Next of Kin

DjangoUnchained

my finances are probably no more complicated than most. Just wondering, i have 3 bank accounts, a few saving accounts, a couple of investment funds and a bunch of premium bonds.  I want to leave a list with next of kin so that if i unexpectedly snuff it they can easily get their hands on it. I must make a will i know, but is it enough to just leave the account details or do i need to leave the passwords, or can they just write to the companies with proof of death for hem to release the funds? 

MX5huggy

All that is needed is a simple list of accounts, account numbers not really needed if you keep address up to date with the institution. 

Definitely not passwords etc, the accounts should not be accessed by pretending to be you. As you say they need to use the procedure of each account in place for dealing with deceased account holders. 

Get that will written, next of kin has no legal meaning. 

km1500

You don't even need accounts - just the institutions eg 'I have accounts with Lloyds, Coventry and NS&I'

When you contact them after the death then they will tell you what accounts they hold in the deceased's name.

Linton

"Next of kin" has no legal meaning.  Banks will only deal with a registered Power of Attorney or an executor who will need to prove their status and ID.  To minimise hassle on your departure from this world make a will naming your chosen executor(s), and leave the account details as a separate note.

Malthusian

DjangoUnchained said:

my finances are probably no more complicated than most. Just wondering, i have 3 bank accounts, a few saving accounts, a couple of investment funds and a bunch of premium bonds. 

Definitely more complicated than most people. 3 bank accounts plus savings accounts and Premium Bonds? And a couple of investments to boot. And pension funds? (It's unusual not to have at least one due to auto-enrolment.)
I disagree that account numbers are not needed - if your executors don't have them then you're asking for letters to be sent back saying "sorry for your loss, never heard of them". A lot can change and banks merge, split off legacy business, etc. They can track them down eventually but it could be more difficult than it needs to be.

TheBanker

I had to deal with my dad's affairs and had no list to work from. His main bank statements (which were paper) provided a few clues, but it took a lot of work sorting through old papers to find everything.

At one point, my mum handed me a pile of 'junk mail' that had arrived for my dad after his death. One of these letters led to the discovery of an account with a balance of almost £100k which we knew nothing about. We also discovered he owned various shares which we only knew about when dividend cheques turned up. .

If someone had to deal with my affairs, they would find it even more difficult since most of my 'paperwork' is electronic, and I often move my savings around chasing rates. 

So, to help my executor, I keep a paper list of assets, pension arrangements, insurance policies etc. My mum and a trusted friend know where to find this list, and I update it if anything changes. It doesn't replace the need for a will or probate, but will hopefully make their life slightly easier.