How to help someone sort finances in the event of death

B0bbyEwing

Rich1976 said:

I think that all the help your family members are helped with would obviously stop in the event of your death. As in the eyes of banks, financial institutions etc they shouldn’t be providing their log in details to someone else no matter how trusted they are. 

If you were their power of attorney that would be different but not the way you do it. So really they would be on their own.

Hence why I'm trying to put something together which has the information on so they at least can make sense of everything & decide what to do from there.

Undervalued

B0bbyEwing said:

Vitor said:

That's a lot to unpack and there are some notable omissions such as do you and your wife have wills which name each other as executors? If not, getting wills drawn up, including naming "backup" executor(s) to cover the eventuality of both spouses dying simultaneously would be a priority.

Regarding life assurance, assuming the policy provisions are met, policies would pay out to respective estates in the event of both spouses dying simultaneously. That's when the backup executor(s) would step in and manage the estate, making the claims on production of death certificates and probate confirmation.

On your point about "helping" manage family members’ finances: are you offering informal advice, or actively executing transactions on their behalf? If it’s the latter, and there’s no registered Power of Attorney (PoA) in place and activated, that’s a legal grey area. Indeed you'd likely be crossing into unlawful territory if you passed on PINs, login details, or 2FA codes to a third party even if you judge them as 'competent'.

Forgot to get round to answering that.

I execute transactions. 

Well aware it is a 'grey area' or even a black & white area & shouldn't be doing area but there's a lot of things you shouldn't do in this world & they get done anyway. Nobody is winding up dead from this so no harm done.

All on their request too I should add. I know this doesn't make it any more right but I'm just saying what it is.

All by their own admission they would just leave all their money in a current account & be done with because "it's just easier". I know the masses here would start talking about teaching them X Y & Z but they're just not going to do it (their words), they "don't have time for that" and it's "too much faff". 

They know I don't mind, I actually enjoy helping, so I do it.

It'll go something like - I see a new savings account paying 5%, I know they have one at 2%. I say this one is paying more, do you want to switch over. They say yes so I do the switch, shut the old account down etc. I cycle money through accounts to hit criteria (e.g. a bank needs £2k per month to meet a target). 

All that kind of stuff - and so I have all their login details. 

I keep a running spreadsheet should they ever question anything but they never do because they trust me & I enjoy helping their money work better for them because I know they wouldn't bother otherwise. 

Fully aware some would say well let them not bother then but everyone does their own thing & my thing is helping the family where I can & like I said, nobody is ending up dead in the process. 

But you shouldn't have (unless it is for someone for whom you have power of attorney)!

If the family member(s) want your advice they can share the relevant information with you so that you can offer your opinion. Even then you need to be careful that you are not straying into regulated areas. Within reason, suggesting one bank account over another (assuming both are within the FSCS protected £85K scheme) is OK but if you are suggesting any kind of investments that can rise and fall (stocks, shares, bonds, tradable funds, gilts etc etc) you could be liable if it goes pear shaped.

B0bbyEwing

I think we're getting a bit out of hand here but thank you for your response anyway. 

Grey_Critic

I have spent this morning updating my ESSENTIAL INFORMATION folder which is kept in the safe together with LPAs and Wills etc. various things have been changed in the last couple of months including banking info.

Pensions, Banking - Credit/Debit cards - Accounts closed and so on. Email/Internet passwords are something - to consider as so much is done online - 

Last year with help from our sons we have put all our affairs in order and I would suggest the OP looks at doing the same. Just listing everything required 6 pages plus all the various documents. Our sons both have copies besides what we have in the safe. 

Since then discussing things with close friends they have done the same. It is hard enough sorting things out when someone close dies and if responsibility falls to you then anything that can make life easier is welcome. Doing it whilst people are alive does make it easier and perhaps smooths the way

People are often so upset they forget that you also are grieving. 

Vitor

It's not easy anticipating your own demise but having an up-to-date will, your funeral wishes set out and financial details documented make it much easier for your executor and relatives. Then again, the way things are going won't be long before ChatGPT will need to be informed of a 'friends' passing. 

B0bbyEwing

Grey_Critic said:

I would suggest the OP looks at doing the same. 

In which case, I'm not quite sure what you think I'm doing here then if that's not what I'm doing?

I can only guess that your comment is referring to when I said I don't have a will in place but being here discussing this stuff is surely me 'looking at doing the same'?

I plan on getting a will put in place but there simply isn't enough time for me to get one sorted out between now & departure. 

But should I be here afterwards then it's certainly up there on my priority list.

Grey_Critic

Your choice but all you are doing is putting things off - I would lay money that when you return from holiday something else will get in the way - I know because I was doing the same until youngest gave me a questionnaire and insisted I complete it. That is when I realised just how much needed to be done and only I had the answers.      

B0bbyEwing

Grey_Critic said:

Your choice but all you are doing is putting things off - I would lay money that when you return from holiday something else will get in the way - I know because I was doing the same until youngest gave me a questionnaire and insisted I complete it. That is when I realised just how much needed to be done and only I had the answers.      

Yes I get completely where you're coming from and maybe you'll be right or not, I don't know yet. We'll have to let the future pan out & see the outcome. 
But the fact remains, I'm going soon, work are being funny about time off & there's simply not enough time to get one in place between now & then. I've left it too late for that - my fault, obviously.

sausage_time

B0bbyEwing said:

Grey_Critic said:

Your choice but all you are doing is putting things off - I would lay money that when you return from holiday something else will get in the way - I know because I was doing the same until youngest gave me a questionnaire and insisted I complete it. That is when I realised just how much needed to be done and only I had the answers.      

Yes I get completely where you're coming from and maybe you'll be right or not, I don't know yet. We'll have to let the future pan out & see the outcome. 
But the fact remains, I'm going soon, work are being funny about time off & there's simply not enough time to get one in place between now & then. I've left it too late for that - my fault, obviously.

Flying is astonishingly safe so just relax and enjoy your holiday.  You have this as a priority when you return. 

I know many people who have been injured or killed on the roads (bikes mainly, but cars too) - but I know nobody personally who has been involved in any kind of incident involving an aircraft.  The only flight related incident I was involved in is when my taxi ran into a car on the way to the airport!

B0bbyEwing

sausage_time said:

B0bbyEwing said:

Grey_Critic said:

Your choice but all you are doing is putting things off - I would lay money that when you return from holiday something else will get in the way - I know because I was doing the same until youngest gave me a questionnaire and insisted I complete it. That is when I realised just how much needed to be done and only I had the answers.      

Yes I get completely where you're coming from and maybe you'll be right or not, I don't know yet. We'll have to let the future pan out & see the outcome. 
But the fact remains, I'm going soon, work are being funny about time off & there's simply not enough time to get one in place between now & then. I've left it too late for that - my fault, obviously.

Flying is astonishingly safe so just relax and enjoy your holiday.  You have this as a priority when you return. 

I know many people who have been injured or killed on the roads (bikes mainly, but cars too) - but I know nobody personally who has been involved in any kind of incident involving an aircraft.  The only flight related incident I was involved in is when my taxi ran into a car on the way to the airport!

I think you're missing my point but thanks anyway. 

For clarification, no I'm not going to put my money on the plane falling out of the sky but then I never said that I thought it was going to happen.