GeorgeT
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Post by GeorgeT on Sept 13, 2018 0:19:24 GMT
It occurs to me that this administration will be a long drawn out affair and given that there are well over 1000 investors it would seem to be an inevitability that before monies are returned that unfortunately a few people will have died.
I think it quite likely that there are a number of people like myself who have no particularly close family who would even know I have money invested in Collateral and therefore were I to fall off my perch and therefore my email address was no longer accessible, it is very likely that my not inconsequential collateral investment would be gone forever and would never end up in my estate.
Therefore I advise everybody to make suitable people aware of the collateral administration situation with contact details whether that be a solicitor or other executor of their will or if necessary to make a will including details of their investment.
In the event of an investor ceasing to exist before the final payout I am unsure of where those monies would end up in the event of the administrator receiving no response from the contact details on the system.
As a single gentleman with few family other than a very elderly mother who unfortunately is not particularly switched on with financial things it has recently occurred to me that I need to make an appointment with my solicitor to set out the details of my Collateral position.
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elliotn
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Post by elliotn on Sept 13, 2018 1:24:10 GMT
Good advice, could be a long one although even BDO cannot amend God”s will.
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ceejay
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Post by ceejay on Sept 13, 2018 10:38:02 GMT
While I would absolutely agree that we should all have have a Will, and also ensure that information is safely logged about our investments, I have to say that putting such information within your Will is, IMHO, an extremely silly idea. Your Will is an important document that needs to be carefully prepared, and changed only infrequently. The details of where your investments lie will probably be changing a lot more often, and therefore belong in another document altogether.
And, TBH, I'm not sure that the current situation with Collateral/BDO is a whole lot different from any other investment. Most P2P platforms only communicate by email, so if your executors don't have access to that then any other investment might similarly get lost. I suppose one might hope that a "live" platform would be more proactive than one in administration, but I wouldn't count on it.
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shimself
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Post by shimself on Sept 13, 2018 13:35:30 GMT
Exactly, my executors have already been told which spreadsheets to look at.
Having said which I have wondered about proposing a few names of forumites who seem to have sufficient wisdom to wind it up in the best way (in my case it's easy because plan A is everything to herself)
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averageguy
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Post by averageguy on Sept 14, 2018 8:45:42 GMT
days gone by it would have been your bank account (statements) and building society passbook ..share certificates maybe...all my stuff is now dealt with online....I just do a fact sheet, listing all the organisations I dealt with including household, but minus all the passwords, so at least someone has an idea where my dosh is.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 14, 2018 20:39:03 GMT
Good advice, could be a long one although even BDO cannot amend God”s will. Depends on the God
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Godanubis
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Post by Godanubis on Sept 14, 2018 20:41:42 GMT
Not just Collateral. Any late and defaulted loans anywhere could be paying out for years and actually cost more to collect than they are worth.
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ceejay
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Post by ceejay on Sept 15, 2018 9:39:22 GMT
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mullet
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Post by mullet on Sept 15, 2018 19:44:14 GMT
Exactly, my executors have already been told which spreadsheets to look at
Can I ask how you give them access to your spreadsheets? I'd like to do something similar. Do you give them your password to a cloud drive, or something like that?
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Godanubis
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Post by Godanubis on Sept 15, 2018 23:37:53 GMT
Exactly, my executors have already been told which spreadsheets to look at
Can I ask how you give them access to your spreadsheets? I'd like to do something similar. Do you give them your password to a cloud drive, or something like that? Be like collateral make the bu***rs work for their money you had to
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Post by investor1925 on Sept 16, 2018 10:46:41 GMT
Can I ask how you give them access to your spreadsheets? I'd like to do something similar. Do you give them your password to a cloud drive, or something like that? Be like collateral make the bu***rs work for their money you had to I have children, who will look after my affairs after I'm gone. My basic security is:- All my financial details are in files on memory sticks with backups. Nowhere are they saved on my computer, cloud etc. Whenever I leave the house for more than a few hours, the memory sticks go with me. (e.g. on holiday) There is 1 sheet of paper in a file at home, which has instructions on how to open 1 file on the memory sticks & the password is all of their middle names. I assume that there are not many people around who will know this info. Once into the file, it tells them which files to open, where all the investments are, & what the passwords are needed to get at it all. Does anyone think this is adequate, or should I be doing more (or differently) My only worry is if I die in a plane crash or something similar, where the memory sticks are destroyed.
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ceejay
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Post by ceejay on Sept 16, 2018 11:35:52 GMT
Be like collateral make the bu***rs work for their money you had to I have children, who will look after my affairs after I'm gone. My basic security is:- All my financial details are in files on memory sticks with backups. Nowhere are they saved on my computer, cloud etc. Whenever I leave the house for more than a few hours, the memory sticks go with me. (e.g. on holiday) There is 1 sheet of paper in a file at home, which has instructions on how to open 1 file on the memory sticks & the password is all of their middle names. I assume that there are not many people around who will know this info. Once into the file, it tells them which files to open, where all the investments are, & what the passwords are needed to get at it all. Does anyone think this is adequate, or should I be doing more (or differently) My only worry is if I die in a plane crash or something similar, where the memory sticks are destroyed. A couple of points spring to mind.
The first is that relying on middle names as being sufficiently obscure is hugely optimistic. The internet is powerful.
The second is to wonder about what you're doing with these memory sticks. I'd have thought (having recently completed an estate administration) that all your executors need is a list of accounts. They don't need all of your transaction details, or the finer points of loans you're in. Nor do they need login details for your platforms (etc) - if they were to try to log in as you after you had died then that would be fraud: the money isn't theirs until the court says it is. If a bank, for example, were to find that transactions had occurred on your account after the date shown on your death certificate then they could properly get quite stroppy about it.
If you're worrying about leaving lots of data for burglars to get hold of, then just store your day to day files (either on a memory stick, or computer, or in the cloud - makes no difference) inside a properly encrypted file with a strong password. No need to carry it about.
And the list of accounts/organisations doesn't need to contain any confidential information - you can safely store that as a plain document.
If gets slightly more complicated if, as well as accounts in your name, you are also managing accounts for a spouse/partner: if you die, the bank/platform/etc will be expecting the spouse to know the answers to security questions and it would be a good idea to make sure these are logged somewhere (securely!)
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shimself
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Post by shimself on Sept 16, 2018 14:42:10 GMT
Exactly, my executors have already been told which spreadsheets to look at
Can I ask how you give them access to your spreadsheets? I'd like to do something similar. Do you give them your password to a cloud drive, or something like that? The spreadsheets are pw protected, but in fact the pws are easily cracked using online tools which I have told the executors
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Sept 16, 2018 17:50:20 GMT
Be like collateral make the bu***rs work for their money you had to I have children, who will look after my affairs after I'm gone. My basic security is:- All my financial details are in files on memory sticks with backups. Nowhere are they saved on my computer, cloud etc. Whenever I leave the house for more than a few hours, the memory sticks go with me. (e.g. on holiday) There is 1 sheet of paper in a file at home, which has instructions on how to open 1 file on the memory sticks & the password is all of their middle names. I assume that there are not many people around who will know this info. Once into the file, it tells them which files to open, where all the investments are, & what the passwords are needed to get at it all. Does anyone think this is adequate, or should I be doing more (or differently) My only worry is if I die in a plane crash or something similar, where the memory sticks are destroyed. If you must then have a paper copy in a safe. Technically nobody should access any of your accounts once you die other than executor of your estate. With proof of being executor companies should comply and assist probate. They have a legal obligation to write to you at least once a year with note of your holdings.
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ceejay
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Post by ceejay on Sept 16, 2018 18:03:35 GMT
Can I ask how you give them access to your spreadsheets? I'd like to do something similar. Do you give them your password to a cloud drive, or something like that? The spreadsheets are pw protected, but in fact the pws are easily cracked using online tools which I have told the executors Password protecting individual files is a bit of a waste of time - its not very secure and is just adds inconvenience which makes it more likely that you'll end up not using it and being totally unprotected.
Much better to store all of your sensitive files within, for example, a VeraCrypt (successor to TrueCrypt) container. That can be as secure as you like, and you can safely back it up onto, say, a memory stick without losing security. Just make sure you have a strong password which you don't write down or forget!
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