November 6, 2020
I am all in favor of moving to electronic delivery, while permitting those that want paper to receive it.
I have 1 concern I want to raise. Unfortunately, I have been the executor to the estate of several relatives. For many of them, the only way I knew certain accounts existed was because of the mail they received from these entities. Otherwise, I would have no way to know these accounts exist until the money escheats to the state in 5 years.
I recommend that to rely on edelivery, users should be asked to provide the name and contact info of a beneficiary or executor. The firm should also monitor the master death records quarterly and if a clients name comes up, send a notice to the beneficiary, executor and client letting them know the account exists (no other info need be provided). I think this will really help with this issue.
I realize that folks should keep lists of accounts with their will, but we also know that doesnt happen much. Also, two-factor authentication makes it difficult to access the deceased persons account even if I had the password.