What software do you use to inform others of your banking/accounts?

JustAnotherSaver

I've seen the threads of what people use to keep track of their own finances (for themselves), but others may not be fluent in the programs you use so you may use something else for them.

There'll be many here who for example have a wife/husband and where you're probably the one who deals with the majority of the banking/accounts.

Some of you have details of these organised however you see fit. I'm not really throwing this out to the old school people of pen & paper, this is more for those who store things on a PC or online somewhere.

I need to get round to detailing all current accounts, all savings accounts, stocks & shares ISAs, pensions and because i have standing orders going all over the place i need to then detail all those (and direct debits) for each account and a brief description as to what the SO/DD is and why it is, and should they be reading this after i've dropped dead, what to do.



I did think MS Word but then if something happens and they can't open the file or whatever?
Excel i didn't really like how it was laying things out. I'm not so great with Excel.
Then there's online versions of Word & Excel which i think are a bit more restricted.


So yeah just wondered what people use to detail for their loved ones on the event of your death for example?

enthusiasticsaver

We have a banking folder in our safe and all the details are in there. My husband and daughters know safe code in event of my death.

Alter_ego

If you die your accounts will be frozen. Don't waste your time.

JustAnotherSaver

Oh and for anyone who points out that i made the same thread once before, i made a similar thread, just asking if people have things in place for event of death. This time i'm actually seeking advice on software to use to put things in place, so it's a bit different

enthusiastic - just seen your signature. congratulations. Bet you can't wait

JustAnotherSaver

Alter_ego wrote: »

If you die your accounts will be frozen. Don't waste your time.

Frozen forever?

Rhetorical question btw since i saw how things went after my dad died. All the standing orders and direct debits were still there.

So in my case for example, there would still be money going from this account to that account to gain interest, to go to another account to get a bonus, to go to another account so on & so forth.

The only thing is my wife isn't interested in any of that. Were i to die right now she would just want the banking simple - 1 current account. None of this chasing interest rates, so a lot of the standing orders would be no good to her, so she would be best kept informed what is what and what she could go ahead & delete & close.

So in that case i don't believe it would be time wasted.

YorkshireBoy

Alter_ego wrote: »

If you die your accounts will be frozen. Don't waste your time.

What about the accounts in the spouse's name? They won't be frozen.

The OP is saying the widow(er) may not know how their own accounts interact with the deceased's sole accounts.

Alter_ego

YorkshireBoy wrote: »

What about the accounts in the spouse's name? They won't be frozen.

The OP is saying the widow(er) may not know how their own accounts interact with the deceased's sole accounts.

After OP's death the interaction will cease, the accounts in OP's name will be frozen. That means no transactions/dd's/ so's, nothing.

YorkshireBoy

Alter_ego wrote: »

After OP's death the interaction will cease, the accounts in OP's name will be frozen. That means no transactions/dd's/ so's, nothing.

OP manages finances for his wife also. She probably knows nothing about the monthly transfers made from her account. She quite possibly doesn't even know what accounts she has with who. In such a relationship/arrangement she's also almost certain not to even know her own log in details to her own accounts.

It's this that the OP is trying to address, NOT what happens to his own accounts after his death (because that bit's easy...widow just contacts providers and says "he's pegged it").

Clearer?

Alter_ego

JustAnotherSaver wrote: »

Frozen forever?

Effectively, yes.
The only transaction the bank should allow is closing the account when probate is granted. Or immediately if they don't require probate.

EssexExile

There's an Excel document with them all in. I don't know whether the wife could find the password for it though!

JustAnotherSaver

Alter_ego wrote: »

Effectively, yes.

Look, i don't want to rack up pages going back & forth with you discussing whether you think it's a worthwhile exercise or not because i'm more interested in what others do regards this (in a positive feedback kind of sense rather than negative). I think it is & that's the end of the matter. You don't think it is & you're entitled to your opinion.

This will be my last comment to you in this game of tennis but YorkshireBoy has nailed it basically.

As for what i've quoted, the fact my mother still has her account that she had with my dad shows that it is not effectively yes at all otherwise she would've been unable to use it.

You may or may not say that that's a joint account, but that differs to my situation how?

You say my sole accounts will cease. That may be true but what about those that my wife has her name on that have standing orders set up to pay other accounts, direct debits etc. They'll still be active and i'll be dead. She'll want it all cancelling but wont know where to begin. The accounts wont be frozen because they'll be in her name.

So effectively no.

So does it make all this a waste of time? No, not to me.

Yes i keep my wife informed in what i'm doing regards the money. I encourage her to get involved but she's not interested in chasing rates. She's happy for me to do it as i get enjoyment out of it but it's not something she would actively do.

And that's basically it. Thanks for your time though.