A problem if you die?

KingL

SavingSteve wrote: »

I read a Jeremy Clarkson article about this once.

He was complaining that all those who were up in arms about the data disks lost by Government departments should shut up, for just the reasons soulsaver said. I recall he then went on to print his account details, in the Telegraph no less, as he was confident no harm could be done.

Seem to recall some prankster setting up direct debits with charities using his details, just to prove a point!

http://www.guardian.co.uk/money/2008/jan/07/personalfinancenews.scamsandfraud

missmilly

Hi,

Not sure if this has been mentioned before but Age Concern produce a Life Book which is a place where you can store all this information (and more!), either online or it can be printed

http://www.ageconcern.org.uk/lifebook/

I've just started to complete it, maybe some of you would find it helpful.

MissMilly

amcluesent

Hmm, perhaps peeps should have a chip inserted into the skull to records details of ebanking etc. The GP could sign the death certificate and easily scan the chip to retrieve account # etc.

soulsaver

KingL wrote: »

http://www.guardian.co.uk/money/2008/jan/07/personalfinancenews.scamsandfraud

I remain unconvinced: A prankster used one persons (a clebrity inviting- no, assisting the world to prove him wrong) to fund the one charity which doesn't require a client signature authorising its direct debits (which I find a nonsense in itself) is the only reported breach from 'millions' of individuals' personal data lost. And the fraud would do the 'thief' no personal gain?
Certainly wouldn't dissuade me from Clarkson's (who, BTW, I can't stand) original view and my postulation that its overblown media hype.

And I'll bet it was a jealous press colleague who undermined him...

Mikeyorks

soulsaver wrote: »

to fund the one charity which doesn't require a client signature authorising its direct debits

You either misread that .. or the phrase AUDDIS will be new to you? I haven't set a DD up on paper for years - they're all done over the 'phone or the 'net and filed with my Bank purely electronically. No signature changes hands at any point in the process.

Broadback

My point, if my savings details are available to anyone then it is not too difficult to "ease" money out. As an aside, if you make a will and keep it how do you know it will be carried out? For example, say I have 2 children and I only wish to leave my money to one, if the other gets hold of the will and destroys it then the money will be shared equally (I am be simplistic here). The solution to that is to lodge your will with the probate office if anyone tries to get anything not left them it will not work. But how many peeps do that? What we could do with is a secure system for keeping ones financial records safe, that can be accessed by those so entitled.

Mikeyorks

Broadback wrote: »

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?

All my Banking is on-line ...... and I've got money in well over 20 accounts when aggregating all ISAs / fixed term deposit / CITR / funds etc.

Without exception - the opening of every one of those accounts created a piece of paper. Which was either a simple acknowledgment (with the account number on it) or a formal receipt bearing the legend 'This document is important .. please keep it safely'.

So - you keep them safely. Separate annotated envelope for each account and filed with any other financial documents such as Insce policies. And they form the audit trail for the Exor ..... as they show the Institution and account number. It's a non-problem really? Online access is not something an Exor should contemplate, so absence of passwords / login data isn't an issue.

The real problem is that one of the first duties of the Exor is to notify the Institutions of death - and that results in immediate freezing of accounts and cessation of online access, automatic cancellation of SOs / DDs etc. I've found that identifying and beating a path to the door of all the DD originators (preferably before the next one bounces) is a far more arduous (and time critical) task than identifying where accounts are held. It's another area where the Exor will thank you for leaving a clear audit trail.

misaps

Should anyone be in need of help, there is a free tracing service to track lost accounts. Takes around 12 weeks to get replies and can all be done via the net or by post:

http://www.mylostaccount.org.uk/

Lansdowne

Mrsmoneypenny wrote: »

Perhaps a memory stick could be handed to the solicitor too.

Yes, if you "intend" to die in the next few years.

Imagine if you were the executor of someone's will and the vital information was on an Amstrad PCW 3" disk, or even an IBM 5¼" floppy.

Technology changes, paper and printing doesn't.