Informing your family members of your assets

ViolaLass

Family don't need to know how much money there is, they just need to know where. OH and I have a 'if I have died' file with details of which accounts we have and also how best to dispose of any expensive items we each own. The things that you don't want to have to research when you need them.

Edited to add: OH and I know how much money we have, it's just not written in the file, that's my point.

talexuser

I have an encrypted file with an up to date list of all savings, isa, unwrapped investments, pension, premium bonds etc providers, and phone numbers but no account numbers or balances. In the event all they need is probate and contact the providers. Family have the file and the password to read it.

chiny

I'm currently sorting probate for my mother, who I suspect would have been astonished at how complex her financial affairs became. She had obviously forgotten about a Spanish saving account in pesetas... at a now bankrupt bank... BA shares which became Spanish and what fun getting the tax back...

Its definitely helpful to the executor to have a list of accounts, although I suspect it would never be up to date. Easier than leaving the executor rummaging in plastic bags of paper under the bed, behind the sofa, in that bottom drawer and simply waiting to see what the postman delivers.

tempus_fugit

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?

Not all families are perfect though. Mine don't share any information at all, including my now widowed mother, who had problems herself finding details of all her husband's accounts and finances (you couldn't make it up) and yet doesn't seem to realise that if she had such a problem with his arrangements, what's it going to be like for us (my brother and me) if she passes away? And yes, it has been raised but she is very stubborn and whilst she may generally agree with the need to have some safeguards in place, she won't actually do anything about it. It's difficult to get through to her that I am not interested in where the money goes but it would be a help for when I inevitably have to deal with it all in the event that the worst happens.

Novice_investor101

In my job I hear all the time from people who are trying to sort out a deceased relatives estate & are left scrabbling clueless. Usually, the only thing they gave to go on is money coming into & out of a bank account. But that doesn't cover many other types of assets.
I have an "if I die" folder that contains all the welcome letters I received when I opened savings & investment accounts & my last pension statements & what my death in service benefit is. & A list of the institutions I deal with. I figure from my bank card they'll know where I bank & All bills are paid by direct debit so utilities etc will be shown there.
I'd never want them left in limbo.

G_M

I see no point in telling anyone anything. My investments change. I open/close savings accounts.

What matters is that there is a list in some form, kept up to date, and stored where it can be easily found (with the Will is sensible).

It should ideally show
* institution
* contact info (not essential, but helps)
* product name
* account number(s)/reference number(s)
* aprox value (not essential, but helps)

Details of other valuables is also helpful, eg
* property (plus any mortgage)
* art, jewelry, collectables etc, with relevant names (artist etc) and values (Executors may have limited knowledge of the deceased specialst collection!)

And don't forget debts and loans! they should be listed in the same way.

I was my mother's Executor, and had had POA for some years so had already compiled/maintained a list for her.

I'm also executor for my dad but have limited idea of his assets. Having seen his filing system (which I'm not allowed near (!), I dread the prospect of working out who to contact and how to complete the Inheritance Tax return and Estate accounts......

cloud_dog

As some have already said.... Other's don't need to know the specifics but, they need to be able to know about them (at some point).

My set up posted here.

EDIT: What I haven't accounted for is if my wife and myself were to pass at the same time, and how would an outsider (brother) manage untangling everything. Need to think on that, although a sealed envelope with basic instructions would probably suffice.

marlot

My dad has given me a sealed envelope with details of his accounts etc. I've put it in our safe. Every year or so he gives me a new sealed envelope and I give him back the previous one. He's mentioned that this year's letter includes his preferred undertaker etc.

I know roughly how much capital and income he has, and who he banks with, so I doubt the envelope will give me any surprises.

I also have a key to his house in the safe - saves me breaking in if/when something happens to him.

ColdIron

Perhaps there is a gap in the market for new solutions to new problems

http://www.ivesnuffedit.com/

atush

kidmugsy wrote: »

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.

Part of the aversion is a poor understanding that common law marriage means nothing, and leaves women and children worse off after a split.