Online bank accounts & subscriptions

Our finances and financial information is increasingly becoming digitised and managed online. Below is a list of the popular online accounts and subscriptions used by the general public. It is important that you understand your rights and the terms of service entered into with each provider.

Types of online accounts

  • Online banking
  • Online only saver bank account
  • Online bank accounts
  • Online stores (Etsy etc)
  • Online store subscriptions (Amazon Prime etc)
  • PayPal (especially if you keep credit located in your PayPal account / sell goods on eBay etc)
  • Oyster card / travel subscriptions
  • Online investment services (stock exchange, foreign currency, etc).
  • Online gambling services
  • Online gaming subscriptions (Xbox etc)
  • Online entertainment (Sky, Netflix etc)
  • Newspaper subscriptions (online and offline)
  • Cryptocurrencies (like Bitcoin Ethereum) and the wallets used to hold the currencies (like Coinbase, eTorro etc)
  • Insurance and prepaid cover (for example insurance documents, funeral plans etc)
  • Financial stocks and shares

Getting our financial affairs in order

By addressing our financial and legal documentation during our lives, we can help make our passing easier on those left being both emotionally and financially.

By getting our finances in order and passing over the relevant information you may reduce the likelihood of inheritance taxes, paying for obsolete subscriptions and increased distress This will help ensure that your money goes where you want it to be allocated (and not on local and regional taxes).

Have you put any money aside for your funeral?

 Have_you_put_any_money_aside_for_your_funeral

 Data attained from the Digital Death Survey

Financial checklist

  • Apply for any outstanding benefits or money that is owed to you
  • Close any unused bank accounts
  • Pay any outstanding bills (taxes)
  • Close gym memberships, any other lifestyle monthly direct debits
  • Consider changing your monthly mobile phone tariff to Pay as You Go (PAYG).
  • Pass on the keys for any safe deposit boxes (if you are lucky enough to have one)
  • Pay any credit cards, loans, unpaid tax returns or unpaid bills.
  • Think about closing premium software subscriptions (like Linkedin) subscriptions and how you plan to pay for your websites hosting etc once you have died.
  • Once you have considered the financial implications of the areas highlighted above tell someone or include directions as to how you would like them addressed in your will.
  • Ways to reduce the cost
  • In many countries such as in the UK and the USA the ‘cost of dying’ is increasing ahead of the rate of inflation. There are many ways in which we can reduce the ‘cost of dying’ and the outlay required for a funeral. These include arranging your own funeral and obtaining financial support. You may also want to consider requesting that money is donated towards the costs of the funeral as an alternative to flowers
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