"If I die" file

conor_mc said:

Just regarding bank account numbers, passwords, etc., I would suggest using a password manager (or possibly two, if you wish to segregate account info from the passwords). Password Managers like LastPass generally have features where you can set up emergency access for a loved one in the event of you becoming incapacitated or deceased.

LastPass Emergency Access

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Thanks for that Conor. I didn't know there was an emergency access. I've set that up with my wife now (I may have to add my son to it too!).

Blackrock1 said:

no will yet, we should probably look at that, everything would go to my wife anyway at the moment (we are in early 40s with young kids) does it matter for now?

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There are different rules if you die without a will. Your assets do not automatically go to your wife. They are shared with your children by default. It would be better to make a simple will. A decent solicitor should not charge a fortune. Ask a friend (if they know a solicitor)and get your wife to do the same. Saves so much hassle and more importantly, expense.

I use the attached template checklist, and I have it with a copy of my will, in a marked folder.

Blackrock1 said:

no will yet, we should probably look at that, everything would go to my wife anyway at the moment (we are in early 40s with young kids) does it matter for now?

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Steven Barrett said:

Anything not in joint names will go to your estate and under the Succession Act, your children will get 1/3 of your assets. Probate takes a long time as it is, it will be longer without having a will, so yes, it is important to have one.

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For the reasons outlined by Steven and to avoid intestacy rules, we finally got around to making our wills earlier this year.

Very simple and straightforward, everything is left to each other and we are each other's executors. But probably more important than that was in the unlikely event of our simultaneously demise, we have appointed executors and requested guardianship of our kids (ask the person first). All of our wealth is held in trust for the kids by this person also.

It's sad to say but my spouse's family are difficult (that's an understatement) people to deal with so appointing guardians takes away any chance of them claiming guardianship.

_OkGo_ said:

For the reasons outlined by Steven and to avoid intestacy rules, we finally got around to making our wills earlier this year.

Very simple and straightforward, everything is left to each other and we are each other's executors. But probably more important than that was in the unlikely event of our simultaneously demise, we have appointed executors and requested guardianship of our kids (ask the person first). All of our wealth is held in trust for the kids by this person also.

It's sad to say but my spouse's family are difficult (that's an understatement) people to deal with so appointing guardians takes away any chance of them claiming guardianship.

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This is the biggest issue with children...who is going to look after them. Siblings may have different views on education, work etc. If they are going to bring up your kids, you want them to do it in line with what you want.

I have come across plenty of occassions where no financial provision is made to pay for the raising of your children. It is ridiculous to expect someone else to take on the financial burden of raising your children, putting their own financial security at risk. Imagine having kids in private school and the new guardian having to find €20,000 to pay fees for 3 kids?!! Have a life cover plan! (I am not in any way suggesting Blackrock or OkGo don't have provisions made).

Steven Barrett said:

I have come across plenty of occassions where no financial provision is made to pay for the raising of your children. It is ridiculous to expect someone else to take on the financial burden of raising your children, putting their own financial security at risk

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That is exactly it. I don't remember the wording exactly but the guardians we have chosen will have the ability to use funds as they see fit for education, activities, holidays and everything else.

As you said it would be unfair to expect another family to go from 2 kids to 4/5 kids and expect them to be able to afford the same lifestyle. All the while, the 'adopted' kids get a huge payout at 18

In our case at least, we would trust our chosen guardians implicitly to raise them as we would and use the funds wisely so all the kids (ours & theirs) get the opportunities they deserve.

I do all the household stuff and investments etc as im more organized
I keep telling the other half where all the money is (its all over the place. lots of different accounts and investments), but he cant keep track of it. I did a google sheets and shared it with all the accounts, insurances and the companies they are with. I put in the usernames but not the passwords and said to just contact them or get a solicitor to do it all if i die first, but he doesnt bother to use google and probably will forget its there.

Was thinking of putting it on a will and leaving it with a solicitor but sure the money moves around every year anyway.

And then there is all the subscriptions etc.

Its a total pain., and I havent figured out a fool proof system yet.

Wilson.p said:

I do all the household stuff and investments etc as im more organized
I keep telling the other half where all the money is (its all over the place. lots of different accounts and investments), but he cant keep track of it.

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Wilson.p said:

It’s a total pain., and I havent figured out a fool proof system yet.

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The implication in the final sentence did make me chuckle!