Multiple on-line accounts. How will family find them?

graham35p

I have a number of on-line accounts; current accounts, savings, shares, premium bonds etc.
I have put a list of the banks in a spreadsheet, which my wife and kids have access to. The idea being that they can contact the banks when I finally leave this world. 
I try to keep it up-to-date but, as I often swap banks to get a better deal, there is always a chance that I may miss an update and, as they are on-line, there are no letters through the post to warn of their existence. 
I'd like to hear people's methods of ensuring that all their money is found after death. 

Keep_pedalling

I decided to simplify things after I got out of P2P. We now have one joint current account and an individual one each as back-up. Cash savings for emergency funds are split between PBs and a fixed 1 year joint savings account. The vast bulk of our individual savings are in S&Ss ISAs which are held on a single platform. So that is 3 sole accounts each and 2 joint ones.

I really can’t be bothered to chase the absolute best rates as cash forms less than 10% of our net worth. 

Ayr_Rage

The old favourite, Microsoft Money (still works on Windows 11) plus Google Drive or similar.

It takes less than a minute to add a new account in Money.

Keep the account list up to date, print the list (with full account numbers) to a file.

Upload that file to the cloud drive and share a link to that location with all who might need it.

My executors know I use Money and will also have access to my laptops and backups where I keep the full Money files.

poseidon1

I use an app previously hosted by Moneyhub, now operated by WPS Lifestrategy  it tracks mainstream bank savings and current accounts via open banking, whilst the more obscure savings institutions  have to be entered and updated manually.

Highly effective for me since the app contains various functions one of which assists me in reconciling reportable income for self assessment purposes. I also use it as an asset register (for tracking IHT exposure) since one can also add investment accounts, sipps, mortgages, property value etc

I pay £15 for the annual subscription, a bargin to avoid the hassle of maintaining manual spreadsheets , which of course cannot utilise real-time updates via open banking. 

DancingBadger

We have an alphabetically-indexed book.  Everything (not just financial stuff) we need log-on details for is recorded in it and the book lives in our locked filing cabinet when not in use.  

This method wouldn't suit everyone as some people do like to keep some financial (or all!) details away from their spouse or partner. 

mta999

whatever you decide I would recommend pen and paper as opposed to anything online, spreadsheets etc

oldernonethewiser

A password manager could be useful for letting people access anything that needs log-in details.

silvercar

I worry about this. It seems a choice between writing everything down and risking a burglar finding out where everything is. Even if the lists are in the safe, it only takes one instance of the safe being cracked and everything is gone.

I write everything down with codes for passwords,  though I’m not convinced my adult children can crack them. At least they act as a clue for me!

badmemory

I have an off line computer, they tend not to die as quickly if they don't go online.  I have spreadsheets detailing the accounts & the amounts of interest accrued, although it only goes back to 2006.  I use it to check that when HMRC do my simple assessment I can check that we agree completely as well as other things obviously.  I remind my DS regularly where all the info is, although he tends to be in denial.  I too have a "book" with passwords etc.  If DS misses/loses any of my money after I pop my clogs I am coming back to haunt him.

I have far less trouble from my offline comp than I have had from my many online ones.

Keep_pedalling

silvercar said:

I worry about this. It seems a choice between writing everything down and risking a burglar finding out where everything is. Even if the lists are in the safe, it only takes one instance of the safe being cracked and everything is gone.

I write everything down with codes for passwords,  though I’m not convinced my adult children can crack them. At least they act as a clue for me!

You should not need to record your passwords, no one should be touching the sole accounts of a deceased person. All that should be done is for the administrator to inform the bank of the death at which point it will be frozen so nothing can go in or out. 

The same applies if you loose mental capacity, no one should be touching those accounts until the bank had sight of an LPA or deputyship.

oldernonethewiser

It can take a long time to track down accounts if the family has no knowledge of them.  Been there done that, so although family would not have access to them after a death it is extremely useful to know of their existence.