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Why you need a personal assets log

by Sherron Alexander-Bedingfield | Aug 26, 2015
  • The world we live in is virtually paperless, physical bank statements and bank books have become a thing of the past. Records of what we have, what we owe and who owes us are held in the cloud and can easily be lost after our death.
    personal assets log

    Allow your legacy to live on

    To access information in the cloud, you need user names and passwords, but these are not always kept in the most obvious places. When you pass away, your loved ones may not know how to access this information. Heirs may be left in the dark about what assets you had and where your important papers are kept. 

    Keep executors apprised

    The role of an executor is to value your whole estate and present the most recent original will to probate after paying any debts, taxes and funeral expenses. If the original will cannot be found or the estate cannot be valued, then there may be delays in the administration of the estate. Consequently, beneficiaries will have to wait even longer to receive their inheritance.

    Where this information is stored electronically, executors should obtain a grant of probate before accessing online accounts. Using the deceased’s passwords to access their online assets could be an offence under the Computer Misuse Act 1990, unless this is authorised for each account.   

    Creating a lasting power of attorney

    An attorney, acting under the authority of a lasting power of attorney for property and financial affairs, cannot effectively manage the finances of the donor if it is not known what assets the donor has or where they are located. 

    Our wills team can assist you in not only preparing a will and lasting powers of attorney, but also discuss your document storage options. 

    It’s important to know that when the time comes, your executor will know where to look for these important documents. Email us and we’ll provide you with a free personal assets log to ensure that your affairs are collated in the most efficient way possible.

    The full version of this article can be found on Sherron's Pulse.

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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