Informing your family members of your assets

Ken68 · 8 December 2017 at 12:26PM

Thank you for that KP.
Maybe I have the terminology wrong.
Totally agree, no more cattle class.

18cc · 8 December 2017 at 1:34PM

All you need is a list of institutions with which you have accounts - you don't need to put down account numbers amounts product type or anything like that the executor will be able to find that all out. In any case the exact details are likely to change frequently if you start moving stuff around which a lot of us do

Keep_pedalling · 8 December 2017 at 2:36PM

18cc wrote: »

All you need is a list of institutions with which you have accounts - you don't need to put down account numbers amounts product type or anything like that the executor will be able to find that all out. In any case the exact details are likely to change frequently if you start moving stuff around which a lot of us do

I would include account details to cover incapacity. Someone acting as an attorney for you needs more info than an executor.

enthusiasticsaver · 8 December 2017 at 2:41PM

My mum has informed me of where all her assets are as I do her self assessment return each year for her online and have a POA for her.

Most of our assets are joint except for investments but I have a spreadsheet with all the details on which is in our safe. DH and both our daughters know the code.

do163600 · 8 December 2017 at 3:54PM

atush wrote: »

Part of the aversion is a poor understanding that common law marriage means nothing, and leaves women and children worse off after a split.

Maybe it's a good understanding, rather than a poor one?

badger09 · 8 December 2017 at 4:28PM

Keep_pedalling wrote: »

............. 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.

Ken68 wrote: »

Thank you for that KP.
Maybe I have the terminology wrong.
Totally agree, no more cattle class.

+1:T

But once you've flown business class long haul, you'll never be able to face economy again:o

mackemdave · 8 December 2017 at 4:58PM

Puddylove wrote: »

Really sad that so many people don't share their financial information for fear of their family's response.

I would trust my surviving parent, my sibling and my current partner, and they trust me (I have PoA for my parent etc.)

I'd also help my family out of they needed it (they don't at the moment), and they would do the same.

Is that not what family is for?

Is it?
I gifted my mum a considerable amount of money with the understanding that she would leave it to me in her will when she died....She made the will and I was the sole executor.My brother and sister were both aware and in agreement with this.

When Mum sadly passed away I found out that her will had been changed and I was no longer the executor or the beneficiary...the new executor was my sister and her kids were the beneficiaries....not that there was much left of Mums estate when she died as the money had already disappeared from her bank account.Not only that but in Mums will she stipulated she wanted to be buried and had bought her burial plot..the executors cremated her...

bowlhead99 · 8 December 2017 at 5:15PM

enthusiasticsaver wrote: »

Most of our assets are joint except for investments but I have a spreadsheet with all the details on which is in our safe. DH and both our daughters know the code.

Not directed at you in particular as I'm sure you'll have taken the right precautions, but a point that surprisingly few people realise is that if you're storing things electronically and then putting them in a safe, the safe should be properly rated fire proof for data for a decent amount of time and not just rated fire proof for paper.

You might consider cloud storage if you are going to give family the access codes anyway. Then they can access it from their own homes regardless of the status of you and yours.

DH and both our daughters know the code.

I don't have a DH or daughters so I should probably give the relevent safe code to someone else like a trusted friend or parent... but at the end of the day if I'm dead and gone and there's a locked safe in my home, hopefully whoever is left behind are sensible enough to realise that they should bust into the safe (with the help of a decent locksmith if necessary) and see if there are any goodies inside (or useful bits of confidential information about my personal stuff)

Browntoa · 8 December 2017 at 5:49PM

I've done a list of everything which includes current contact information , account numbers , done in conjunction with a financial power of attorney so if im incapacitated for some reason that they have details easily to hand .