Affairs in order (from a finance perspective)

Savvy_Sue

Cobbler_tone said:

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.

It may not feel appropriate, but it might be wise to check that changes in legislation over the years mean that the will still does what they want it to. There are a fair few around which make life needlessly complicated, and don't actually do what was intended.

Also life changes. Our first wills made provision for guardianship of our children, our second one no longer needed to. Maybe not important, because you can just ignore the irrelevant bits, but sometimes it really matters. "I leave my property at 33 Brick Street to Fred and my ISA to Freda" may have been well matched bequests, but if they've since moved from Brick Street, Fred gets nothing, and if they've spent the ISA Freda gets nothing.

Did they appoint a solicitor as executor? Is that solicitor still practising, does the firm still exist? 

Might it be possible to use that as a starting point? and maybe from your own POV? "Mrs C and I have been considering what the budget means for our wills, we're going to do X and Y." 

Savvy_Sue

cfw1994 said:

Ah, the “When I Die” file 💪
This kind of thing should perhaps be a sticky in this sub-section of the forums 🤷‍♂️

We have always been very open and transparent with our offspring, so I hope they will cope okay come the inevitable.
I have a constant work in progress on the document itself….built from various styles I have seen online.

AI helpfully tells us to include these (most mentioned already):

What to include in the folder

• Personal Information: Include details like your full name, aliases, national insurance number, and contact information for previous employers.
• Financial Details: List all bank accounts, investments, pension details, and online financial apps. You can also include information on insurance policies, loans, and any regular payments or subscriptions.
• Digital and Online Accounts: Note the location of important digital assets and provide instructions for accessing online profiles, email, and social media. Be cautious about storing passwords directly in the folder; instead, note where the passwords can be found (e.g., in a separate, secure digital file).
• Legal and Official Documents: Store important documents like your will, birth certificate, and passport, and note where other key items like legal contracts for storage units or safety deposit boxes can be found.
• Last Wishes and Funeral Plans: Document your wishes for your funeral and memorial services. This can include a specific burial or cremation preference, as well as any instructions for your will.
• Pet Information: Include instructions for your pets' care, such as feeding instructions, medication needs, vet contact information, and who you would like them to go to. 

Tips for creating and storing the folder

• Be Comprehensive: Aim to include everything someone would need to know to settle your affairs.
• Be Realistic and Thorough: The goal is to help your loved ones by making the process as easy as possible during a time of grief.
• Keep it Safe: Store the file in a secure location and let a trusted person know where to find it. A safe deposit box or a fireproof file could be a good option.
• Update Regularly: Go through the folder at least once a year to make sure the information is still current.
• Share Key Information: While the sensitive documents should be kept secure, you should tell your family where the folder is and who to contact if there are any questions. 

I agree that banks might be antsy about relatives logging in after your demise, but if it helps them see what is where, I don’t really mind: ours are tech-savvy enough to use it wisely.  I think 🫣

I make huge use of Google Photos, and share mine with my significant other….but I also note (thanks AI) that Google does not have a "legacy contact" feature specifically for Google Photos, but you that you can use the Inactive Account Manager to give someone access to your Google data, including your photos, after a period of inactivity. 

To set this up, go to the Inactive Account Manager page and designate a trusted contact, then choose what data they will receive (like photos from Google Photos) and the length of inactivity before their access is activated. 

How to set up the Inactive Account Manager

1. Go to Google's Inactive Account Manager page.
2. Sign in to your Google account.
3. Click Get Started.
4. Set a period of inactivity (e.g., 3, 6, or 12 months).
5. Choose Add Trusted Contacts and enter the contact information for the person you want to have access.
6. Select the data you want to give them access to, such as Google Photos.
7. Review the settings and confirm the plan. 

What the contact can do

• They will be notified via email if your account becomes inactive.
• They will receive a link to download the data you have specified.
• They can manage or download data from your account, such as your Google Photos library. 

In the meantime: live your best life 🍻

There's already one in the Death, Funerals and Probate board sticky. 

• Death happens - plan for it

But maybe it should be on this board too. 

WorkerBeeJS

Another thought about organising key documentation.

Thinking ahead to a possible house sale after death (or when we are no longer able to live here), we are keeping a 'House pack' - a file/list of essential info about the house, and for the Property Information Sheet TA6.  We update it when things change (eg solar panels installed last year.)

The youngsters know where to find it and we hope it will make things as straightforward as possible for them.

Savvy_Sue

WorkerBeeJS said:

Another thought about organising key documentation.

Thinking ahead to a possible house sale after death (or when we are no longer able to live here), we are keeping a 'House pack' - a file/list of essential info about the house, and for the Property Information Sheet TA6.  We update it when things change (eg solar panels installed last year.)

The youngsters know where to find it and we hope it will make things as straightforward as possible for them.

I'll second this: having had to sell my late parents' house, finding 'the house file' fairly quickly was extremely helpful, especially as there was a complication we'd have had no idea about without it. (Basically, the land giving access to their garage had been owned by a company which no longer existed by the time they bought it, and the documentation relating to that enabled us to simply pass it on to our solicitor and saved extensive searches to establish the [lack of] ownership.)

gonboating

3 things I would add:
1. Make sure there is some sort of joint account available to the survivor  If the money all goes into the deceased account it can cause real difficulties pending probate. 
2) If you are a frequent flyer take note that BA will cancel the deceased Avios points (one work around I heard was to make sure survivor can access the account and transfer them before they know what's what.
3) Never make a lawyer the named executor in the will unless you absolutely have no one else. Doesn't mean the private executor cant appoint a lawyer to act for them but they can pick and chose and you would be surprised the difference in the costs you will be quoted if you can shop around 

sausage_time

gonboating said:

...
2) If you are a frequent flyer take note that BA will cancel the deceased Avios points (one work around I heard was to make sure survivor can access the account and transfer them before they know what's what.
...

There are some options for Avios points after death described here:

https://www.headforpoints.com/2024/02/01/what-happens-to-your-british-airways-avios-points-when-you-die/

LHW99

gonboating said:

3 things I would add:
1. Make sure there is some sort of joint account available to the survivor  If the money all goes into the deceased account it can cause real difficulties pending probate. 
2) If you are a frequent flyer take note that BA will cancel the deceased Avios points (one work around I heard was to make sure survivor can access the account and transfer them before they know what's what.
3) Never make a lawyer the named executor in the will unless you absolutely have no one else. Doesn't mean the private executor cant appoint a lawyer to act for them but they can pick and chose and you would be surprised the difference in the costs you will be quoted if you can shop around 

I would second 3) - we had a lot of trouble tracing a solicitor who had been named personally on MiL's will, but had retired and closed his firm with no contact details. Probate then needed us to track down this person (difficult) and request him to step back from the executorship, which thankfully he did.

gonboating

LHW99 said:

gonboating said:

3 things I would add:
1. Make sure there is some sort of joint account available to the survivor  If the money all goes into the deceased account it can cause real difficulties pending probate. 
2) If you are a frequent flyer take note that BA will cancel the deceased Avios points (one work around I heard was to make sure survivor can access the account and transfer them before they know what's what.
3) Never make a lawyer the named executor in the will unless you absolutely have no one else. Doesn't mean the private executor cant appoint a lawyer to act for them but they can pick and chose and you would be surprised the difference in the costs you will be quoted if you can shop around 

I would second 3) - we had a lot of trouble tracing a solicitor who had been named personally on MiL's will, but had retired and closed his firm with no contact details. Probate then needed us to track down this person (difficult) and request him to step back from the executorship, which thankfully he did.

And thats a key point you make - he or she needs to co operate. If they want to hang on to the gig they can make life difficult and guess what ? they are their own client so they decide how to proceed and how much to charge. For that reason they can pressure families to stick with the will provision but that might like yours be years ago or not an informed choice in the first place.

Mistermeaner

hi all just checking back in. Since making this thread me and partner have sorted LPOA's for both finance and health for both of us - bit of a faff especially around all the signatures and witnesses etc. required but very doable for anyone fairly organised…. no need to involve a solicitor in this

We also entered into a civil partnership…. not exactly romantic and again faffy with all the old school procedures required but all sorted now. Just ordered our certs

Once all that lands we will re-do our wills, we will go to solicitor for this as despite IMO being fairly straight forward (at this point in our lives at least) for a few £100 it will give piece of mind.

All finances and house files etc. are organised in one place all in separate folders all with login details etc. written on them

Ready to die now :)

MallyGirl

Hopefully not!
Make sure you have made at least one certified copy of the LPAs if you have more than one attorney named. The first attorney can just use the original. My mother didn't do this and I have just had to pay £35 per LPA to get copies from OPG. Whilst we have everything setup online, the first time I tried to use my 'powers' the respite care home wanted sight of the full paper form and wouldn't use the online code system. I am several hours away so getting hold of the original was not feasible.