Affairs in order (from a finance perspective)

Mistermeaner

Hi all

While arguably could go elsewhere on this forum lots of knowledgeable organised people here and also definitely pensions is a major part of thing. Just been going through our legal affairs to address what should happen with everything in event of one or both of me and partner being incapacitated / dying. Checklist of stuff we've done / are doing please shout if anything missing

Others may find useful too:

- Wills; make sure up to date 

- Get married / civil partnership (me and partner have been together over 10 years, own a house together have 2 of our 4 kids together but have never tied the knot. In the process of booking a simple civil partnership service to get this addressed for the tax and legal protections it will give each of us)

- Powers of attorney (done these for my elderly father previously but never bothered for us, now done all 4 (health/welfare & finance/property for each of us) with me and the missus each being attorneys for the other. Also nominated a stand by attorney for each of us as well. Took about 20mins online and <£400 no need to use a solicitor. Still need to print sign and get registered)

- Ensure work have up to date dependents and beneficiary information. A colleague of mine has just passed away suddenly leaving behind no beneficiary info for work life insurance policy and potentially a bit of a mess - they were unmarried but living with partner. Partner is not on the mortgage or house deeds. They each have 1 teenage child from previous relationships......

- Separately ensure your pension scheme is notified of your wishes / beneficiaries and dependents; it doesn't necessarily follow that telling your employer these details follows through to the pension provider, particularly for DC pensions. Get it checked

- Get your paperwork etc. organised, so much is online nowadays but likely a pain for anyone to find and access if you're not here. Print stuff, make separate folders for each thing / firm you are dealing with, write down the usernames and passwords on the folders. Write a summary somewhere of all that you own and update it every few months. Will only take you a few mins could save your loved ones hours/days if you are not here

- Make sure your basic mandatory documents are organised and accessible; e.g. keep a clearly labelled folder with your birth cert, will, marriage/divorce certs, also handy place to keep your passport etc.

Please shout if I have missed anything

flaneurs_lobster

All very sensible but specifically writing down passwords - if you've written down the passwords for your bank/building society accounts (in plain language) and not secured the bit of paper it's written on then you are probably in breach of that organisation's terms of use. Bit like writing your PIN on a Post-it you keep in your wallet with the card.

Think about using a password manager, lets you have long and complicated passwords for everything secured by only having to remember one, and has mechanisms to give access on incapacity or demise.

Albermarle

- Get married / civil partnership (me and partner have been together over 10 years, own a house together have 2 of our 4 kids together

Obviously I have no idea of your family situation, but sometimes with 'blended families' wills can be written ( sometimes with the use of trusts) to make sure your own children will still get say half the house/savings if you die first, and then your wife meets a new partner ( who also might have children) Or vice versa.

Cairnpapple

Add funeral wishes maybe, if they're important to you? Spouse and I have both signed up for body donation, so hopefully no body disposal needed if the university will take us at the time, but we'd still like a memorial service. And we do have backup preferences if the university doesn't take us.

(Maybe this isn't strictly financial but the body donation is quite moneysaving if it works Also it's quite helpful to say in advance that you're fine with a wake at home, or a cardboard coffin, or anything that the person arranging your funeral might worry is 'cheap'.)

Yorkie1

Albermarle said:

- Get married / civil partnership (me and partner have been together over 10 years, own a house together have 2 of our 4 kids together

Obviously I have no idea of your family situation, but sometimes with 'blended families' wills can be written ( sometimes with the use of trusts) to make sure your own children will still get say half the house/savings if you die first, and then your wife meets a new partner ( who also might have children) Or vice versa.

In addition, bear in mind that unless your existing wills specifically say they are made in anticipation of your civil partnership, they will be revoked upon that ceremony and you'll need to do them again.

If you want to have provisions in the wills along the lines of what Albermarle has written, and don't yet have those provisions, then suggest you look up IPDI (Immediate Post Death Interest) Trusts in the Deaths Funerals and Probate sub-forum on here to get an idea about them.

If you're happy with the current provisions in your wills, then the names will just need updating and to be re-signed with new dates. 

af1963

Just an aside on Powers of Attorney ( specifically in Scotland, but others can maybe report if the same is true elsewhere):  there can be a long wait for these to be approved.  Currently running 12-13 months behind ...

https://www.publicguardian-scotland.gov.uk/general/news/2025/11/24/poas-to-be-processed-this-week

Cobbler_tone

My parents have a box in the loft apparently. They are old school and everything will be a surprise. It feels inappropriate to have ‘that’ conversation as they enter into very old age.
I know they have a will though.

diveunderthebonnet

flaneurs_lobster said:

All very sensible but specifically writing down passwords - if you've written down the passwords for your bank/building society accounts (in plain language) and not secured the bit of paper it's written on then you are probably in breach of that organisation's terms of use. Bit like writing your PIN on a Post-it you keep in your wallet with the card.

Think about using a password manager, lets you have long and complicated passwords for everything secured by only having to remember one, and has mechanisms to give access on incapacity or demise.

Are password managers fully secure,i do not use one but am always wary that hackers can access them ( i know other passwords can be hacked ).

Mistermeaner

diveunderthebonnet said:

flaneurs_lobster said:

All very sensible but specifically writing down passwords - if you've written down the passwords for your bank/building society accounts (in plain language) and not secured the bit of paper it's written on then you are probably in breach of that organisation's terms of use. Bit like writing your PIN on a Post-it you keep in your wallet with the card.

Think about using a password manager, lets you have long and complicated passwords for everything secured by only having to remember one, and has mechanisms to give access on incapacity or demise.

Are password managers fully secure,i do not use one but am always wary that hackers can access them ( i know other passwords can be hacked ).

Very difficult for a hacker to get into the cabinet with all the files in our front room  

Mistermeaner

Another thought double check the ownership status of your home ; tenants in common vs joint tenants - make sure you understand what suits your circumstances and how the scenarios play out in event of death of one or other of you, and then when the 2nd partner dies

it’s not necessarily obvious in your house deeds either took me some googling to figure out what our arrangement was    

Bostonerimus1

Definitely let your executors know where and how to access your passwords. Also make sure they have instructions about what to do health wise ie if you are in a coma, tissue donation etc and how you want to be buried, cremated and headstone etc.