Informing your family members of your assets
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I'm all for leaving a Departures file sorted. Birth certificate, marriage certificate, a (short) list of my bank accounts, the Will & notes as to preferred funeral.
However, the amounts? Er, not on the need to know list for general family circulation & indeed while I am weighting curtains or hemlines with sovereigns I have a solid interest in them *not* knowing where my emergency cash stash is.0 -
For many years now we've kept a spreadsheet of our investments and bank account balances plus major assets such as house, cars, boats. We update it about twice a year. More importantly we are gradually converting our share holdings to S&S ISAs in order to clear the history of prices at purchase (all are on dividend reinvest) which would be a nightmare to work out for capital gains purposes.
All of this is to make things easier for our children when we die. Fortunately they are both well off due to their own efforts so will probably pass all of our cash on to their own children.0 -
I have two Executors, one lives in Europe and the other in the USA. Each has an envelope that contains different halves of my alarm and safe combinations. Within my safe is another envelope that contains the passwords to my laptop, my phone and my password manager database. The password manager database contains a list of all active assets including web sites, account number and access passwords. The rest they will have to sort out themselves.0
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I have two Executors, one lives in Europe and the other in the USA. Each has an envelope that contains different halves of my alarm and safe combinations. Within my safe is another envelope that contains the passwords to my laptop, my phone and my password manager database. The password manager database contains a list of all active assets including web sites, account number and access passwords. The rest they will have to sort out themselves.
So, this is their mission should they choose to accept it.....0 -
The_Green_Hornet wrote: »I have two Executors, one lives in Europe and the other in the USA. Each has an envelope that contains different halves of my alarm and safe combinations. Within my safe is another envelope that contains the passwords to my laptop, my phone and my password manager database. The password manager database contains a list of all active assets including web sites, account number and access passwords. The rest they will have to sort out themselves.
Your arrangement sounds like something from a spy novel
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I have formulated a drug which must be injected into the bloodstream and after 19 minutes of wild ramblings will cause the subject to draw a detailed map identifying where a small note is tucked between infrequently accessed books in a public archive containing details of the unique techniques required to encourage our cat to slurp milk at a rate which if translated from morse code will reveal my mse forum password.0
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There is an EPOA, just never activatedKeep_pedalling wrote: »Even worse, if he becomes incapable of running his own affairs and you have to take over, especially if no LPA is in place.
This seems crazy!enjoyyourshes:This list is also within the body of the Will
How often does your will get updated? By the time of death, it is unlikely that the list will still be accurate.
By all means list certain gifts/bequests to specific people in the will, but far better to leave the 'residue' to one or more people/charities without specifying whether it is a building, a savings account, an investment whatever.
The actual complete and up to date list of assets and liabilities should be with the will, not within the will.
Similarly leaving "2, Acacia Avenue" to your son is fine, until you move to 5 Lylander Street" 8 years later.0 -
The_Green_Hornet wrote: »I have two Executors, one lives in Europe and the other in the USA. Each has an envelope that contains different halves of my alarm and safe combinations. Within my safe is another envelope that contains the passwords to my laptop, my phone and my password manager database. The password manager database contains a list of all active assets including web sites, account number and access passwords. The rest they will have to sort out themselves.
This post will self destruct in 10 seconds :A0 -
My two executors are LOCAL and safe keys are with the solicitor.
No POA yet but something to think about.
An older brother died last April and his last will was dated 2010. Have been told that had he put money in a trust he could have avoided a HUGE inheritance tax bill of £300k.
So that is also on my 'to do' list.
Asset list is done monthly and in the safe.0 -
My two executors are LOCAL and safe keys are with the solicitor.
No POA yet but something to think about.
An older brother died last April and his last will was dated 2010. Have been told that had he put money in a trust he could have avoided a HUGE inheritance tax bill of £300k.
So that is also on my 'to do' list.
Asset list is done monthly and in the safe.
Who told you this, some guy down the pub, or some guy who charges a fortune to set up a trust? Trusts can’t just magic away IHT. Just like giving some of your money away to reduce the value of the estate forward planning is required to take into account the number of years assets need to be out of your estate before they became tax exempt.
As you are now in your 80s you are leaving it you IHT planning a bit late, so start splashing some of your savings on yourself. I am somewhat younger than you, but part of my IHT reduction plan is to run down savings by going totally against the ethos of this site. No more flying long hall cattle class, no more cheap hotels, and good wines not plonk.0
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