Informing your family members of your assets

CommyTooper

It is our intention, that all details we leave, will be of absolutely no value to anyone.
Our bucket list photos is all we want to leave behind. :beer:

Puddylove

When one of my parents died, they left no indication of their financial affairs.
We were forced to walk around the local town, going into every bank and building society with a death certificate, and asking if they knew of any accounts.

A difficult day, when you are in the midst of grief.

Since then I have made sure my partner/relatives won't have to do this.

waveneygnome

Seriously....this is on my 'to do' lists this year.

We have a friend of similar age (40's) and her husband suddenly died. She has no idea of the fiances, what accounts, insurances etc... it's a bit of a nightmare for her, as others have said, at a time of grief.

We are planning on putting a list of everything, assets, contract details, service agreements in a red 'control' file.....and review it once year.

Sea_Shell

We have a list of account numbers/type/bank in a folder, but no balances. Family know we're "comfortable", but they don't know the actual amounts. If they did they'd be round with the hat!!!!

dunroving

I gave my two executors a list of institutions and a brief description of why (e.g., "savings account"), but no passwords nor balances. I went online and found all the phone numbers to save them the hassle

Unless you think the bank is going to steal the money, I'm not sure they need to know the balance.

Just as important to reduce the grief and hassle is a list of businesses they need to contact - utilities, DVLA, etc.

ianthy

I have a list stored with my Will of account numbers and passwords etc., really its for the Executors. Maybe you guys have better family but I wouldn't tell my family - it would just change their behaviour towards us.

tara747

I've been thinking about this too, need to draw up a list of my accounts just in case.

Biggles

For many years now I have had a 'Dead Dad' file, containing all the records I think they will need (will, PoA, deeds, schedule of bank and share accounts etc, and anything else I think they might need). It lives in my fireproof safe and my kids have the combination.

Puddylove

Really sad that so many people don't share their financial information for fear of their family's response.

I would trust my surviving parent, my sibling and my current partner, and they trust me (I have PoA for my parent etc.)

I'd also help my family out of they needed it (they don't at the moment), and they would do the same.

Is that not what family is for?

ManofLeisure_2

Puddylove wrote: »

Really sad that so many people don't share their financial information for fear of their family's response.

I would trust my surviving parent, my sibling and my current partner, and they trust me (I have PoA for my parent etc.)

I'd also help my family out of they needed it (they don't at the moment), and they would do the same.

Is that not what family is for?

Yes, in an 'ideal' world. Sadly, the reality for 'many' families is completely different.