A problem if you die?

Broadback

It has occurred to me that as my and my wife's savings are mostly on line, with fairly good security, both in the form of passwords and computer access what happens when (and we will, oh yes we will) we die? How will the beneficiaries of our wills know what money is where, and how will they access it? The only way is to write it down and breach that carefully constructed security, anyone any ideas?

SavingSteve

I think if you keep a list somewhere of the Banks you have savings with that will suffice.

The beneficiaries can then contact the banks instructing them of your death and then lawyers will get involved to extract the funds.

Is the same procedure if you had a savings 'passbook' style account.

Just leave a list, you don't have to put the amounts or passwords, you don't even need the account number, though that may help.

Broadback

I know from the experience of a friend that does not work. His Uncle died, who they knew had an account in the name of R. Day (I know), he had opened this account years ago when he had a quite large pools win (how long ago was that?). The Building Society said they could find no record. so they never found the money, presumably the Government will now claim this with all their other ill gotten gains. Having a pass book is a different matter altogether. I wonder how much money there is still in Icesave, that for one reason and another has not been claimed?

SavingSteve

Well if you leave enough information I refuse to believe this will not work.

Full Name, address, date of birth. That should be more than enough information for a lawyer to source funds.

cos69

I would think you need to have a record that as a minimum contains
Full name of institution, Account number, name as per account registration

Can be difficult tracing an account by account holders name alone, but bit more difficult to argue against an account number

cheerfulcat

Hi Broadback,

Broadback wrote: »

It has occurred to me that as my and my wife's savings are mostly on line, with fairly good security, both in the form of passwords and computer access what happens when (and we will, oh yes we will) we die? How will the beneficiaries of our wills know what money is where, and how will they access it? The only way is to write it down and breach that carefully constructed security, anyone any ideas?

It's a very good idea to address this while you are in a position to do so. All you need to do is keep a record of accounts - account number and name of savings institution is sufficient information. It will also be helpful if you keep a list of things like insurance policies, and also perhaps a list of people and institutions who should be notified of your demise.

You do not need to supply passwords and other security - the bank will pay out on production of the grant of probate by your executor ( who does not, by the way, have to be a lawyer - that's a very expensive route! ).

Primrose

We are in a similar position and it's obviously helpful to have accounts in joint names with both parties familiar computer literate and capable of operating the accounts. I think the best thing to do is to keep a list of account numbers, institutuions where they are held, addresses, etc. filed with your Will and make sure your executors/children know where this is stored.
Our problem is that because of falling interest rates, compensation levels and a need to get the best financial deals on savings to supplement our income, we keep switching accounts and/or opening new bonds every year. It's becoming increasingly time saving to keep track. However, if you don't want a nightmare situation when you die, the only thing to do is keep this list updated annually and file the current details with your Will which is stored in a sealed envelope somewhere safe. Even online savings accounts normally have some written correspondence with you initially when accounts are opened so that an written contact address should available when beneficiaries/executors have to contact the organisations concerned.
When my f-i-l, who lived alone, died very unexpectedly he was doing all his banking online. It was a nightmare trying to access his bank account without a password to check what direct debits, standing orders, etc. were in place to close them down, so it's sensible to be aware of the problem.
I'm currently trying to make a list of all our providers's addresses, (savings, insurances, utility providers, etc. ) contact numbers, accounts, etc. so that if we both unfortunately die together in a road accident somebody who has to sort out the ensuing chaos has a full list that they can work on to do what needs to be done. Most people don't want to face up to their future deaths, but being organised can save your beneficiaries a lot of stress at an already difficult time.

cheerfulcat

Primrose wrote: »

When my f-i-l, who lived alone, died very unexpectedly he was doing all his banking online. It was a nightmare trying to access his bank account without a password to check what direct debits, standing orders, etc. were in place to close them down, so it's sensible to be aware of the problem.

Hi Primrose,

I'm surprised that the bank didn't freeze the account when they were notified of your f-i-l's death - that's what happened when my DH died.

sloughflint

Primrose wrote: »

When my f-i-l, who lived alone, died very unexpectedly he was doing all his banking online. It was a nightmare trying to access his bank account without a password to check what direct debits, standing orders, etc. were in place to close them down, so it's sensible to be aware of the problem.

I'm not totally sure on this but I was under the impression it was against the law for executors to access accounts ( if passwords happened to be known) until probate was granted.

Surely the official route is for them to notify the banks and provide the grant of probate if large enough sums involved? As the previous poster said, I'd have thought the account should have been frozen in your FIL's case to prevent SO and DD going out.

ISAs get treated differently post death. Interest is taxed between date of death and closure.

Joint accounts would be different of course I think since the surviving account holder could continue to operate the account.Probate departments would still have to produce tax certificates though I think once notified.

tradetime

I'd agree with all above, just keep a list of the institutions that you have accounts with, the account number and sort code, and ensure your nearest and dearest know hwere that list is, from there it will be relatively straightforward.

SavingSteve

Question on security.

Surely having a list with all your account numbers and sort codes on it is a theives dream come true? That is a LOT of very sensitive information to have in one place?