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  • FIRST POST
    • elephantrosie
    • By elephantrosie 5th Dec 17, 7:11 PM
    • 388Posts
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    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 3
    • Mojisola
    • By Mojisola 7th Dec 17, 12:43 PM
    • 28,650 Posts
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    Mojisola
    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.
    Originally posted by G_M
    Your executors will thank you if you also keep records of any gifts that need to be counted for IHT purposes - or a note saying that you haven't given anything away.
    • DigForVictory
    • By DigForVictory 7th Dec 17, 12:47 PM
    • 7,188 Posts
    • 19,639 Thanks
    DigForVictory
    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.
    • reeac
    • By reeac 7th Dec 17, 4:46 PM
    • 1,141 Posts
    • 456 Thanks
    reeac
    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.
    • The Green Hornet
    • By The Green Hornet 7th Dec 17, 5:01 PM
    • 363 Posts
    • 599 Thanks
    The Green Hornet
    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.
    6 x Sharp 220 W panels. 1.32 kWp. SMA Sunny Boy 1200 inverter. South facing 30 degree pitch roof with no shading. Eco-eye SmartPV monitor + energyhive.
    • sebthered
    • By sebthered 7th Dec 17, 5:10 PM
    • 35 Posts
    • 22 Thanks
    sebthered
    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.....
    • BucksLady
    • By BucksLady 7th Dec 17, 6:05 PM
    • 375 Posts
    • 942 Thanks
    BucksLady
    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.
    Originally posted by The Green Hornet
    Your arrangement sounds like something from a spy novel
    • Alexland
    • By Alexland 7th Dec 17, 8:06 PM
    • 786 Posts
    • 484 Thanks
    Alexland
    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.
    • G_M
    • By G_M 7th Dec 17, 8:32 PM
    • 42,330 Posts
    • 49,180 Thanks
    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.
    Originally posted by Keep pedalling
    There is an EPOA, just never activated

    enjoyyoursheshis list is also within the body of the Will
    This seems crazy!
    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.
    • Fatbritabroad
    • By Fatbritabroad 8th Dec 17, 6:28 AM
    • 194 Posts
    • 95 Thanks
    Fatbritabroad
    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.
    Originally posted by The Green Hornet
    This post will self destruct in 10 seconds
    • Ken68
    • By Ken68 8th Dec 17, 6:50 AM
    • 6,293 Posts
    • 3,993 Thanks
    Ken68
    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.
    • Keep pedalling
    • By Keep pedalling 8th Dec 17, 9:42 AM
    • 4,104 Posts
    • 4,469 Thanks
    Keep pedalling
    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.
    Originally posted by Ken68
    Who told you this, some guy down the pub, or some guy who charges a fortune to set up a trust? Trusts canít 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.
    Last edited by Keep pedalling; 08-12-2017 at 9:55 AM.
    • Ken68
    • By Ken68 8th Dec 17, 11:26 AM
    • 6,293 Posts
    • 3,993 Thanks
    Ken68
    Thank you for that KP.
    Maybe I have the terminology wrong.
    Totally agree, no more cattle class.
    • 18cc
    • By 18cc 8th Dec 17, 12:34 PM
    • 77 Posts
    • 58 Thanks
    18cc
    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
    • By Keep pedalling 8th Dec 17, 1:36 PM
    • 4,104 Posts
    • 4,469 Thanks
    Keep pedalling
    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
    Originally posted by 18cc
    I would include account details to cover incapacity. Someone acting as an attorney for you needs more info than an executor.
    • enthusiasticsaver
    • By enthusiasticsaver 8th Dec 17, 1:41 PM
    • 4,856 Posts
    • 9,177 Thanks
    enthusiasticsaver
    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.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • do163600
    • By do163600 8th Dec 17, 2:54 PM
    • 30 Posts
    • 30 Thanks
    do163600
    Part of the aversion is a poor understanding that common law marriage means nothing, and leaves women and children worse off after a split.
    Originally posted by atush
    Maybe it's a good understanding, rather than a poor one?
    • badger09
    • By badger09 8th Dec 17, 3:28 PM
    • 5,590 Posts
    • 4,901 Thanks
    badger09

    ............. 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.
    Originally posted by Keep pedalling
    Thank you for that KP.
    Maybe I have the terminology wrong.
    Totally agree, no more cattle class.
    Originally posted by Ken68
    +1

    But once you've flown business class long haul, you'll never be able to face economy again
    I'm a supporter of dunstonh
    • mackemdave
    • By mackemdave 8th Dec 17, 3:58 PM
    • 745 Posts
    • 905 Thanks
    mackemdave
    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

    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
    • By bowlhead99 8th Dec 17, 4:15 PM
    • 7,000 Posts
    • 12,612 Thanks
    bowlhead99
    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.
    Originally posted by enthusiasticsaver
    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)
    Last edited by bowlhead99; 08-12-2017 at 4:28 PM.
    • Browntoa
    • By Browntoa 8th Dec 17, 4:49 PM
    • 31,947 Posts
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    Browntoa
    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 .
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
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