Can Your Executors Access Your Assets?

Can Your Executors Access Your Assets?

You have sensibly made your Will explaining who are to be the executors of your estate and what you want to happen to your estate on your death.

Have you however given any thought to whether your executor will know what assets you have?

In the days when everyone had regular monthly bank statements through the post and regular updates for investments through the post then, it is likely that your executor, on looking through your paperwork would find out where your assets are held.

Increasingly, however, people bank and deal with all of their affairs online.  You may never print off bank statements.

In the circumstances, it is a very good idea to prepare a list (and keep it updated) of your assets and where they are held.  Even basic information as to which bank, the sort code and bank account details will suffice.  This will enable your executor to contact the bank on your death with all relevant information in order to close the account and distribute your money in accordance with your Will.

The more complicated your financial affairs the more important it is to keep any such list updated to ensure that your executor knows where all your money and assets are held, such that the people you want to benefit from your estate receive the money and not the banks or other financial institutions.

If you do not want your executor to know all about your financial affairs prior to your death, ensure that an up to date schedule is kept with your Will.  Also, ensure that your executor knows who holds your Will if it is stored away from home or where you keep it if it is somewhere in your house.

Being prepared in this way will make your executor’s life easier and will ensure that all of your assets are received by those who are entitled.

How to make contact

To speak to our Wills and Probate Solicitors today, simply call us on 0161 929 0121, or allow a member of the team to get back to you by filling in our online contact form. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.

Authored by Ben Posted in News, Private Client Tagged as