Father Sez

From and to parents - parental advice to our children on personal financial management and life.
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Posts Tagged ‘wills’

My final letter – its still in draft form

Monday, December 1st, 2008

My wife and I did our wills a couple of years ago. We have appointed our executors and have also in a family meeting informed the children the identity of our chosen administrators. We used the services of an Islamic Estate Planning firm in drawing up our will, As Salihin Trustee Berhad. The firm is also storing our wills and has given us bar coded cards which uniquely identify our wills. My wife and I and our two chosen executors have one card each. 

Still, I have sometimes felt that the wills would not allow our children to have complete access to the details of our affairs, especially financial. I keep most of our information in my computer (backed up every fortnightly). There are passwords and one has to understand the manner of my filing to easily unlock the information. Hence an urge to write another letter to my children to explain this.  

Ever since I read Madison of the Dollar Plan’s “Dear Husband, what to do if I die?”, the urge has grown stronger. Madison’s post was way back on the 28 February 2008.

Mrs. Micah came up with an “alien abduction package”. As she is the more engaged of the Mr and Mrs. Micah duo in the finances of the family, she has worked out a manual to walk Mr. Micah through the intricacies of the family finances in the event she gets abducted by aliens.  

I started on my first draft of my version of the final letter on the 30th October 2008. I want to take a little time to prepare this letter as I want it to be as complete as possible. I have prepared the various headings and am slowly completing the various blank sections.  

Details such as our bank account numbers (though listed in our wills, this is a dynamic issue and the computer records are more updated), insurance policies – types, and policy   numbers, passwords etc. 

A major item would be the issue of “side promises” if any, I make with any business partners. Though this is never done without consulting the “boss” of the household, my wife, the children might not be aware of all of them. 

Then there is the issue of passwords and user IDs.  I don’t do too much of internet banking, though we do have automated payment of most of our bills. I don’t want to disclose the passwords now, as our information might be compromised. Madison mentioned the creation and use of a “Masterkey for passwords and user IDs”. This is something that I am totally blank about. I am not sure if anyone has written any posts on “Masterkeys for Dummies”. I have to do some research on this. 

This final letter is going to be one of the goals for 2009. Not a major one though as the outline is already there.

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