Informing your family members of your assets

elephantrosie

ianthy wrote: »

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.

do your executors know where the list is kept? if they do, wouldnt they be able to view it... and cause the unwanted change in behaviour? unless your executors are not yr family members?

elephantrosie

Biggles wrote: »

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.

may i ask what is PoA?

elephantrosie

tempus_fugit wrote: »

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.

some elderly (and even the youngsters) chose not to think of the inevitable.

btw, what is YNAB?

enjoyyourshoes

The term 'family members' is probably what causes confusion here.

Partner- they know the full details of accounts etc.

This list is also within the body of the Will

Close family- well they don't get anything so they don't need to know and if they did it would be within the beneficiaries of the Will.

I have a little black book within the safe that is regularly updated with deleted and new accounts opened, including all life insurances etc

I have had to administrate 3 deaths, interstate & with Will. The only recommendations are that all accounts/insurances/assets are listed and-

you get as many death certificates as accounts/insurance/assets when you obtain the Original as subsequent copies later cost X2 as much.

Buy copy FT on day of death .

MallyGirl

elephantrosie wrote: »

btw, what is YNAB?

You Need a Budget - budgeting software that seems quite popular

MallyGirl

elephantrosie wrote: »

may i ask what is PoA?

Power of Attorney

MallyGirl

enjoyyourshoes wrote: »

Partner- they know the full details of accounts etc.

oh if only - my DH leaves everything to me. I try and talk him through it on a regular basis but he is just not interested. It is in spreadsheets that he can access but I think I am going to have to write some sort of user guide for him. I will certainly simplify things as we get older.

elephantrosie

thanks all.

do you guys include dormant accounts? i do not know if they need to include them when applying for the probate.

i recently did a will and the paralegal did asked for a rough idea of the value of my assets and what they are- ie. how much in cash, how many properties, how much invested and what in. what is the reason for this?
do i need to include the value of each of these in my 'in case i die' list?

Keep_pedalling

G_M wrote: »

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......

Even worse, if he becomes incapable of running his own affairs and you have to take over, especially if no LPA is in place.

Mojisola

G_M wrote: »

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.

Your executors will thank you if you also keep records of any gifts that need to be counted for IHT purposes - or a note saying that you haven't given anything away.