Executors’ Information - where to hide it so it can be found when needed?

Kemu

My question is - how do our executors find all the necessary information if my wife and I both ’go’ together? How do we leave a digital tea caddy on the mantelpiece - with some degree of security? 

On the day of my reclusive uncle’s funeral, my Dad was asked if it was he who was paying for the teas, pints and ham sandwiches in the pub afterwards. Dad said “No, it’s all on Paddy. He will have left the money for it”. Dad walked with his sisters over to their brother’s house. No-one had been in the house for many years, however Dad instinctively reached for the tea caddy on the mantlepiece that contained enough cash. 

Today: my wife and I have reciprocal wills written (no children, but nephews and nieces in the distribution); we have appointed Executors (a brother and a cousin); we have the Powers of Attorney sorted, both ways, for both Financial and Health affairs; we have Do Not Attempt Resuscitation forms logged with our GPs. 

If one of us survives the other, the one does know where everything is. There is a joint-access spreadsheet document in Dropbox, updated on a monthly basis, that lists the ISAs, the Premium Bonds, the bank savings accounts (I’m a fan of Martin Lewis’s circular interest-earning plan) etc. 

Our executors do not need access to it right now. If we email them a link now, will they find it in 10 years’ time when they need it? We/they may not have continued Dropbox/ One Drive/ Box/ blahblah… accounts. The rules, passwords and costs change every year.

There is a government registry of wills in the UK. We hope that will continue to exist - along with the firm of solicitors who drew up our wills. However, that is simply a record of a static, signed document. The rest of our world is fluid, changing according to interest rates, regulatory changes and different needs for funds. 

I do print that spreadsheet out now and again and put it in a ‘tea caddy’ in the house - but that would mean they have to travel to the house, break in and find the thing (which is not a tea caddy). Unlike my Dad and Uncle Paddy, they don’t live just 30 miles away - one’s in a different country. I’m looking for something simpler for them, but safe for the time being. 

Has anyone cracked this problem? Please share ideas. 

elsien

Parents has a “after I’m dead” book in her bookcase. We reckoned that would probably be easier to find than online stuff. 

Cairnpapple

Sister and I exchange very basic spreadsheets updated annually by email and shared in Google drive. Just lists of financial institutions, utility companies, insurance companies etc without any details - enough to know which places to call to get the detail.

We also exchange lists of our local contacts including which of our friends have house keys and which are likely to be able to provide practical help. In my sister's case, the list indicates which of her friends could look after her child and/or dog and for how long. 

Physical documents and more detailed lists in an obvious file box in the home office.

I have signed up for body donation so I carry a card for that in my phone case - that's one thing that won't wait for someone to go looking out the documents!

user1977

Executors can piece things together, it's most likely just to involve a bit more research - financial products tend to still produce occasional items of post, you can figure out the current account details once you find any regular creditor/debtor, you can then look through statements to see where else the money is coming from/going to, etc. I wouldn't worry so much about exact login details etc but a more general list of what you have (or owe!) may be useful.

poseidon1

Kemu said:

My question is - how do our executors find all the necessary information if my wife and I both ’go’ together? How do we leave a digital tea caddy on the mantelpiece - with some degree of security? 

On the day of my reclusive uncle’s funeral, my Dad was asked if it was he who was paying for the teas, pints and ham sandwiches in the pub afterwards. Dad said “No, it’s all on Paddy. He will have left the money for it”. Dad walked with his sisters over to their brother’s house. No-one had been in the house for many years, however Dad instinctively reached for the tea caddy on the mantlepiece that contained enough cash. 

Today: my wife and I have reciprocal wills written (no children, but nephews and nieces in the distribution); we have appointed Executors (a brother and a cousin); we have the Powers of Attorney sorted, both ways, for both Financial and Health affairs; we have Do Not Attempt Resuscitation forms logged with our GPs. 

If one of us survives the other, the one does know where everything is. There is a joint-access spreadsheet document in Dropbox, updated on a monthly basis, that lists the ISAs, the Premium Bonds, the bank savings accounts (I’m a fan of Martin Lewis’s circular interest-earning plan) etc. 

Our executors do not need access to it right now. If we email them a link now, will they find it in 10 years’ time when they need it? We/they may not have continued Dropbox/ One Drive/ Box/ blahblah… accounts. The rules, passwords and costs change every year.

There is a government registry of wills in the UK. We hope that will continue to exist - along with the firm of solicitors who drew up our wills. However, that is simply a record of a static, signed document. The rest of our world is fluid, changing according to interest rates, regulatory changes and different needs for funds. 

I do print that spreadsheet out now and again and put it in a ‘tea caddy’ in the house - but that would mean they have to travel to the house, break in and find the thing (which is not a tea caddy). Unlike my Dad and Uncle Paddy, they don’t live just 30 miles away - one’s in a different country. I’m looking for something simpler for them, but safe for the time being. 

Has anyone cracked this problem? Please share ideas. 

You have hit on a real problem as our lives become progressively more digitalised and paperless.

In my case, multiple bank, savings, credit cards, investment accounts etc are all entirely paperless.  Furthermore, utility bills ( other than council tax and water) are similarly paperless. Traditional bills and account statements are conspicuous by their absence in my home. Even my annual personal tax return is paperless via a proprietary self assessment app.

In the case of Bank, savings , credit card and investment accounts I do use an app called Moneyhub which I use to track movements and balances via open banking, so assuming Moneyhub does have a long term future, trying to think of a way to securely make access to the app for my executors  to identify  the relevelant institutions to approach after death.

Fortunately I have virtually no social media online presence but hear occasional stories suggesting that could be whole other can of worms.

tacpot12

I have a Password Manager that i use day to day to help me remember the long, complex passwords I have for internet services. Some of details to access this (user name and password) are stored in a sealed envelope that also contains a letter to guide my executors as to where to find the information they might need on my assets and who needs to be informed of my death. The location of this envelope is in a place when it will be found quickly in the event of my death (it is metaphorically 'on the mantlepiece'). I also have a spreadsheet on my laptop with the information as to what and where my assets are.

However, access to the Password Manager also requires either a physical key (specifically a FIDO key) or an authentication code. The physical key is stored in a location known to my executors (you could also give them a key to hold), and I use the authenticator app on my phone for the access that I need day-to-day.

None of this has been tested, and I will be very suprised if it works, but I feel I have to try to do something as my affairs are quite complex.

Gers

I've sent my executors my password to my laptop and the passwords to my financial spreadsheets. They also know the location of my important legal physical documents and I've set up one with the Apple legacy programme so he access my devices if needed. 

Forethought takes longer in our digital age and even more necessary. 

vacheron

Why not copy of the information you currently have on on Dropbox onto a USB stick at regular intervals and store that somewhere obvious.

If you are concerned that the contents being accessible in the event of loss / theft, you could always encrypt the contents and provide the password and location to those who you intend to be the executors now. 

Kemu

Yes exactly! @poseidon1

The fact that almost all bills, bank statements and utilities are paperless means I have keep the record. 

Trying to figure out where the tea caddy can be found when needed but not before - especially as the contents keep changing.  
That’s the challenge 

Cairnpapple

Probably worth bearing in mind that the chances of you both going at the same time are very low. At least one of you will probably get the chance to streamline things and have more discussion with executors as time goes on.  

FlorayG

My will is in a brown envelope behind the mantel clock, just as everyone else in my family past; my executors will know where it is even if I don't tell them. I guess most people no longer have mantel clocks, either, though.
As for the rest, I'm not worried because I will be dead. I've dealt with my parents affairs, someone else can deal with mine.
@Cairnpapple where do I get a card? I've signed up for body donation too, but I don't have anything to say that outside of my will