computer files, emails, iTunes downloads, and other electronic media as property that you bequeath in your will. This may afford them greater protection under the law.

  • Make sure that you have a paper copy of your will signed, dated, and witnessed. (See 5 Things Your Honey Has to Know for other important documents you should have in place.)

  • Designate who may have access to your computer, but don't include your passwords in your will because this becomes a public document as soon as it is filed. Instead, include the passwords as part of an estate planning document that is kept somewhere safe and secure (like a safety deposit box).

  • Remember that each time your passwords are updated or changed, you'll need to update your estate planning documents as well.

For more on building a Fort Knox around your finances, see our free 60-Second Guide to Keeping the Bad Guys at Bay.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 697564, ~/Articles/ArticleHandler.aspx, 11/25/2014 11:37:25 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 1 hour ago Sponsored by:
DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASD 4,758.25 3.36 0.07%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes


Advertisement