Estate Planning
Discussion
Can you help?
My father spoke to me this weekend about making sure when he passed that it was easy for my brother and I to manage his estate/affairs.
He has created a will, and I am aware of some of his assets My brother and I are on the house as part owners.
Is it as simple as getting my dad to do a list? If it is , is there a template you recommend?
I then need to work with my dad to help him complete(he isn't very thorough) any tips?
Thank you
My father spoke to me this weekend about making sure when he passed that it was easy for my brother and I to manage his estate/affairs.
He has created a will, and I am aware of some of his assets My brother and I are on the house as part owners.
Is it as simple as getting my dad to do a list? If it is , is there a template you recommend?
I then need to work with my dad to help him complete(he isn't very thorough) any tips?
Thank you
There are various books like this one that you could fill in with your dad to make the process easier.
Edited by greygoose on Sunday 14th September 09:39
Great start and thank you, have LPAs in place.
Its my dad that has asked for help with it which is good so whilst he has health (82) I am keen to strike when the irons hot.
Book and password sounds a great idea.
Think my challenge is to ensure he does everything thoroughly, not his strong point and when I find mistakes he can get a little excited! Ie a few weeks ago he said he had his Halifax shares from the privatisation, he now thinks they are Lloyds so actually I've no idea.
Its my dad that has asked for help with it which is good so whilst he has health (82) I am keen to strike when the irons hot.
Book and password sounds a great idea.
Think my challenge is to ensure he does everything thoroughly, not his strong point and when I find mistakes he can get a little excited! Ie a few weeks ago he said he had his Halifax shares from the privatisation, he now thinks they are Lloyds so actually I've no idea.
Edited by rugbyleague on Sunday 14th September 10:12
Mr Pointy said:
Make sure he has a list of online usenames & passwords & maybe even get him to start using one of the password managers that allows emergency or family access - Bitwarden can do this.
A list of assets and also passwords can be saved on a piece of paper. The less tech the better IMHO.Simpo Two said:
A list of assets and also passwords can be saved on a piece of paper. The less tech the better IMHO.
Thanks and understandMy worry was by making a list up from scratch by myself may mean I would miss something.
A template would really help and the books look a good idea
rugbyleague said:
My worry was by making a list up from scratch by myself may mean I would miss something.
Gotcha. If he's of sound mind then a quiet sit-down and discussion - a polite interview if you like - would get most of them I should think. Are you talking about material things or '£500 I put in the post office in 1975 but can't find the passbook' things?Simpo Two said:
Gotcha. If he's of sound mind then a quiet sit-down and discussion - a polite interview if you like - would get most of them I should think. Are you talking about material things or '£500 I put in the post office in 1975 but can't find the passbook' things?
Thank you, I think he is of sound mind and he will very much tell me he is and how dare I ask.......I have to tread really carefully because when we had to manage my mums illness and her passing he struggled to organise himself and his wishes but then got quite agitated when me and my brother were trying to help him make important decisions.I think I'm aware of the big stuff, saving plans but outside of these I'm not so sure, and actually I wouldn't be convinced my dad knows either?
In big handfuls I think I need a list and then the ability to check the list to make sure I have captured everything.
I live quite a way from my dad and he does tell me he gets lonely so I'm going to increase my visits and try to do this work with him.
I don't want it to cause us to fall out though, because I know from previous experience I that there will be surprise inclusions and omissions....I have to go really gently and carefully.....
That said if we can get some information it will be better than no information!
Thanks again
Simpo Two said:
A list of assets and also passwords can be saved on a piece of paper. The less tech the better IMHO.
It is very convenient to be able to access online accounts and these days so much is online there may not be a paper trail and so you will never know what you could be missing.Just passwords may not be enough these days as it might be necessary to keep the email account and mobile phone going so that two factor authentication codes can be received and if biometric authentication has been used it won't work.
If possible have yourself added to all the accounts which should be possible using the LPA so that you can login as yourself but be aware that after death has been notified the accounts will be frozen and it will not be possible to access.
Another 82 year old here!
About 3 years ago I realised I that, for my wife and I, I needed to gather ALL relevant information together into one place, but had little idea how to start. I then discovered that many insurance companies’ websites include a document called something like “After I’m Gone”. I reviewed these, and downloaded the one I thought the best, and that’s how I got started.
It did not take long for me to realise that the After I’m Gone that I had was very elementary and short of many items that I felt the need to record to make things as easy as possible for my executors. So, I started to develop my own workbook in which I planned to record EVERYTHING. It took me some while to get it all together: once I started, I soon began to realise how much less obviously useful information was still worth recording. Now the workbook has 12 separate spreadsheets, each one for a different subject. It is very detailed.
From the outset I decided that I would include full details of such items as financial accounts but I would not include actual values nor any passwords as I considered it too dangerous to have these all together. So, these are recorded elsewhere, somewhere known to my executors.
The workbook is not stored on my laptop.
Having a very comprehensive workbook does mean that there’s a need to update it frequently as and when new information arises. I don’t leave the updating for later because the new stuff will accumulate quickly!
BTW, I pass a copy of the latest version of the workbook and financial values to one of our executors on a regular basis.
R.
About 3 years ago I realised I that, for my wife and I, I needed to gather ALL relevant information together into one place, but had little idea how to start. I then discovered that many insurance companies’ websites include a document called something like “After I’m Gone”. I reviewed these, and downloaded the one I thought the best, and that’s how I got started.
It did not take long for me to realise that the After I’m Gone that I had was very elementary and short of many items that I felt the need to record to make things as easy as possible for my executors. So, I started to develop my own workbook in which I planned to record EVERYTHING. It took me some while to get it all together: once I started, I soon began to realise how much less obviously useful information was still worth recording. Now the workbook has 12 separate spreadsheets, each one for a different subject. It is very detailed.
From the outset I decided that I would include full details of such items as financial accounts but I would not include actual values nor any passwords as I considered it too dangerous to have these all together. So, these are recorded elsewhere, somewhere known to my executors.
The workbook is not stored on my laptop.
Having a very comprehensive workbook does mean that there’s a need to update it frequently as and when new information arises. I don’t leave the updating for later because the new stuff will accumulate quickly!
BTW, I pass a copy of the latest version of the workbook and financial values to one of our executors on a regular basis.
R.
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