ceejay
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Post by ceejay on Sept 16, 2018 18:08:36 GMT
I may be wrong but it wouldn’t be correct for someone to use the deceased login details and take any action such as sell assets or move funds. The correct procedure to follow would be to gain probate (the right to administer the deceased estate) and then instruct the platform to carry out the executors wishes. In reality, when the estate goes to the immediate family, the executor is one of that family and all the family get on and trust the executor then it’d probably be ok BUT if there are other benefactors like charities or complex or combatative family arrangements then immediately cashing in portfolios and/or moving cash may be regarded as suspicious and might be challenged. Indeed.
I've highlighted the bit about beneficiaries trusting the executor ... if you've never experienced this yourself, just have a browse online for horrific stories about families falling out during this time. It's quite astonishing how bad people can be to each other!
The best approach, IMHO, is for the executor(s) to play everything absolutely straight and openly. No short cuts, no cosy deals, nothing remotely dodgy. Lots of communication.
And definitely NO shortcutting the probate process!
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shimself
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Post by shimself on Sept 17, 2018 21:24:12 GMT
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!
I must have given the wrong impression. The spreadsheets don't give access to any websites, no login details, they are just lists of platforms, banks etc, and others for checking a platform's version of my holdings etc. So at tax time I know where to look, and same thing for my executor. And yes I have cloud and local backup fully automated
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shimself
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Post by shimself on Sept 17, 2018 23:34:05 GMT
I must have given the wrong impression. The spreadsheets don't give access to any websites, no login details, they are just lists of platforms, banks etc, and others for checking a platform's version of my holdings etc. So at tax time I know where to look, and same thing for my executor. And yes I have cloud and local backup fully automated
(My bold) i occassionally remember to copy my unmounted veracrypt container and/or my keypass directory to a different local drive but it’s not automated nor do I backup to a cloud drive. Could you let me know how you achieve the automation please? crashplan and in fact sugarsync as well. There are alternatives
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GeorgeT
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Post by GeorgeT on Oct 2, 2018 21:19:18 GMT
Nothing to do with COL but I got ripped off big style by a family member some years ago after the death of a mutual Aunt who was childless and unmarried. We were both in the will for an equal amount but the other family member was the named executor because was closer on hand geographically.
A few months later I got a cheque written out for an exact sum of money with no odd pounds or pence with a letter saying that was my share and there were no accounts supplied or anything and given I had no reason to believe that family member was dishonest at all I just banked it and thought that's very nice. I did think at the time that I should have had accounts and that my proportion of the estate could not have come to an exact round figure like that and also that it couldn't have all been sorted and administered in such a short period of weeks. Not wanting to cause trouble in the family I just let it go but it was only a couple of years later when I was speaking to another family member that I found out how much the deceased had left and how I had basically been conned big time and that the executor had been on a big spending spree and bought an expensive new car etc. I had basically been conned big time.
Obviously I have never had any further contact with that person and it is telling that they have never contacted me and any subsequent communications I attempted went unanswered. But it just proves the point that in terms of family you can trust nobody when money is concerned. I suppose luckily for them I am not a litigious sort of person but several people have said to me over the past few years that I should have got on to a solicitor about it. It was clear that he thought that by sending me a cheque for a few thousand I would be happy and not realise that my Aunt was actually worth quite a lot when she died on account of a house she still owned when she went into a nursing home that was subsequently sold. It is true that I had only seen my aunt about 2 or 3 times in the previous 10 years because she lived in a different part of the country to me and so I did not know about her affairs but nevertheless I found out she had written her will out such that both of her nephews got an equal share and I found out that I got massively less than my share and was ripped off for an estimated 100 grand.
My conclusion is that the early cheque for an exact round sum of a few thousand I received was a bit of a tester to find out if I knew that she still owned a house and when I didn't respond immediately and say what about the house I think he then went on to put it on the market and sell it and kept the full proceeds.
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GeorgeT
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Post by GeorgeT on Oct 2, 2018 21:41:41 GMT
^^^^ I think it is only right that he got a bigger share than I did because he lived near her and had to look after her affairs and I was geographically distant and only rarely saw her. But my point is that she had drafted her will when she was younger and the will was drafted such that both of her nephews were left half each. And of course a will is a will. Had I felt more entitled in terms of the contact and support I provided for her I am sure I would have challenged it but in the circumstances I think that is why I decided to let it go. Nevertheless the fact remains I got ripped by a family member and the old saying is you can choose your friends but not your family.
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blender
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Post by blender on Oct 2, 2018 21:54:13 GMT
Typical of you to be so philosophical about it.
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