Would you tell your married kids everything about your finances ?

I'm not quite sure I understand the question?
My two children have joint POA, how is it possible for one of them to betray the other? They have seen our wills and are happy with them.
Have you found a loophole we haven't considered?

My 3 have POA jointly they know my wishes and I have full trust in them all.

Your assets may not be as they are now when you die, you could live another 30 years and who knows what will happen.

I don't see that your children need to know until the will reading.

ExDancer

I'm not quite sure I understand the question?
My two children have joint POA, how is it possible for one of them to betray the other? They have seen our wills and are happy with them.
Have you found a loophole we haven't considered?

There are two types of PoA - jointly and severally — they can make decisions together or independently (for example, either all sign any document, or one attorney alone can sign any document) severally — they can make decisions independently (and one attorney alone can sign any document). My brother was able to make decisions independently without my knowledge.

I agree with Elizabeth27.
I wouldnt dream of telling my sons how much i have any more than i would want to know how much they have.

Elizabeth27

Your assets may not be as they are now when you die, you could live another 30 years and who knows what will happen.

I don't see that your children need to know until the will reading.

Thank you. It was more of a hypothetical question if we became incapacitated or died within a short space of time together. I have known a few couples that passed away within months of each other. The odds are that it probably won't happen that the surviving one will put things in place. One thing that I have learnt is that money and family don't mix

Have a file with details of your bank accounts, pensions and investments which will give your executors all they need to know when you die. They don’t need to know now, and as has been said things will change over the years.

As GSM has said, have everything together in one place where it can be easily found when the time comes.

Germanshepherdsmum

Have a file with details of your bank accounts, pensions and investments which will give your executors all they need to know when you die. They don’t need to know now, and as has been said things will change over the years.

I really need to do this. I've spread my assets (eggs in different basket thinking) and I'm not sure my DD will be able to find them all.

and a more general point about online accounts, or anything online.
they cannot be accessed without password.
there have been cases where say a younger person dies suddenly, and even family photos cannot be accessed, as the relatives have no way of getting into the deceased's accounts.
the operator, eg facebook, absolutely refuse to assist.
this adds to the anguish for the bereaved.

We’re trying to follow GSM’s advice.

We’ve just moved house so it’s a good time to do this. We’ve managed to close redundant accounts with now-non-existent building societies etc and gather other things in one place. We do need to put a copy of our wills into it and our POA’s.

Our dd has POA. We trust her implicitly and our four dc are pretty close so I have no fears there. It was really the only way as one dc lives in the US and two in England, so this was the most practical solution.

Germanshepherdsmum

Have a file with details of your bank accounts, pensions and investments which will give your executors all they need to know when you die. They don’t need to know now, and as has been said things will change over the years.

I have a fireproof box which has all my important documents in, including a copy of all my savings accounts and investments, together with contact details for my financial adviser. My children know where I keep this box.

But I have not given them exact details of how much money I have, that can wait until I pop my clogs!

We are in our late 70s, our daughters, GC, and GGC have knowledge of our assets, not day to day balances. Doesn't matter to us if they are married, knowledge is good.

They know our solicitor and what our wills direct.

I'd not mind if they wanted more current details, but it's all boring. I doubt they care until our health changes - or we have medical and care needs.

Simply leave details of where everything is (I suggest getting it out every year for a look just in case you have forgotten anything done in the previous year) together with your will or a copy of it (if for example a solicitor has it) and make sure family knows where the documents are kept.

Our DD has POA (welfare and financial). Our wills are made. Both children know what's in it. No surprises.

Curious - don't all people keep records of assets, liabilities?

I have re-accomplished the same diary of assets every Jan2 - since the year we married. My children know desk drawer location of my finance diary, always have known.

I don’t but my Partner OH does, they know exactly what is in his will so nothing is hidden. He has done this because his father remarried and there was a lot of family hostility over the inheritance uncertainty.

As a result the whole family are open and friendly and have accepted me, so I’m quite lucky not having to cope with unfriendly family.

My middle son works in finance and I have told him where the papers and passwords are kept. He never listens and I'm sure he won't remember where to look. My sil
has signed a few docs for me and is more on the ball so I think between the 2 of them they will cope.
My only worry is that son keeps telling me I should be making regular gifts but I don't want to leave myself short in case I need to pay for any ops now that the Nhs is in crisis.

No but they know exactly what is specified in our will. They know where our paperwork is if something should happen to us.

Age UK have a very useful Fact Sheet, with links to other places to look for help as well. It deals with all aspects of end of life considerations .
www.ageuk.org.uk/globalassets/age-uk/documents/information-guides/ageukig51_thinking_about_end_of_life_inf.pdf

My kids only get told what they need to know it’s only there business when I’m gone Do your kids tell you about their assets I very much doubt it. I don’t need to know. I have everything in place and paperwork etc in a fireproof etc box. They both know what it looks like and when time comes I’m sure they will be fine.

Thank you MOnica. That link is very useful. I have saved it to my ‘notes’.

Yes and the unmarried one if she wanted to know. We have complete financial transparency in this family. The two older ones have our PoA - not the third because she lives a travelling life and it might be difficult to get hold of her at any point.

Our two have joint P of A. We haven’t told them in detail about our finances but I’m sure they have a fair idea.

We have told them where to find our wills and other necessary info. in case we both end up dead in e.g. a road accident.