How to keep details of all my accounts safe for when I die?

Marcon

born_again said:

For the tight fisted.
A simple sheet of paper with the banks name who the accounts are with will suffice. Same with any other stuff. 
No one can do anything to get at funds without a death cert.

They can if you bank online and they illicitly access your details before the bank has frozen or closed the account.

Marmaduke123

I've always been the family money manager, and was concerned that my husband would be a bit clueless about our savings and the general admin if I died or was incapacitated before him.

Not wishing to over complicate things I have just kept two simple documents for a long time, updating them if anything changed.

Firstly, savings. Just institution, account number, whether joint or in the sole name of one of us, amount, date of maturity if applicable, interest rate. No logins recorded. I made sure he had his own login for anything joint, stored safely by him.

Secondly, insurances, credit card details, current accounts, utilities, mobile phones etc. Again, organisations, account/references, renewal dates, whose name they were under, any other important information. No logins as before.

As it happens, he has pre deceased me,  but I still maintain the documents as before, to make things easier for my sons when my time comes.

zagfles

Don't leave anyone your login passwords!! If the account is accessed after your death the bank may suspect fraud! And it could cause problems with probate. If you want money to be accessible by someone else immediately after your death consider a joint account, otherwise the executors could set up an executors account. Banks will usually allow access before probate for funeral expenses anyway.

You don't need to leave individual account details either, this would be a PITA for those who do the MSE thing and constantly open and close accounts, all you need is a list of banks, pension providers etc you use. Also utility providers, insurances etc. Possibly customer number/id, but not really needed, banks will be able to identify accounts from name & address. 

Moneycat

I have a word file which lists the banks and bank accounts by name (for example Santander: eSaver) but no account numbers, log in details nor passwords. I review and update this list once a year, then print a copy with a note when last reviewed, and it is kept together with my Will. Basically, it lists the institutions I have accounts with and pension details so that the Executor knows which companies to contact.
I also have a spreadsheet which lists the amounts held on the accounts, and it is updated monthly - but the purpose of this is for me to monitor my financial bottom line as I'm in early retirement and having to bridge few years before eligible for pension. I have however mentioned the spreadsheet on the Word document and given a password hint so it will be handy for determining the estate total.

cloud_dog

dllive said:

Hi

Im have money in various bank accounts and investment accounts, together with property etc

Should anything happen to me - how best to itemise everything (amounts, account details, login details etc) so that theyre not lost in the ether when I pass?

I could just put all my login details and amounts in a spreadsheet and give that to a family member, but presume thats not the best/safest way. (that tounge in cheek btw)

Im curious to hear what others have done in this regard. Perhaps this is best held with a 3rd party (solicitor)?

Thanks

I have a document on the PC that is well known about by my family and brother (he holds a paper copy), which documents basically everything (Wills, finances, utilities, insurance, vehicles, etc, etc).  It doesn't contain any account details but lists all relevant organisations (there is a separate protect spreadsheet with sensitive information in but it is less important in the event of the unfortunate).

It started off quite brief but has evolved over time, and it is one of those things I update annually (around now actually).  Below is a copy of the index to show what it covers:



 

marlot

My father has written down the various details.  They are in a sealed envelope in my safe.

He replaces it with a new one from time to time.  He can see for himself that the previous envelope is unopened.

MikeJXE

cloud_dog said:

dllive said:

Hi

Im have money in various bank accounts and investment accounts, together with property etc

Should anything happen to me - how best to itemise everything (amounts, account details, login details etc) so that theyre not lost in the ether when I pass?

I could just put all my login details and amounts in a spreadsheet and give that to a family member, but presume thats not the best/safest way. (that tounge in cheek btw)

Im curious to hear what others have done in this regard. Perhaps this is best held with a 3rd party (solicitor)?

Thanks

I have a document on the PC that is well known about by my family and brother (he holds a paper copy), which documents basically everything (Wills, finances, utilities, insurance, vehicles, etc, etc).  It doesn't contain any account details but lists all relevant organisations (there is a separate protect spreadsheet with sensitive information in but it is less important in the event of the unfortunate).

It started off quite brief but has evolved over time, and it is one of those things I update annually (around now actually).  Below is a copy of the index to show what it covers:



 

`Lol I have nothing quite so elaborate. My kids know i have a book on the table in the lounge that will give them all they need to know.  accounts passwords everything, up dated as it happens. yep I know it could get stolen but we will cross that bridge when/if it happens. 

DT2001

zagfles said:

Don't leave anyone your login passwords!! If the account is accessed after your death the bank may suspect fraud! And it could cause problems with probate. If you want money to be accessible by someone else immediately after your death consider a joint account, otherwise the executors could set up an executors account. Banks will usually allow access before probate for funeral expenses anyway.

You don't need to leave individual account details either, this would be a PITA for those who do the MSE thing and constantly open and close accounts, all you need is a list of banks, pension providers etc you use. Also utility providers, insurances etc. Possibly customer number/id, but not really needed, banks will be able to identify accounts from name & address. 

I had a wealth LPA for my mother and when she needed care took over her online bank account.
The LPA ceased on death however I didn’t inform the bank immediately. I was an executor and advised my co executor. I accessed the online account, cancelled the direct debits/standing orders, paid 50% upfront to the funeral directors and waited for a refund from care home before advising the bank. It was more practical IMO and as an executor I was legally responsible for the money. 
I didn’t consider it a problem for probate as all the information is as at date of death. The transactions after that date were recorded as owed or owing. What did I not realise?

Giving details to your executor seems safe enough to me.

JohnWinder

. yep I know it could get stolen but we will cross that bridge when/if it happens. 

Here’s what the bridge might look like……
If, when establishing online banking access, you agreed to conditions which included ‘take reasonable care to protect passwords’, then you might find the bank is less accommodating than Halifax and Amazon were for you, claiming your breach of contract removes any liability they might have had to assist you.

JohnWinder

A few things coming up in this discussion that point towards…..’try a password manager to improve your financial wellbeing’. 

‘I have however mentioned the spreadsheet on the Word document and given a password hint so it will be handy for determining the estate total.’

‘My late stepdad had a "for when I pop my clogs" spreadsheet.

It was password protected and he gave mum the password, ’

‘You can give the master password to your NOK and/or in your will.’

It shouldn’t be given to anybody if it’s avoidable.

I wouldn’t consider myself a hacker by nature or calling so do your own research on this, but it is my understanding that it’s not difficult to get past a Word or Excel document password; indeed, searching for how to do it suggests it’s very easy (but untried by me). There is a difference between password protecting (not very good security) and encryption which also uses a password but is much better protection. Some computers come with encryption capacity, for others you can buy programs. People say Veracrypt is one.

‘Should only need the account details, access should be then done via whatever the death of account holder process is ’

If a baddy wants to access your bank account, better for you that they don’t know which bank to start knocking on, let alone have account details. A password manager can hide all that.

‘How to make it as easy as possible for your beneficiaries, while keeping details out of the wrong hands.  So far, I have just told them who I have an ISA with etc.  It is a difficult one.’

Not with a password manager. All the details are encrypted in there. When you die your trusted person clicks a link in their password manager which causes yours to send you an email saying ‘trusted person wants access…if you don’t click ‘deny’ then we will give them access to your passwords in 2 weeks (2 days, whatever you choose) time’. 

‘Personally I have a document entitled in the event of my death which is saved on iCloud. ’

I suspect Apple has the decryption key to your icloud account. If that worries you, there are more secure cloud storage options, or you could put an encrypted container on your icloud.

‘Not wishing to over complicate things I have just kept two simple documents for a long time, updating them if anything changed…..current accounts, utilities, mobile phones etc..‘

There might be a risk in ‘sim porting’ if people know your phone number. 

‘You don't need to leave individual account details either, this would be a PITA for those who do the MSE thing and constantly open and close accounts,’

Not with a password manager. They’re all stored there, searchable and secure.