S&S ISA and death

Eco_Miser

darkidoe wrote: »

But seriously, how you yall's write a will? Is it always with a solicitor?

You could use a will-writer (trained only in writing wills, unlike a solicitor), or go to WHSmith's or other stationer, and buy a DIY kit. You could even just write one, and sign it in the presence of two non-beneficiary witnesses, who countersign it. (Different laws in Scotland)
If there's any chance of dispute between potential beneficiaries, don't DIY.

Robin9

Have you any other investments (eg Premium Bonds, life insurances) that anyone sorting out your affairs might have to find? Any pensions from your employers - I nominated my wife so she could get a prompt payment from the pension.

When you do make your will make sure it can be found and keep it up to date as your family circumstances change - eg if you nominated your Mom as beneficiary and you should have your own children without changing your will then your Mom would still be the benficiary

Sparky47

Regardless of whether you make a will or not, you should make a list of any savings accounts and tell your next of kin where it can be found.
Without this information it can be a nightmare for the person left to sort out your financial affairs.

Dird

It would be good if you could just give a solicitor a piece of paper with a password to a safe & to unlock a passworded USB stick inside it. Then you could just update the USB yourself (a text file) with your wishes without having to pay the solicitor for the changes.

Right now I'm with Cavendish for S&S ISA...if I had to tell a solicitor this location then I moved to another then it's dodgy. Similarly if I add a bank account etc

redux

Dird wrote: »

Executor with no will is apparently next of kin. How would my mom locate the S&S ISA?

Find its details in your filing cabinet or stack of papers.

grey_gym_sock

Dird wrote: »

It would be good if you could just give a solicitor a piece of paper with a password to a safe & to unlock a passworded USB stick inside it. Then you could just update the USB yourself (a text file) with your wishes without having to pay the solicitor for the changes.

there are so many ways this could be hacked ...

Right now I'm with Cavendish for S&S ISA...if I had to tell a solicitor this location then I moved to another then it's dodgy. Similarly if I add a bank account etc

you don't need to tell a solicitor about that.

a sensibly-written will won't say "i leave my investments with cavendish to X" or "i leave the cash in my account with barclays to Y". it might say "i leave my shares and unit trusts investments to X". or more likely, "i leave £N,000 to X, £M,000 to Y, and the anything left over is to be divided equally between Z and my cat, ms tiddles".

you should keep a list of your current assets, which says you currently have accounts with cavendish, barclays, etc, together with a copy of your will. you can then update that list without updating your will.

atush

put it in a pension instead? Fill out your expressions of wishes form?

Or get a will. Or marry ( your spouse will get it)

darkidoe

grey_gym_sock wrote: »

there are so many ways this could be hacked ...

I suppose if you just keep a list of accounts names and numbers, without passwords, that would be safe enough. I can't imagine the day I grow old and still have to keep track of all my accounts, passwords, memorable information in my head.

G_M

You should really post this on the Probate board here.

Put together a list, with account/reference numbers (no passwords) of

* bank accounts
* pension fund
* premium bonds
* credit cards
* loans
* investments
* source of income (salary, DSS etc)
* HMRC / NI number
* life insurers
* mortgage lender
etc

In the event of your death, your Executer (if you write a will) or the Administrator of your Estate (no will) has to contact all those people and more. Finding them all can be a nightmare if it's not listed somewhere, especially if you're not an organised file-keeper.........

Dird

atush wrote: »

put it in a pension instead?

No point saving extra & knowing I can't touch it until 65-70. No chance of buying a bigger house or a nicer car because it's all tucked into some pension?