puffin
Member of DD Central
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Post by puffin on Sept 21, 2016 12:21:03 GMT
I was contemplating what would happen finance wise, in the event of my death. I currently live on my own, so for example no one knows which p2p sites I use.
In the past money had a physical paper trail enabling any next of kin to work out the places with funds.
In the modern era with everything being online, password protected, including email, the trail is not easily available.
My p2p initial transfers would show on my bank statements but as those are secure online, I don't even think a solicitor dealing with a post death estate would be provided by a bank with anything other then funds in a bank.
So my question is, how do I go about making it useful to trace my funds.
I could detail about it in my will, problem with that is, I'd be changing the will very often with some cost involved in getting the will changed.
How do other people handle this?
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archie
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Post by archie on Sept 21, 2016 12:27:47 GMT
I was contemplating what would happen finance wise, in the event of my death. I currently live on my own, so for example no one knows which p2p sites I use. In the past money had a physical paper trail enabling any next of kin to work out the places with funds. In the modern era with everything being online, password protected, including email, the trail is not easily available. My p2p initial transfers would show on my bank statements but as those are secure online, I don't even think a solicitor dealing with a post death estate would be provided by a bank with anything other then funds in a bank. So my question is, how do I go about making it useful to trace my funds. I could detail about it in my will, problem with that is, I'd be changing the will very often with some cost involved in getting the will changed. How do other people handle this? I wouldn't put it in the will itself but list the platforms separately and store with the will. That way your executor would know where to look.
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pom
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Post by pom on Sept 21, 2016 12:58:32 GMT
I was contemplating what would happen finance wise, in the event of my death. I currently live on my own, so for example no one knows which p2p sites I use. In the past money had a physical paper trail enabling any next of kin to work out the places with funds. In the modern era with everything being online, password protected, including email, the trail is not easily available. My p2p initial transfers would show on my bank statements but as those are secure online, I don't even think a solicitor dealing with a post death estate would be provided by a bank with anything other then funds in a bank. So my question is, how do I go about making it useful to trace my funds. I could detail about it in my will, problem with that is, I'd be changing the will very often with some cost involved in getting the will changed. How do other people handle this? Whenever I join a new platform and pay in money I print out the "welcome to platform x" email (or any other email from them with sufficient platform contact details on it for my executors to be able to find/contact them) and put it in the filing cabinet along with bank statements and other financial stuff that they'll also need to go through. So long as you know there's an account there you don't actually need to have up to date info as to what's in it (tho as and when I exit platforms I shall try and remember to throw it away!). I also keep a print out of all the interest certificates with my tax stuff which will also help
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Sept 21, 2016 12:59:17 GMT
My P2P account details are all stored in my LastPass password manager.
I also have all financial transactions in a Quicken program which was finalised in 2004 with a CD version. This can still be installed and run on Windows 10 with the addition of 3 extra files, but I don"t connect it to the internet. There are more modern solutions available but it is too difficult to transfer 20 years of entries so I stay with Quicken for now.
Only 2 passwords needed to access everything.
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Post by wiseclerk on Sept 21, 2016 13:30:27 GMT
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Post by justdabbling on Sept 25, 2016 18:44:09 GMT
I maintain a spreadsheet with all my bank accounts, pensions, shares and p2p investments. I do not include log in details for obvious reasons. I update it at the end of each month so it tracks overall assets. This was in case I forgot where I had put money, to track when cash needs moving and to help when I fill in my self-assessment tax return, but it would also be useful if I pop my clogs without having a chance to update executors.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Oct 19, 2016 12:50:28 GMT
Software + letter with info + passwords into a safe deposit box.
Tell your heirs about deposit box and where to find a key (or give a copy to a trusted family member)
Rest is their problem not yours...
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Post by dualinvestor on Oct 19, 2016 14:25:38 GMT
(On the assumption that the deceased is UK domiciled or has UK assets above £150,000) The most important person is the executor(s). If a professional it is highly unlikely that they will access the account online, as most if not all, platforms require the funds to be transferred to the previously nominated account, and it is probably a breach of the platform rules to withdraw via online access once a person has died. The executor will normally have access to the deceased's bank account and will most likely see transactions to and from a platform and write to them directly to claim the funds, much like they would with any other asset, once probate has been granted. If, in the unlikely event investments in a platform are not apparent by this route, a note of them, just the platform and account name, should be kept with the will or notified directly to the executor. If one dies intestate a family member must be appointed Admistrator/Administratrix (usually the closest relative unless that person declines to act) and they should go through the same procedures. Although as Investboy says it is not your problem if you do not want the funds to stay with the platform for eternity you should make someone aware of your account (again minus the password) who is either the Personal Representative or someone who will pass the information on to them. If no one is eligible to inherit under the intestacy rules the money, along with the rest of your assets, reverts to the Crown, bona vacantia. |
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Oct 19, 2016 15:14:03 GMT
How will the platform know you've deceased? You die, few weeks later your wife/aunt/son/other logs in, withdraws money to your bank account. Logs in to your bank account, transfers it somewhere else and voila! Or better to have a shared bank account with a spouse and once monies are there the problem is over as the spouse controls the account too on equal rights. Also as I mentioned having a safe deposit box works great in that sense but you have to make someone (spouse) a co-owner. Then when you're waiting to be buried she/he empties the box with whatever was valuable there. But first you have to put something valuable there first like real cash, precious metals, jewels, artwork, documents, shares, bonds ect. Possession is 90% of ownership.  |
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treeman
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Post by treeman on Oct 19, 2016 15:23:13 GMT
puffin - If you have any tips you could share that make your physical death only ' possible' - they would be much appreciated !!!   More seriously, my missus and daughter both have access to some files stored in the cloud which list where I've stashed my loot; obviously without amounts/logins/pws etc. Noting any changes and updating as necessary is part of my end-of-month accounting tasks.
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Post by dualinvestor on Oct 19, 2016 15:25:05 GMT
Thw platform will not know if you die unless someone informs them.
There are two problems with your proposed course of action, such informal arrangements often do not stand the test of time e.g. people get divorced move on , forget the arrangements, lose the key to the safety deposit box etc. or even worse die together in a accident, and they are basically illegal especially if the estate would be subject to IHT. Few, if any, platforms allow joint accounts so the principle of joint tenancy cannot apply.
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Oct 25, 2016 9:22:25 GMT
Thw platform will not know if you die unless someone informs them. There are two problems with your proposed course of action, such informal arrangements often do not stand the test of time e.g. people get divorced move on , forget the arrangements, lose the key to the safety deposit box etc. or even worse die together in a accident, and they are basically illegal especially if the estate would be subject to IHT. Few, if any, platforms allow joint accounts so the principle of joint tenancy cannot apply. As with any solution there are problems... What I can advise? Don't divorce. Make sure there is one person that knows that there are arrangements in case of your "possible" death. My parents and in-laws know there is a box somewhere with letter and they know where the key is. And we don't travel together Again "illegal" and "immoral" are 2 different things... I don't consider my actions in the 2nd category. On the contrary protection of my family is my top priority.
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Post by dualinvestor on Oct 25, 2016 9:47:25 GMT
If you are happy with the arrangements it is up to you, as with an investment it is you decision.
As for what can you "advise" follow the law and have someone able to deal with your affairs.
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adrianc
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Post by adrianc on Oct 25, 2016 11:04:13 GMT
Lastpass has a potentially useful Emergency Access feature for people you trust: "In case something unexpected happens, give someone you trust access to your vault. When your trusted contact requests Emergency Access to your vault, you can decline their request within the specified waiting period. After the waiting period passes, your vault will sync to their LastPass account automatically." My waiting period is set for 14 days. I hope you're not planning on any long holidays away from internet access...
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shimself
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Post by shimself on Jan 16, 2017 9:29:41 GMT
Are the platforms obliged to liquidate an account if the account holder dies, or can the legatee (the OH in fact) take over the running?
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