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.