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  • FIRST POST
    • elephantrosie
    • By elephantrosie 5th Dec 17, 7:11 PM
    • 425Posts
    • 121Thanks
    elephantrosie
    Informing your family members of your assets
    • #1
    • 5th Dec 17, 7:11 PM
    Informing your family members of your assets 5th Dec 17 at 7:11 PM
    Spoke to an acquaintance recently who was a lawyer regarding will and inheritance. one of the advice given was to let family members know my assets.

    how many of you guys inform your family members your total assets and its distribution?

    i actually wonder if a list of all assets (bank accounts, investments and pension) is sufficient, or do i actually need to include the balance in them..??
    Another night of thankfulness.
Page 1
    • 18cc
    • By 18cc 5th Dec 17, 7:18 PM
    • 528 Posts
    • 314 Thanks
    18cc
    • #2
    • 5th Dec 17, 7:18 PM
    • #2
    • 5th Dec 17, 7:18 PM
    Don't tell my family anything - they can rot in hell before they see a penny.

    Just sayin' ...
    • Aegis
    • By Aegis 5th Dec 17, 7:20 PM
    • 4,909 Posts
    • 3,134 Thanks
    Aegis
    • #3
    • 5th Dec 17, 7:20 PM
    • #3
    • 5th Dec 17, 7:20 PM
    Spoke to an acquaintance recently who was a lawyer regarding will and inheritance. one of the advice given was to let family members know my assets.

    how many of you guys inform your family members your total assets and its distribution?

    i actually wonder if a list of all assets (bank accounts, investments and pension) is sufficient, or do i actually need to include the balance in them..??
    Originally posted by elephantrosie
    I have a Google Sheets document which has account numbers and investment information on it. A few key people have links to it, but you could leave a link with your will if you don't want to discuss this sort of thing with family.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • Drp8713
    • By Drp8713 5th Dec 17, 7:21 PM
    • 797 Posts
    • 681 Thanks
    Drp8713
    • #4
    • 5th Dec 17, 7:21 PM
    • #4
    • 5th Dec 17, 7:21 PM
    I always tell my wife every time I cross another £5k threshold.

    She usually rolls her eyes.
    • Keep pedalling
    • By Keep pedalling 5th Dec 17, 7:22 PM
    • 5,091 Posts
    • 5,670 Thanks
    Keep pedalling
    • #5
    • 5th Dec 17, 7:22 PM
    • #5
    • 5th Dec 17, 7:22 PM
    Certainly worth keeping a record of where all your assets are held to make life easy for your executors when the enevitable happens, or for anyone one you have appointed as a attorney under an LPA should for some reason you become able to act for yourself.
    • bobobski
    • By bobobski 5th Dec 17, 7:45 PM
    • 706 Posts
    • 1,626 Thanks
    bobobski
    • #6
    • 5th Dec 17, 7:45 PM
    • #6
    • 5th Dec 17, 7:45 PM
    I've heard of the USB-in-a-safe option - code to the safe in the will, USB regularly updated - keeps these things off t'internet if you're concerned about that.
    #8: Save 12k in 2018: £3,851.72 / £14,000 (27.51%) | #18: Save 12k in 2017: £12,078.82 / £12,000 (100.65%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £
    24,982.96 / £60,000 (41.63%) | Emergency fund by 31/12/2020: £2,340 / £5,000 (46.80%) | "New" car fund: £350 / £6,000 (5.83%)
    • trailingspouse
    • By trailingspouse 5th Dec 17, 8:26 PM
    • 2,680 Posts
    • 4,368 Thanks
    trailingspouse
    • #7
    • 5th Dec 17, 8:26 PM
    • #7
    • 5th Dec 17, 8:26 PM
    I'll be the sole inheritor of my parent's estate in the fullness of time. I know roughly how much their house is worth, but as to bank accounts, investments, shares etc I don't know any detail (suffice to say it's obvious they're comfortably off).

    But I do know that there's a file in a drawer with all the details. Not expecting to need to know the full picture for a while yet.

    Our kids don't know the details of our assets - I guess we don't feel there's a need just yet.
    • longleggedhair
    • By longleggedhair 5th Dec 17, 9:35 PM
    • 314 Posts
    • 383 Thanks
    longleggedhair
    • #8
    • 5th Dec 17, 9:35 PM
    • #8
    • 5th Dec 17, 9:35 PM
    I think a list included in a will should suffice. I don't discuss my details with anybody. It usually leads to requests for money, or jealousy....
    • atush
    • By atush 5th Dec 17, 9:40 PM
    • 16,806 Posts
    • 10,488 Thanks
    atush
    • #9
    • 5th Dec 17, 9:40 PM
    • #9
    • 5th Dec 17, 9:40 PM
    Lists incl names and act numbers is good, if you eant to update balances every so many years fine.

    Best thing is to update expressions of wishes for all pensions, and beneficiaries and to marry your partner if you want them to inherit w/o taxes.
    • kidmugsy
    • By kidmugsy 5th Dec 17, 9:50 PM
    • 10,842 Posts
    • 7,419 Thanks
    kidmugsy
    marry your partner if you want them to inherit w/o taxes.
    Originally posted by atush
    It's hard to tell whether the common aversion to marriage results from a rational assessment of the folly of the divorce laws and the courts, or is a mere superstition.
    Free the dunston one next time too.
    • waveneygnome
    • By waveneygnome 5th Dec 17, 10:00 PM
    • 215 Posts
    • 137 Thanks
    waveneygnome
    Keep all my assets in cash under the bed.
    Consequently my side of the bed is higher than my wife's.
    It invariably results in me rolling over to her side.....well that's my excuse.
    • CommyTooper
    • By CommyTooper 5th Dec 17, 10:04 PM
    • 55 Posts
    • 71 Thanks
    CommyTooper
    It is our intention, that all details we leave, will be of absolutely no value to anyone.
    Our bucket list photos is all we want to leave behind.
    • Puddylove
    • By Puddylove 5th Dec 17, 10:05 PM
    • 488 Posts
    • 792 Thanks
    Puddylove
    When one of my parents died, they left no indication of their financial affairs.
    We were forced to walk around the local town, going into every bank and building society with a death certificate, and asking if they knew of any accounts.

    A difficult day, when you are in the midst of grief.

    Since then I have made sure my partner/relatives won't have to do this.
    • waveneygnome
    • By waveneygnome 5th Dec 17, 10:21 PM
    • 215 Posts
    • 137 Thanks
    waveneygnome
    Seriously....this is on my 'to do' lists this year.

    We have a friend of similar age (40's) and her husband suddenly died. She has no idea of the fiances, what accounts, insurances etc... it's a bit of a nightmare for her, as others have said, at a time of grief.

    We are planning on putting a list of everything, assets, contract details, service agreements in a red 'control' file.....and review it once year.
    • Sea Shell
    • By Sea Shell 6th Dec 17, 6:51 AM
    • 779 Posts
    • 1,055 Thanks
    Sea Shell
    We have a list of account numbers/type/bank in a folder, but no balances. Family know we're "comfortable", but they don't know the actual amounts. If they did they'd be round with the hat!!!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • dunroving
    • By dunroving 6th Dec 17, 9:27 AM
    • 1,259 Posts
    • 873 Thanks
    dunroving
    I gave my two executors a list of institutions and a brief description of why (e.g., "savings account"), but no passwords nor balances. I went online and found all the phone numbers to save them the hassle

    Unless you think the bank is going to steal the money, I'm not sure they need to know the balance.

    Just as important to reduce the grief and hassle is a list of businesses they need to contact - utilities, DVLA, etc.
    • ianthy
    • By ianthy 6th Dec 17, 11:21 AM
    • 116 Posts
    • 66 Thanks
    ianthy
    I have a list stored with my Will of account numbers and passwords etc., really its for the Executors. Maybe you guys have better family but I wouldn't tell my family - it would just change their behaviour towards us.
    • tara747
    • By tara747 6th Dec 17, 11:41 AM
    • 10,163 Posts
    • 26,757 Thanks
    tara747
    I've been thinking about this too, need to draw up a list of my accounts just in case.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
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    • Biggles
    • By Biggles 6th Dec 17, 11:59 AM
    • 7,612 Posts
    • 5,011 Thanks
    Biggles
    For many years now I have had a 'Dead Dad' file, containing all the records I think they will need (will, PoA, deeds, schedule of bank and share accounts etc, and anything else I think they might need). It lives in my fireproof safe and my kids have the combination.
    • Puddylove
    • By Puddylove 6th Dec 17, 12:05 PM
    • 488 Posts
    • 792 Thanks
    Puddylove
    Really sad that so many people don't share their financial information for fear of their family's response.

    I would trust my surviving parent, my sibling and my current partner, and they trust me (I have PoA for my parent etc.)

    I'd also help my family out of they needed it (they don't at the moment), and they would do the same.

    Is that not what family is for?
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