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An asset summary
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- Lemon Slice
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An asset summary
Following on from a posting in the ["Source of wealth information" requested] thread and a posting by GPhelan (viewtopic.php?f=26&t=17484&start=40#p221034) mentioning an asset census, it prompted a few thoughts. I am not particularly in favour of an asset census, although the idea of a wealth tax does periodically crop up. However, having done a couple of estates (as a lay executor) and also had to do a disclosure of assets to HMRC for my sister (long story for another time), I have done an asset summary of assets for myself and left it in a safe place (and update it every couple of years). Without being too specific (doesn't give account numbers for security reasons and because they change), it lists banks, pensions, insurance policies (house, life, personal), house details, LPA/Will, ISAs, NS&I, accountant/brokers/IFA. I do not give details of online passwords (not secure and they should change regularly) but does list pertinent online accounts.
I have an idea of what I'm worth (surely a good idea to have a sense of what assets one should hold and in what mix), and so that if I was go under the proverbial bus tomorrow, my nearest and dearest (or more practically, my executors) would have a better/easier chance of sorting things out.
I wonder what others think and how many others might do an "asset summary", and what they might include/exclude.
I have an idea of what I'm worth (surely a good idea to have a sense of what assets one should hold and in what mix), and so that if I was go under the proverbial bus tomorrow, my nearest and dearest (or more practically, my executors) would have a better/easier chance of sorting things out.
I wonder what others think and how many others might do an "asset summary", and what they might include/exclude.
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- Lemon Half
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Re: An asset summary
yorkshirelad1 wrote:I wonder what others think and how many others might do an "asset summary", and what they might include/exclude.
There was a similar thread over at TMF back in the day. As you probably know, TMF UK posts no longer exist, unless archived, but that whole TMF thread was saved here on 16 November 2016:
https://web.archive.org/web/20161116130 ... sort=whole
The reply by
including mention of the "Dying Tidily Log" , about half way down, proved popular, although I haven't studied it recently.Steffers0
More recently didds linked to this http://www.camberleighhay.co.uk/cms/res ... ly-log.pdf which may provide further food for thought.
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- Lemon Quarter
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Re: An asset summary
My assets spreadsheet (updated only periodically) does include account numbers. And the address of bank/broker. As I thought these would be very useful to executors. Giving out the numbers shouldn't be a security risk as you need to give them to people who want to make payments to you.
I don't think any of my online logins use the account number. So no reason it should be a risk.
Gryff
I don't think any of my online logins use the account number. So no reason it should be a risk.
Gryff
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- The full Lemon
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Re: An asset summary
gryffron wrote:My assets spreadsheet (updated only periodically) does include account numbers. And the address of bank/broker. As I thought these would be very useful to executors. Giving out the numbers shouldn't be a security risk as you need to give them to people who want to make payments to you.
I don't think any of my online logins use the account number. So no reason it should be a risk.
Such a document makes sense as a source document for your executors, as noted. However I would go to great lengths to ensure that nobody else sees it. Even without account numbers I cannot see what good comes of anyone outside the family knowing my net worth. A government getting hold of it is the absolute worst thing in my mind.
So keep one but keep its existence a closely guarded secret. Best kept in a home safe therefore.
I would not have a problem with my next of kin knowing my account numbers and, depending on the situation, passwords and PINs. My children have a power of attorney over my affairs anyway. But having access to cards and online accounts could be useful in some circumstances.
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- Lemon Pip
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Re: An asset summary
I need to update my death disk, it sits alongside a paper copy inside a fireproof box.
I have one file listing all banks, building societies, direct debits, brokers, insurers, utility suppliers, DVLA etc - contact address, tel, account type
This has no account numbers or balances
I also have a net asset worth file which gets updated rather more regularly, lists all accounts, credit cards etc
This has no account numbers, just balances and a total
I have box files for my statements, a house binder(utilities, insurance, mortgage statements) and a car binder (tax insurance MOT)
Even if anyone found my written passwords, and linked them to an account, they are generally only ciphers.
Anyone legit should be able to figure it out without much trouble.
I have one file listing all banks, building societies, direct debits, brokers, insurers, utility suppliers, DVLA etc - contact address, tel, account type
This has no account numbers or balances
I also have a net asset worth file which gets updated rather more regularly, lists all accounts, credit cards etc
This has no account numbers, just balances and a total
I have box files for my statements, a house binder(utilities, insurance, mortgage statements) and a car binder (tax insurance MOT)
Even if anyone found my written passwords, and linked them to an account, they are generally only ciphers.
Anyone legit should be able to figure it out without much trouble.
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- Lemon Pip
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Re: An asset summary
If someone has an online account - no paper statements at all - and dies without leaving any information about it - presumably it will just sit there, untouched - for ever?
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- The full Lemon
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Re: An asset summary
Peanutte wrote:If someone has an online account - no paper statements at all - and dies without leaving any information about it - presumably it will just sit there, untouched - for ever?
I reckon someone will look at my PC and will find a reference to a bank even if not details of the account and can take it from there.
Dod
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- The full Lemon
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Re: An asset summary
Thinking about this, I am not very concerned and really do not want to draw up an asset register and anyway it will not be my problem. My affairs are fairly straightforward and I have no dependant nowadays so the asset side of things are of no real concern and will be fairly easily tracked down. The lawyer knows most things anyway.
My concern is funeral arrangements and whether a burial or cremation. I have fairly strong views on that and need to ensure that my family know.
Dod
My concern is funeral arrangements and whether a burial or cremation. I have fairly strong views on that and need to ensure that my family know.
Dod
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- Lemon Half
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Re: An asset summary
Have you not put your wishes for your funeral arrangements in your will?
That was one of the first things that our solicitor said should be included. Putting a list of your accounts and contact details with your will is also a good idea.
TJH
That was one of the first things that our solicitor said should be included. Putting a list of your accounts and contact details with your will is also a good idea.
TJH
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- The full Lemon
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Re: An asset summary
I have said that I wish to be cremated but that is as far as it has gone in the Will. I have written down what I want by way of a service, where my ashes should be scattered and so on and these notes are in a prominent place in the house where they will be easily found. Also told my kids.
As for assets, my lawyer has some stuff with my Will and that will do.
Dod
As for assets, my lawyer has some stuff with my Will and that will do.
Dod
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- Lemon Quarter
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Re: An asset summary
tjh290633 wrote:Have you not put your wishes for your funeral arrangements in your will?
That was one of the first things that our solicitor said should be included.
With all due respect to m'learned friend I totally disagree with him, the reason being that the Will is often not read until after the funeral has taken place. I therefore advise all clients making Wills not to include funeral instructions, but to make sure that whoever will be dealing with the funeral knows what they want.
This advice stems from practical experience, as I mentioned in a post from 2016 - viewtopic.php?p=103796#p103796
And I would never advise a client to include funeral instructions in the Will. I recall all too vividly when I was a trainee solicitor (or articled clerk as we were called in those dim and distant days) being asked to read a Will to the family of a wealthy client who'd died. The second clause expressed how they wanted to be buried in a specific location - just as the ashes from the crematorium were drifting overhead! I needed to do some swift `editing' but ever since I've reminded clients that it's not unusual for the Will to be read after the funeral.
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