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  • FIRST POST
    • elephantrosie
    • By elephantrosie 5th Dec 17, 7:11 PM
    • 390Posts
    • 109Thanks
    elephantrosie
    Informing your family members of your assets
    • #1
    • 5th Dec 17, 7:11 PM
    Informing your family members of your assets 5th Dec 17 at 7:11 PM
    Spoke to an acquaintance recently who was a lawyer regarding will and inheritance. one of the advice given was to let family members know my assets.

    how many of you guys inform your family members your total assets and its distribution?

    i actually wonder if a list of all assets (bank accounts, investments and pension) is sufficient, or do i actually need to include the balance in them..??
    Another night of thankfulness.
Page 2
    • ManofLeisure
    • By ManofLeisure 6th Dec 17, 12:40 PM
    • 423 Posts
    • 878 Thanks
    ManofLeisure
    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?
    Originally posted by Puddylove
    Yes, in an 'ideal' world. Sadly, the reality for 'many' families is completely different.
    • ViolaLass
    • By ViolaLass 6th Dec 17, 12:53 PM
    • 5,149 Posts
    • 7,149 Thanks
    ViolaLass
    Family don't need to know how much money there is, they just need to know where. OH and I have a 'if I have died' file with details of which accounts we have and also how best to dispose of any expensive items we each own. The things that you don't want to have to research when you need them.

    Edited to add: OH and I know how much money we have, it's just not written in the file, that's my point.
    • talexuser
    • By talexuser 6th Dec 17, 1:04 PM
    • 2,305 Posts
    • 1,792 Thanks
    talexuser
    I have an encrypted file with an up to date list of all savings, isa, unwrapped investments, pension, premium bonds etc providers, and phone numbers but no account numbers or balances. In the event all they need is probate and contact the providers. Family have the file and the password to read it.
    • chiny
    • By chiny 6th Dec 17, 2:20 PM
    • 83 Posts
    • 27 Thanks
    chiny
    I'm currently sorting probate for my mother, who I suspect would have been astonished at how complex her financial affairs became. She had obviously forgotten about a Spanish saving account in pesetas... at a now bankrupt bank... BA shares which became Spanish and what fun getting the tax back...

    Its definitely helpful to the executor to have a list of accounts, although I suspect it would never be up to date. Easier than leaving the executor rummaging in plastic bags of paper under the bed, behind the sofa, in that bottom drawer and simply waiting to see what the postman delivers.
    • tempus_fugit
    • By tempus_fugit 6th Dec 17, 3:24 PM
    • 331 Posts
    • 313 Thanks
    tempus_fugit
    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?
    Originally posted by Puddylove
    Not all families are perfect though. Mine don't share any information at all, including my now widowed mother, who had problems herself finding details of all her husband's accounts and finances (you couldn't make it up) and yet doesn't seem to realise that if she had such a problem with his arrangements, what's it going to be like for us (my brother and me) if she passes away? And yes, it has been raised but she is very stubborn and whilst she may generally agree with the need to have some safeguards in place, she won't actually do anything about it. It's difficult to get through to her that I am not interested in where the money goes but it would be a help for when I inevitably have to deal with it all in the event that the worst happens.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • Novice investor101
    • By Novice investor101 6th Dec 17, 6:55 PM
    • 64 Posts
    • 25 Thanks
    Novice investor101
    In my job I hear all the time from people who are trying to sort out a deceased relatives estate & are left scrabbling clueless. Usually, the only thing they gave to go on is money coming into & out of a bank account. But that doesn't cover many other types of assets.
    I have an "if I die" folder that contains all the welcome letters I received when I opened savings & investment accounts & my last pension statements & what my death in service benefit is. & A list of the institutions I deal with. I figure from my bank card they'll know where I bank & All bills are paid by direct debit so utilities etc will be shown there.
    I'd never want them left in limbo.
    • G_M
    • By G_M 6th Dec 17, 11:37 PM
    • 42,363 Posts
    • 49,222 Thanks
    G_M
    I see no point in telling anyone anything. My investments change. I open/close savings accounts.

    What matters is that there is a list in some form, kept up to date, and stored where it can be easily found (with the Will is sensible).

    It should ideally show
    * institution
    * contact info (not essential, but helps)
    * product name
    * account number(s)/reference number(s)
    * aprox value (not essential, but helps)

    Details of other valuables is also helpful, eg
    * property (plus any mortgage)
    * art, jewelry, collectables etc, with relevant names (artist etc) and values (Executors may have limited knowledge of the deceased specialst collection!)

    And don't forget debts and loans! they should be listed in the same way.

    I was my mother's Executor, and had had POA for some years so had already compiled/maintained a list for her.

    I'm also executor for my dad but have limited idea of his assets. Having seen his filing system (which I'm not allowed near (!), I dread the prospect of working out who to contact and how to complete the Inheritance Tax return and Estate accounts......
    Last edited by G_M; 06-12-2017 at 11:43 PM.
    • cloud_dog
    • By cloud_dog 6th Dec 17, 11:54 PM
    • 3,311 Posts
    • 1,867 Thanks
    cloud_dog
    As some have already said.... Other's don't need to know the specifics but, they need to be able to know about them (at some point).

    My set up posted here.

    EDIT: What I haven't accounted for is if my wife and myself were to pass at the same time, and how would an outsider (brother) manage untangling everything. Need to think on that, although a sealed envelope with basic instructions would probably suffice.
    Last edited by cloud_dog; 06-12-2017 at 11:57 PM.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • marlot
    • By marlot 7th Dec 17, 7:37 AM
    • 3,144 Posts
    • 2,281 Thanks
    marlot
    My dad has given me a sealed envelope with details of his accounts etc. I've put it in our safe. Every year or so he gives me a new sealed envelope and I give him back the previous one. He's mentioned that this year's letter includes his preferred undertaker etc.

    I know roughly how much capital and income he has, and who he banks with, so I doubt the envelope will give me any surprises.

    I also have a key to his house in the safe - saves me breaking in if/when something happens to him.
    • ColdIron
    • By ColdIron 7th Dec 17, 9:12 AM
    • 3,682 Posts
    • 4,427 Thanks
    ColdIron
    Perhaps there is a gap in the market for new solutions to new problems

    http://www.ivesnuffedit.com/
    • atush
    • By atush 7th Dec 17, 9:18 AM
    • 16,392 Posts
    • 10,145 Thanks
    atush
    It's hard to tell whether the common aversion to marriage results from a rational assessment of the folly of the divorce laws and the courts, or is a mere superstition.
    Originally posted by kidmugsy
    Part of the aversion is a poor understanding that common law marriage means nothing, and leaves women and children worse off after a split.
    • elephantrosie
    • By elephantrosie 7th Dec 17, 10:46 AM
    • 390 Posts
    • 109 Thanks
    elephantrosie
    I have a list stored with my Will of account numbers and passwords etc., really its for the Executors. Maybe you guys have better family but I wouldn't tell my family - it would just change their behaviour towards us.
    Originally posted by ianthy
    do your executors know where the list is kept? if they do, wouldnt they be able to view it... and cause the unwanted change in behaviour? unless your executors are not yr family members?
    Another night of thankfulness.
    • elephantrosie
    • By elephantrosie 7th Dec 17, 10:47 AM
    • 390 Posts
    • 109 Thanks
    elephantrosie
    For many years now I have had a 'Dead Dad' file, containing all the records I think they will need (will, PoA, deeds, schedule of bank and share accounts etc, and anything else I think they might need). It lives in my fireproof safe and my kids have the combination.
    Originally posted by Biggles
    may i ask what is PoA?
    Another night of thankfulness.
    • elephantrosie
    • By elephantrosie 7th Dec 17, 10:53 AM
    • 390 Posts
    • 109 Thanks
    elephantrosie
    Not all families are perfect though. Mine don't share any information at all, including my now widowed mother, who had problems herself finding details of all her husband's accounts and finances (you couldn't make it up) and yet doesn't seem to realise that if she had such a problem with his arrangements, what's it going to be like for us (my brother and me) if she passes away? And yes, it has been raised but she is very stubborn and whilst she may generally agree with the need to have some safeguards in place, she won't actually do anything about it. It's difficult to get through to her that I am not interested in where the money goes but it would be a help for when I inevitably have to deal with it all in the event that the worst happens.
    Originally posted by tempus_fugit
    some elderly (and even the youngsters) chose not to think of the inevitable.

    btw, what is YNAB?
    Another night of thankfulness.
    • enjoyyourshoes
    • By enjoyyourshoes 7th Dec 17, 10:56 AM
    • 828 Posts
    • 1,018 Thanks
    enjoyyourshoes
    The term 'family members' is probably what causes confusion here.

    Partner- they know the full details of accounts etc.

    This list is also within the body of the Will

    Close family- well they don't get anything so they don't need to know and if they did it would be within the beneficiaries of the Will.

    I have a little black book within the safe that is regularly updated with deleted and new accounts opened, including all life insurances etc

    I have had to administrate 3 deaths, interstate & with Will. The only recommendations are that all accounts/insurances/assets are listed and-

    you get as many death certificates as accounts/insurance/assets when you obtain the Original as subsequent copies later cost X2 as much.

    Buy copy FT on day of death .
    Debt is a symptom, solve the problem.
    • MallyGirl
    • By MallyGirl 7th Dec 17, 11:07 AM
    • 2,102 Posts
    • 6,975 Thanks
    MallyGirl
    btw, what is YNAB?
    Originally posted by elephantrosie
    You Need a Budget - budgeting software that seems quite popular
    • MallyGirl
    • By MallyGirl 7th Dec 17, 11:08 AM
    • 2,102 Posts
    • 6,975 Thanks
    MallyGirl
    may i ask what is PoA?
    Originally posted by elephantrosie
    Power of Attorney
    • MallyGirl
    • By MallyGirl 7th Dec 17, 11:11 AM
    • 2,102 Posts
    • 6,975 Thanks
    MallyGirl

    Partner- they know the full details of accounts etc.
    Originally posted by enjoyyourshoes
    oh if only - my DH leaves everything to me. I try and talk him through it on a regular basis but he is just not interested. It is in spreadsheets that he can access but I think I am going to have to write some sort of user guide for him. I will certainly simplify things as we get older.
    • elephantrosie
    • By elephantrosie 7th Dec 17, 11:13 AM
    • 390 Posts
    • 109 Thanks
    elephantrosie
    thanks all.

    do you guys include dormant accounts? i do not know if they need to include them when applying for the probate.

    i recently did a will and the paralegal did asked for a rough idea of the value of my assets and what they are- ie. how much in cash, how many properties, how much invested and what in. what is the reason for this?
    do i need to include the value of each of these in my 'in case i die' list?
    Another night of thankfulness.
    • Keep pedalling
    • By Keep pedalling 7th Dec 17, 12:39 PM
    • 4,116 Posts
    • 4,482 Thanks
    Keep pedalling
    I see no point in telling anyone anything. My investments change. I open/close savings accounts.

    What matters is that there is a list in some form, kept up to date, and stored where it can be easily found (with the Will is sensible).

    It should ideally show
    * institution
    * contact info (not essential, but helps)
    * product name
    * account number(s)/reference number(s)
    * aprox value (not essential, but helps)

    Details of other valuables is also helpful, eg
    * property (plus any mortgage)
    * art, jewelry, collectables etc, with relevant names (artist etc) and values (Executors may have limited knowledge of the deceased specialst collection!)

    And don't forget debts and loans! they should be listed in the same way.

    I was my mother's Executor, and had had POA for some years so had already compiled/maintained a list for her.

    I'm also executor for my dad but have limited idea of his assets. Having seen his filing system (which I'm not allowed near (!), I dread the prospect of working out who to contact and how to complete the Inheritance Tax return and Estate accounts......
    Originally posted by G_M
    Even worse, if he becomes incapable of running his own affairs and you have to take over, especially if no LPA is in place.
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