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Documenting financial situation in case of emergency

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    Documenting financial situation in case of emergency

    So dear old Dad is getting on a bit and Mum is starting to get a little worried as he handles all the finances including a number of investments. She doesn't have a clue what and where and even if he was willing to involve her she won't have a clue. I was discussing this with SWMBO and she admitted she was also a little concerned she doesn't know everything I do. I've tried involving her but she just can't cope with it all..

    A compromise might be that as much information as possible can be documented and held somewhere and then this is regularly updated. That way there is full clarity without other halves needing to understand too much and Dad get's keeps his little world to himself for now.

    Has anyone else done this with parents or indeed between partners? Is this part of the Wills process and just have to make an effort to keep up with it or is there a better way out there?

    TIA
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    #2
    All my passwords are in a password vault, and my wife has the password to the vault. So she can get at my passwords. Even the one to CUK.

    She has a Word document listing all insurance, pension accounts, investment accounts, bank accounts, individual shareholdings, etc. Not the account numbers (that's in the password vault), but approximate values. I update it every six months.

    Things I have listed:
    Life insurance -- amount, policy number, contact details
    Critical illness cover -- amount, policy number, contact details
    Private Medical Insurance -- policy number, contact details
    Homeowners Insurance -- policy number, contact details
    Car Insurance -- policy number, contact details
    Business Insurances -- policy numbers, contact details

    Pension accounts -- amount, contact details
    Other investment accounts -- amount, contact details
    Individual share holdings -- company, number of shares, details of how to liquidate if needed

    Current accounts -- bank, in whose name (mine, hers, joint), amount
    Instant access savings accounts -- same
    Savings certificates / CDs -- same

    Names and contact details of friends and family members she will want to contact if something happens to me, so she doesn't have to go digging for this stuff.

    I didn't put anything on the Word document that would be really problematic if it falls into the wrong hands. That kind of stuff goes in the password vault. But if I'm seriously ill / incapacitated / dead, there's enough even without account numbers, etc, that she can get help getting at everything.

    I also have a highly competent and trusted lawyer, and very competent kids who will jump in and do whatever is needed. My wife is pretty competent herself, actually, she could handle it all and figure it all out, but it's far better to do this kind of thing when it is easy, rather than make her have to face it when she's already under intense stress.

    Everybody should do this. It's not as important as making a will, but it's the same kind of thing. No point in being selfish. Just do it. Take a half an hour or an hour to save your spouse days of work if something happens to you.

    Comment


      #3
      Good advice from WordIsBond.

      My additional thoughts:

      - Keep things as simple as possible. Yes it may be clever in some convoluted way to have investments spread across half a dozen different places, but it makes life much easier if they're not.

      - If you don't (or even if you do) have simple affairs, have an IFA. They'll know most of the techy bits, so potentially instead of the surviving party having to know them all, they can just contact one person.

      - Consider power of attorney before it's too late. I'm set up for both my parents despite them both currently being of sound mind (debatable sometimes...).

      The above general policies don't rely on you remembering to update something periodically.

      Comment


        #4
        I think the traditional locked filing box with all important papers in it is probably still the way to go. Leave instructions on how to close down the company in there, pensions details, ISAs, SIPPs etc.

        Comment


          #5
          Originally posted by WordIsBond View Post
          All my passwords are in a password vault, and my wife has the password to the vault. So she can get at my passwords. Even the one to CUK.

          She has a Word document listing all insurance, pension accounts, investment accounts, bank accounts, individual shareholdings, etc. Not the account numbers (that's in the password vault), but approximate values. I update it every six months.

          Things I have listed:
          Life insurance -- amount, policy number, contact details
          Critical illness cover -- amount, policy number, contact details
          Private Medical Insurance -- policy number, contact details
          Homeowners Insurance -- policy number, contact details
          Car Insurance -- policy number, contact details
          Business Insurances -- policy numbers, contact details

          Pension accounts -- amount, contact details
          Other investment accounts -- amount, contact details
          Individual share holdings -- company, number of shares, details of how to liquidate if needed

          Current accounts -- bank, in whose name (mine, hers, joint), amount
          Instant access savings accounts -- same
          Savings certificates / CDs -- same

          Names and contact details of friends and family members she will want to contact if something happens to me, so she doesn't have to go digging for this stuff.

          I didn't put anything on the Word document that would be really problematic if it falls into the wrong hands. That kind of stuff goes in the password vault. But if I'm seriously ill / incapacitated / dead, there's enough even without account numbers, etc, that she can get help getting at everything.

          I also have a highly competent and trusted lawyer, and very competent kids who will jump in and do whatever is needed. My wife is pretty competent herself, actually, she could handle it all and figure it all out, but it's far better to do this kind of thing when it is easy, rather than make her have to face it when she's already under intense stress.

          Everybody should do this. It's not as important as making a will, but it's the same kind of thing. No point in being selfish. Just do it. Take a half an hour or an hour to save your spouse days of work if something happens to you.
          It's been on my todo list to get something like this sorted for about 2 years., thanks for the nudge!

          Comment


            #6
            Also I include details of my IFA, Accountant and a contact at work in case anything ever happens and they need to be contacted.
            ______________________
            Don't get mad...get even...

            Comment


              #7
              I looked at this a few years back and still haven't got around to doing anything about it. Really should. This thing looked good, if it could be stored somewhere secure...

              Big book of everything

              Comment


                #8
                Why don't we all commit to do this by say the end of the week - spur each other on etc. I will be updating mine by then.

                Just a suggestion like...
                ______________________
                Don't get mad...get even...

                Comment


                  #9
                  Originally posted by Maslins View Post
                  - If you don't (or even if you do) have simple affairs, have an IFA. They'll know most of the techy bits, so potentially instead of the surviving party having to know them all, they can just contact one person.

                  - Consider power of attorney before it's too late. I'm set up for both my parents despite them both currently being of sound mind (debatable sometimes...).
                  Have to admit, I don't have an IFA and my affairs aren't that simple. But then, I've got kids working in finance for me and they know my investments.

                  What I do need to do is set up power of attorney. That's kind of crept up on me -- we have it for our parents but I really am old enough I should get it for myself now. Stupid not to have done it before now. Thanks, that's probably the best advice I've received on this forum.

                  Comment


                    #10
                    Originally posted by kaiser78 View Post
                    Why don't we all commit to do this by say the end of the week - spur each other on etc. I will be updating mine by then.

                    Just a suggestion like...
                    Actually DO it. Then, bump the thread with a comment that you've done it, and ask who will do it next.

                    Comment

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