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Was talking to an older guy who told me he kept a book with all his finance details, bank account info, numbers and amounts etc, so when he went (still many years life left him in my opinion) his kids would get his money without it being ‘lost in the system’. I advised him he should not do that as it’s insecure and not safe - obviously. He asked me what he should do where he does not have to share private info with his off spring, but it’s there for them when he isn’t. I thought about it for a short time, then admitted I didn’t really know how best to advise him.
Must be a common problem but I’ve not thought about it, but pertinent to many.
Hos do you store confidential info securely but with access ?
Can’t believe I don’t know the answer.
Hos do you store confidential info securely but with access ?
A safe.
All our stuff is written down in a fire safe.
I advised him he should not do that as it’s insecure and not safe
It's probably is. Even if he was burgled, they'd just toss the notebook aside looking for cash or jewelry.
MIL does exactly the same, they ignored her notebook with all her PINs and passwords in it and instead turfed out all their cupboards and wardrobes looking for socks stuffed full of cash. Being old, they did actually have socks stuffed full of cash. Luckily they hadn't thrown anything away for the past 600 years, so they never found the right pair of socks and left pretty much empty handed.
The notebook full of bank details was amongst this lot...
[url= https://live.staticflickr.com/65535/52452229337_c5c92fd680_c.jp g" target="_blank">https://live.staticflickr.com/65535/52452229337_c5c92fd680_c.jp g"/> [/img][/url][url= https://flic.kr/p/2nV2onF ]Office[/url] by [url= https://www.flickr.com/photos/brf/ ]Ben Freeman[/url], on Flickr
We bought and installed a Fire safe for them, bolted to a concrete floor - they can now keep socks full of cash in that (hopefully).
[url= https://live.staticflickr.com/65535/52648807886_2867cb186f_c.jp g" target="_blank">https://live.staticflickr.com/65535/52648807886_2867cb186f_c.jp g"/> [/img][/url][url= https://flic.kr/p/2odoUk1 ]Fire safe[/url] by [url= https://www.flickr.com/photos/brf/ ]Ben Freeman[/url], on Flickr
My dad's stuff is all documented in one of many folders in his office. I'm not sure what would be more secure to be honest.
Footflaps - what sort of safe did you go for? That’s been on my todo list for aeons but keep putting it off…
Now thinking should I get a safe, but then it’s a target. As said a random note book might be the best way. Thanks for input. I’d like to see the old guy again just to tell him I was wrong, his way is best 😀
I used to have a random sheet of A4 with all my passwords hidden in amongst a huge pile of old CRC, Merlin, Wiggle etc. receipts, in amongst a load of other documents.
Aberdeenshire CID found it while they were searching my property (long story) and left it out and on the top of the pile. When they interviewed me they mentioned it in passing and said it wasn't a good idea. 😳😳
All he really needs to do is give the executor a list of the financial institutions where he's got money. No need for account numbers, sort codes or amounts. On his demise the executor can just supply a death certificate and they'll release the money.
Footflaps – what sort of safe did you go for? That’s been on my todo list for aeons but keep putting it off…
Yale one - super cheap from Costco, but they don't seem to have the model we bought in stock right now.
Now thinking should I get a safe, but then it’s a target.
Probably not.
In the case of the in-laws, burgled before xmas, the burglars broke a downstairs window then ran straight upstairs ransacking bedrooms looking for cash in socks and jewelry. They ignored downstairs completely, which is where I installed the safe. As far as we can tell, they had a screwdriver as their only tool as they tried to force the window with it, before just smashing the glass.
Many years ago, my parents were also burgled and my dad had a fire safe in the shed, not bolted down. They took it up the garden and attacked with a spade and fork (the tools they also found in the shed). The didn't even scratch the paint. We recovered it and put it back in the shed...
Obvs the lock picking lawyer could open it in under 30 secs and with an 18v angle grinder you could probably just cut it open as well, but your average burglar only has a 6" screwdriver and an IQ in single digits....
That safe looks like it’d be naff-all use in a proper fire tbh!
That safe looks like it’d be naff-all use in a proper fire tbh!
Supposedly rated for an hour, but we didn't buy it for that - it's just a cheap lockable box for storing stuff you don't want nicked. It also has a key code entry which I set to the same number as the inlaws Phones, so they won't forget it.
Until they come back tooled up to get into it 😬 I’d be tempted to make it a lot less visible tbh!!
Until they come back tooled up to get into it
Highly unlikely, once they've ransacked the house and found nothing of value and nothing new, and a 22" non LCD TV, they're not going to think there's bullion in a small fire safe....
Except you’ve already told the entire internet it’s full of cash 🤔
entire internet
A few middle aged IT managers is not quite the same thing...
I used to have it all in Family LastPass. The idea is that if I die they are able to recover the password and get the info as that is how it works. Might need to find something else now. (Passwords of course aren't there, just the accounts and where they are held. There isn't much but it's good to be in one place)
I doubt the bank name(s) and account numbers would be much use to average burglar, and there's no point passing on passwords etc to the family as the bank will block them if the holder has died. If the relatives know who to talk to, and they have the Will and their own ID, that's all that needs to be kept.
IMHO, Safes are like catnip for burglars, we have one it’s open and empty. A hide is much better.
If you’re getting fireproof safes, need to make sure they’re waterproof too.
Surely re the financial details a password protected spreadsheet that you could give to named executors (along with the password) would be better. You could even include the locations of the cash filled socks ?
I realise that elderly people may need assistance from trusted family creating this in the first place. I was executor for my parents estate. It was a ****in' nightmare of bank accounts etc but thankfully it was all documented.
Like other have said. A list of where money/policies etc are kept and then the executors can contact the banks and they will find it for you. A spreadsheet is t a bad idea but need to be kept updated as otherwise might not be readable in a few years time
Or keep everything (and I mean everything!) in a battered suitcase and it will take burglars at least a week to find which accounts are current and who they are now with as building societies have merged etc like I did when my mum passed away.
I’ll never forget my sister’s flare getting burgled. They took my Amiga and some cds, tried to take the microwave - but because it was wired through a hole in the worktop they gave up and left it on the bench… next to an envelope with 300 quid in it!
All he really needs to do is give the executor a list of the financial institutions where he’s got money. No need for account numbers, sort codes or amounts
I mean, this is true, but giving the account/policy numbers makes everyone's lives a lot easier.
FWIW, I set up a shared Google Doc that me and my dad can access, and put a link straight to it on the desktop of his laptop. He listed all the stuff on that.
I installed a key safe that’s big enough to hold passports etc. It has a digital combination lock and a manual key - the key is inside the safe and the batteries have gone flat so I can’t open the safe 🤣 time to get the angle grinder out
All mine are stored in my BITWARDEN app along with all my other passwords.
Passwords can also be shared with my wife's Bitwarden account in the family folder.
A safe with some meaningful looking, but entirely made up, financial stuff might be a handy idea. Easy enough to hide the crucial stuff elsewhere.