Informing your family members of your assets

elephantrosie

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..??

18cc

Don't tell my family anything - they can rot in hell before they see a penny.

Just sayin' ...

Aegis

elephantrosie wrote: »

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..??

I have a Google Sheets document which has account numbers and investment information on it. A few key people have links to it, but you could leave a link with your will if you don't want to discuss this sort of thing with family.

Drp8713

I always tell my wife every time I cross another £5k threshold.

She usually rolls her eyes.

Keep_pedalling

Certainly worth keeping a record of where all your assets are held to make life easy for your executors when the enevitable happens, or for anyone one you have appointed as a attorney under an LPA should for some reason you become able to act for yourself.

bobobski

I've heard of the USB-in-a-safe option - code to the safe in the will, USB regularly updated - keeps these things off t'internet if you're concerned about that.

trailingspouse

I'll be the sole inheritor of my parent's estate in the fullness of time. I know roughly how much their house is worth, but as to bank accounts, investments, shares etc I don't know any detail (suffice to say it's obvious they're comfortably off).

But I do know that there's a file in a drawer with all the details. Not expecting to need to know the full picture for a while yet.

Our kids don't know the details of our assets - I guess we don't feel there's a need just yet.

longleggedhair

I think a list included in a will should suffice. I don't discuss my details with anybody. It usually leads to requests for money, or jealousy....

atush

Lists incl names and act numbers is good, if you eant to update balances every so many years fine.

Best thing is to update expressions of wishes for all pensions, and beneficiaries and to marry your partner if you want them to inherit w/o taxes.

kidmugsy

atush wrote: »

marry your partner if you want them to inherit w/o taxes.

It's hard to tell whether the common aversion to marriage results from a rational assessment of the folly of the divorce laws and the courts, or is a mere superstition.

waveneygnome

Keep all my assets in cash under the bed.
Consequently my side of the bed is higher than my wife's.
It invariably results in me rolling over to her side.....well that's my excuse.