Financial Planning Tip March 2026

March 2026

While it may be an uncomfortable subject, it is important to periodically consider how you would manage a loved one’s affairs in the event of their unexpected passing.

Our digital and financial lives are deeply intertwined, and the mobile phone has become a vital tool for managing both. If you're not around to help, would a trusted loved one be able to access your financial accounts to be sure your utility and credit card bills are paid? Even if you use a password manager (we recommend LastPass), many passwords are rendered useless without two-factor authentication—often tied to text messages or an authenticator app on your phone.

To ensure your loved ones can manage your affairs in an emergency, we suggest providing them with written instructions, including phone passcodes, for such situations. This information should be stored with your estate documents as a backup, and it’s important to keep it up to date if you change your passcode.

Having access to a loved one’s accounts allows the next of kin to maintain them until they can be closed or transferred to the estate. While a password manager plays a crucial role, mobile phone access is equally vital in ensuring smooth management during such a difficult time.