If you died, would your finances be clear and documented?

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I’m married and we have some joint accounts etc which obviously DH knows about & can access etc.

But we also have various separate pensions, savings, ISAs, investments in our own names, probably about 15- 20 different accounts? In the past the paperwork would have been in ring binders but is now increasingly online. We each have own laptops/computers. I have no idea what DH’s password is and he probably doesn’t know or remember mine.
If I died suddenly I don’t think he or the executors of the will would know which companies to contact.
So what do people do these days? Provide a list with the will and update it regularly?
Have a sealed envelope with ‘open in the event of my death.

After a friend's husband died in an accident I've had this all sorted out in an envelope in the office called "just in case". DH and DD both know of its existence.

Do it now. Passwords for everything (especially if you have a password protector like Dashlane), list of insurances and accounts and passwords, pensions, everything you can think of.

I wish we had done this. DH died unexpectedly last year with no will, and it took me a few months to get info to apply for grant of Letters of Administration (equivalent to Probate). I still can’t access his life policy and pensions nearly six months after his death. Luckily my mum has been able to lend me money to pay the mortgage etc.

I have a file and there are details of every account in there, but it is harder the more everything becomes electronic. I have to remember to print something out, rather than just file the letter they sent me.

When DH's grandfather died we "found" some substantial investments no one knew about. In the days of nominee accounts and no paper certificates, I wonder if anyone would ever have known.

I just said this to DH yesterday. I know his pension details, email passwords etc. but he’s bad with details and doesn’t know any of mine. I’ve a good pension, shares, some small amounts of 5 cryptocurrencies etc. and he would probably lose them. So we’re figuring out what to do.

All our bank accounts are joint and I have all passwords saved on a notes file on my office computer. DH doesn’t know any of the passwords and I deal with all the money!
Should probably saved them down to a thumb drive and put in a safe.
Have to sort out wills now, and need to think about everything a bit more as DH has just set up his business.
Thanks for this thread OP, I’m going to get my arse in gear!

Between our joint google spreadsheet for finances and paperwork, I think we could each cobble together the majority of accounts, but it would be a PITA to sort out.

I've just added - 'Sort out Death File' to my to do list. It's a useful exercise to do anyway as we've been meaning to work out exactly what we have and where in various pensions, ISAs etc (not helpful when the providers end up changing and they don't seem to send paperwork any more).

After a really bad experience dealing with the chaos of a relative's paperwork when they lost capacity, I have become a bit obsessive about making things very easy for my children when I'm incapable/dead.

Only a few accounts involved, a finance file with a regularly updated master sheet at the front. A small book with passwords in. A will and lasting power of attorney sorted and in a file.

Solicitors will also contact banks to enquire if you held any products with them.
The place I work Several requests a day asking this question

One thing I learned about recently was that google will notify someone if your account hasn't been accessed in a certain amount of time and give them access.

www.businessinsider.com/how-to-give-google-account-to-trusted-person-when-you-die-2018-8?r=US&IR=T

Having been caught out by this with my parents, I would add some things to check on - your loved ones should know this about you and vice versa

Make sure people know you have a will and where it is - or that you don't have one, so they're not pointlessly searching.

If you have a funeral plan make sure they know who that's with so they don't start making arrangements with a different provider. Or be clear about how you think the funeral should be paid for, e.g. out of a particular savings account.

My mum had a list. It showed where each account was, with phone numbers and addresses and what was in each account. How who pensions were with along with shares and bonds.

Made such a difference.

We have a family wealth spreadsheet with everything on plan numbers, contact deaths. Also to to claim on death with the claim numbers.

We update the figures every few months but it takes away ambiguity on total wealth and liabilities

This has been on my mind for a long time. I've helped my parents with their affairs for many years, but they struggle to keep on top of paperwork. I've just managed to get them to change their old, out of date wills to reflect their current wishes. I've also sent POA forms off to make things easier for us all, as I currently have to pass security with them before I can speak on their behalf.

DH and I have also got wills and POA in progress.

Next task is master file.

I have a list of where my accounts are and the name of the financial advisor who looks after our pensions etc. I wouldn't be leaving passwords etc as I'm the only person who should know them. When I die all the executors need to know is where the accounts are. I also have a list of direct debits for bills so that Dh will know who our utilities are with

It’s not just death. What about if someone is seriously injured and can’t suddenly pay the bills or action things as they did before? I remember DH being in intensive care and having to speak to a utility company as they wouldn’t speak to me, despite me being named on the account (and it was urgent, before anyone asks)! IMO both partners should have equal responsibility and access to all things financial/admin-based. You never know what’s around the corner and it’s good to be prepared.

We keep a file (a Word document) which details all our accounts - not how much is there but simply Bank/Broker, account number, account type and account holder, e.g.

Bank XYZ
Joint account # 123456789

Investment Broker ZYX
Trading account # 987654321

We update this file every time we close and/or open an account, and send it to each other (if I update it, I send it to my partner and viceversa) + our siblings. So, if we both die, our siblings will know where our money is (but not how much it is, before then).

I am not sure having the partner's passwords is a good idea. What would be the point? To move the money form your partner's account if he dies? Are we sure that's legal? Not to mention most banks require two-step authentication with a password + mobile phone app, so just having the password won't be much use.

I am not sure having the partner's passwords is a good idea. What would be the point?

so that dh can close my social media accounts. and move my photos and documents from my devices.

oh - and keep watching tv subsciptions (family sharing)

I made a spreadsheet about 6 months ago and update it periodically. It’s on my laptop but I should probably print it out as I’m not sure DH has the password.

We do have a financial adviser and I’m sure they’d be able to help, but they’ve never suggested I should have a list.

We have an excel doc with all our bank accounts, insurances, premium bonds etc on with account numbers which our executors have a copy of and we have a copy with our will.

I bought a book last year called something like 'when I'm gone'. You fill all this stuff in. I must get round to it.

(It doesn't include passwords, just reference/account numbers)

@purplesequins Ah, for social media accounts it's different - the thread started with a discussion on finances. Although, the point about two-step authentication applies to most social media accounts, too.

A book of passwords etc and with a document from Each financial account held in a safe. Hide safe somewhere in the house you both know. Job done.

Yes! I have a "fire box", which includes all key information. It's stored at the bank. Bank has instruction on who can access and what documentation is required.

• Will (estate)
• Living will (what I would want if I was seriously injured and in a coma, my wishes regarding organ donation)
• Life insurance, super (pension)

Bank accounts are joint and joint access. Other accounts like phone, internet, power, etc are in joint names with joint access. But have a list filed in cabinet at home. Likewise for funeral planning - after going through my mums without knowing her wishes, I was determined my love ones would not go through that. They may go a different way, but at least what I would like is documented (no service, beautiful lunch with champagne using money I have in a specific account).

What I strongly recommend is sitting down with your partner or family member, and working through what happens if they are incapacitated or die.

It doesn't have to be a negative conversation, I actually feel more secure in doing so! It's important at the very least, to have clear and honest conversations with your partner in reference to how your estate will be managed and any wishes you have for a living will.