The people charged with managing your affairs after you die, or needing access to family funds, need to know where things are
Unexpected death is hard enough on families without them having to struggle to track down details of your assets and accounts. Photograph: iStock
When your die, your finances live on. Until your executor or personal representative informs financial institutions of your demise, money will continue to transfer into savings accounts, charges will be incurred on your account and direct debits will be paid as usual.As Moran says, “They are only going to find out if the executor knows about and knows to write to them”.
As Pat Byrne, CEO of the credit union says: “People say ‘I’ll leave it for another couple of years’, and put it on the long finger.”“People should review their will every two to five years,” says Moran, adding that “some people would be in every year changing their will!”“For some people, it’s really difficult to make their will and to put their mind to it,” says Moran, adding that these people are unlikely to reconsider their will, “unless circumstances dictate” they do so.
If you’re not as proactive as you might like to be, you can still make it easier for those you leave behind, without too much effort on your part. After all, as Moran says, what’s important is that you know where the person has their money – it doesn’t matter too much about the particular accounts, and the sums in each.
“You don’t have to put account details with the amount in them,” says Moran, adding it can just be a “really bland letter” with no real personal information in it. But it will alert your next of kin to the fact that you have accounts with that institution. And the institution can take it from there. Moran is less bullish on joint accounts between older parents and adult children, noting that they “can be problematic”.
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