Death..

Tammer

Hi,
Cheery title eh?

I've been wondering for some time now about this.

In this age of completely online only accounts, if the account holder e.g. husband or wife dies, how does the family find out about the account if there is no paper trail?

Any knowledge shared would be appreciated.

S

Sea_Shell

Personally, we have a list of all the accounts, which family are aware of and know where it lives. Just basic info like.

Account holder
Bank
Sort code
Account number
Type (Reg Saver etc.)

We keep it updated and printed off.

talexuser

All my finance stuff is in encrypted excel, but I have another encrypted text file (with different password) for the children with the relevant trails listed. This gets updated if I change accounts etc. All they should then need is a death certificate and/or probate.

NewShadow

You can trace old accounts - either by writing out yourself or using tools like the ones MSE link to here: https://www.moneysavingexpert.com/reclaim/reclaim-lost-assets-free/

You can do it as part of probate, but it's also worth doing just in case something's slipped your mind over the years.

I did it a while back and it traced an old pension from my first job - it had less than a thousand in the pot but I was able to transfer it into my SIPP fairly painlessly.

Rheumatoid

I email a p/w protected spreadsheet to my wife every time I make changes. Its just a simple list of organisations and approx balances and whether they are in my name or hers. Just enough to get anyone started on finding things.

geoffers4

I have a google spreadsheet listing all these things. It's shared with OH so we don't need to print anything out.

Thrugelmir

Tammer wrote: »

Hi,
Cheery title eh?

I've been wondering for some time now about this.

In this age of completely online only accounts, if the account holder e.g. husband or wife dies, how does the family find out about the account if there is no paper trail?

Any knowledge shared would be appreciated.

S

Create a paper trail for your executors. Even before the days of online accounts could be a nightmare to unravel someone elses affairs.

Tammer

Thanks all.

I will create a document with basic details in it. I think I have seen some pre printed ones online that I could print off and fill in.

My previous reluctance in doing this was the chance of the document falling into the wrong hands and then it being an absolute treasure trove of information on accounts, passport details etc for an unsavoury type to empty the accounts.

I would email the info but my wife's online security is, er, not as strong as mine.

I guess the pros outweigh the cons.

triplea35

I keep a comprehensive spreadsheet of every liquid asset, which I update on the 1st of every month with balances and account details, and email to the OH.
Keeps her in the loop , and creates a point for comparison and discussion.
Just in case we both went at the same time I print off a hard copy every few months or when major changes, and file with all other important documents in a fireproof cabinet.
Even though many accounts are online statements are they really paperless? I have welcome letters etc for every account opened, including utility providers which are changed quite regularly.

Malthusian

Tammer wrote: »

My previous reluctance in doing this was the chance of the document falling into the wrong hands and then it being an absolute treasure trove of information on accounts, passport details etc for an unsavoury type to empty the accounts.

If you are paranoid then you can leave the account numbers out and instead list the name of the provider, name of the product, whose name it's in and the year it was opened - that should be sufficient for your executors, although it makes the job slightly trickier.

It should be easier to find and steal your actual passport than your death file.

AnotherJoe

geoffers4 wrote: »

I have a google spreadsheet listing all these things. It's shared with OH so we don't need to print anything out.

car accident wiping both of you out?


I've got a simple list of all my accounts kept with the wills.Thats enough to get things started.