How can I ensure my assets don't get "lost" or unclaimed after death?

Marcon

skillboy88 said:

Mickey666 said:

skillboy88 said:

Hi

I want to plan for the future and have quite a few bank accounts and share trading accounts, ISA's etc. I do most of by banking, trading and investing online so don't usually have hardcopy statements.

When I pass away, I plan to leave all my assets to my wife and children. 

How can I ensure that upon my death my wife and kids are fully knowledgeable about all my various accounts?

Is there a process whereby all the companies I have these accounts with will somehow be automatically notified that I have passed and so then contact my wife?  Or, do I need to write a list of all these accounts now and give the details to my wife and kids? 

What I am concerned about is after my death, my wife isn't aware of my accounts and so the money / shares go unclaimed and are effectively "lost". 

Any help much appreciated.

So why not just tell your wife? 
I really can't understand why you'd want to hide this sort of thing from the 'life partner' you're supposed to love and trust.

Basically, you can't rely on anything after you die.  Banks might eventually get around to looking for spouses or relatives of dormant accounts, but they are not going to be automatically notified of your death if no one knows about the accounts, so they'll just lie dormant for years, maybe decades.

You have to get your act together while you're alive!

She knows and I have already given her details about them. Just that things are always changing so just wondering the best way to go about it. A safe with a document and copy of wills sounds like a good way to go.

Add this to the list: https://www.uar.co.uk/

It's a backup to, not a substitute for, your leaving proper information for your executors - but probably worth executors running a check regardless.

RetSol

It sounds harsh but locked in the safe we have a death book.

I live alone and I have a death shelf containing files relating to pensions, mortgage, utilities, bank accounts, tax and investments.  And a copy of my will (lodged elsewhere). 

Another thought to consider, if you are concerned: don't go fully paperless with any financial institution, 

I have paperless accounts but I keep a paper copy of eg the account application so that my executors will know where to look.

For some reason, the last year has concentrated my mind on these issues! 

roddydogs

Most people won't have a safe.

Arthurian

It's a bit of a legal mess to leave passwords, as until you're granted probate you shouldn't be using someone else's password to enter their account, and strictly speaking not even then. Someone at the bank or building society might spot that the account was accessed after the date of death.  Account numbers, and sort codes, are what the institutions want from you.

Mojisola

Arthurian said:

It's a bit of a legal mess to leave passwords, as until you're granted probate you shouldn't be using someone else's password to enter their account, and strictly speaking not even then. Someone at the bank or building society might spot that the account was accessed after the date of death.  Account numbers, and sort codes, are what the institutions want from you.

Passwords are used for things other than financial sites.

My family would need to know passwords just to get on my computer where photos and other family stuff is kept.

I'm also on several forums that I'd like the family to go on to put news of my death.

JGB1955

We have a safe, and our original wills are there.  I update, and print an excel sheet (every month) details of all of MY bank/savings/shares/etc etc and OUR household expenditure.  The print off is then added to the safe.  My husband is still a bit of a dinosaur.  He is also an ex-bank manager.  I despair!  I'm hoping I go first and don't have to sort out his s**t.  

p00hsticks

roddydogs said:

Most people won't have a safe.

A lockable fireproof box would be a sensible substitute for storing important documents (copies of wills, passports, the lists of accounts etc being discussed here, etc).

JGB1955

Buying a fireproof safe was cheaper than the fee the solicitor wanted to store the will....still less than £100..although there may have been a discount from my locksmith son!

RetSol

Buying a fireproof safe was cheaper than the fee the solicitor wanted to store the will....still less than £100..although there may have been a discount from my locksmith son!

Thank you - will look into this.

As regards storing a will, it is not just an act of God which one needs to worry about, it is the possibility of the will being found after one's death by someone who would prefer that the intestacy rules applied.  Hence the value of off-site storage and notifying executors where the will can be obtained. 

JGB1955

If our wills get ignored, 'lost', destroyed etc etc it will be the same two people who will benefit by intestacy anyway.  Thinks...'perhaps we should have saved ourselves the solicitor's fees'!