Reply to: Documenting financial situation in case of emergency

[DallasDad]

Brilliant thread and thanks for the recommendations and reminder I have not updated my 'what if' file for quite a while and I also need to review my Will.

Swmbos father died a few years back he was very efficient in his record keeping but even so it took a lot of unravelling because we did not have the full picture. Multiple houses to deal with wills in different countries etc loads of bank accounts several pensions and money invested all over the place.

We used an IFA specifically to help his Widow consolidate loads of accounts, funds, insurance policies plus setup various trusts for their Children and Grand Children etc. There was a plus side as well, IFA helped offset various chunks of tax CGT Inheritance etc.

[eek]

Did you do this yourself or via a solicitor? Was it expensive? I was told there are two types of POA, one for financial and one for health, it that correct?

Yep there are 2 separate ones.

[Andy O]

Power of attorney done today, thanks to Chris Maslins for saying something.

Consider this a bump and a challenge to anyone who hasn't taken care of this stuff to get it done and bump it for the next person.

Did you do this yourself or via a solicitor? Was it expensive? I was told there are two types of POA, one for financial and one for health, it that correct?

[WordIsBond]

Power of attorney done today, thanks to Chris Maslins for saying something.

Consider this a bump and a challenge to anyone who hasn't taken care of this stuff to get it done and bump it for the next person.

[eek]

Doesn't really matter what it's called as long as people can find it when you are dead.

That reminds me I can't remember where I've stuck my will.

that reminds me the nominated guardians for the twins are now divorced...

[SueEllen]

Without wanting to be morbid, shouldn't it be called "WHEN I DIE...", or have you cracked that one?

Doesn't really matter what it's called as long as people can find it when you are dead.

That reminds me I can't remember where I've stuck my will.

[aoxomoxoa]

If you use Lastpass as your password manager, you can set it up to give emergency access to other users. My wife has instant access to it, my mum has to wait 7 days before she gets access to it.

I store most things in Lastpass as a secure note as well, so that it's all in there if anything happens. The note is called "IF I DIE..." so it's easy to find.

Without wanting to be morbid, shouldn't it be called "WHEN I DIE...", or have you cracked that one?

[RonBW]

If you use Lastpass as your password manager, you can set it up to give emergency access to other users. My wife has instant access to it, my mum has to wait 7 days before she gets access to it.

I store most things in Lastpass as a secure note as well, so that it's all in there if anything happens. The note is called "IF I DIE..." so it's easy to find.

[SueEllen]

My father had created, maintained and shared a "pop-off" file before he died. It made the whole process of notifications, and transferring pension entitlements and ISAs etc. to my mother a lot simpler. Really made a series of tough conversations a lot more efficient.

As a result, my wife and I have done the same, but I'm a bit concerned if we perish in the same car crash, aircraft accident, strangely tragic opera incident or the likes. I would hope that the kids would be able to manage to find the files and get enough support from rest of family to deal with things, but I'm not entirely confident.

Just tell the executor of your wills where the file is.

[Lambert Simnel]

My father had created, maintained and shared a "pop-off" file before he died. It made the whole process of notifications, and transferring pension entitlements and ISAs etc. to my mother a lot simpler. Really made a series of tough conversations a lot more efficient.

As a result, my wife and I have done the same, but I'm a bit concerned if we perish in the same car crash, aircraft accident, strangely tragic opera incident or the likes. I would hope that the kids would be able to manage to find the files and get enough support from rest of family to deal with things, but I'm not entirely confident.

[northernladuk]

Now I've found the right search term this is a ton of advice out there.

This site has basic Excel template which looks like a good start. It's American but certainly enough to get going.

How to Create an In-Case-of-Emergency Everything Document to Keep Your Loved Ones Informed if Worst Comes to Worst

[Pondlife]

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

Done, JFDI etc...

[TheCyclingProgrammer]

Been meaning to do this for ages.

[Crossroads]

Amazing coincidence but haven't looked at CUK all day, yet have just started documenting all this for myself today!

[northernladuk]

I have a master spreadsheet with all the account numbers and institutions in it.
.

You couldn't send me a copy so I can see how you've laid it all out?