I read a great article last week entitled “10 minute guide to estate planning“. The article starts by framing the problem; everybody knows that they should have their estate planning in place, but only 44% had done anything about it, but then the article strips away the complexities and conveys three simple messages; Get life insurance, prepare your estate planning documents, and then “Create a Master Document for Your Loved Ones”. We’ve discussed at length the creation of the estate planning documents in previous articles, and a Will, Power of Attorney and Living Will can be created easily and inexpensively at www.legalwills.ca, www.uslegalwills.com and www.legalwills.co.uk, but it was the reference to a master document for your loved ones that I found really interesting.
The article describes the master document as
An important aspect of estate planning involves sitting down and listing all of your assets and debts. Next to these items, state everything you want done to close them out and to put the assets in the hands of the people who you wish to have them… This document can be a tremendous help to your grieving family who may end up disagreeing about who gets what, when and how.
It makes complete sense to do this, but very few people do because it’s actually more difficult than it seems. However, recently I was fortunate to meet Sandra Tisiot, the creator of My Life Locker. I think Sandra may be the best person to introduce My Life Locker to you….
My Life Locker is perfect solution for organization everything important in one place all organized into “lockers”. The first locker prompts you to list your family contact information, the second covers important information like property details. You then go on to list financial information in locker three, and finally locker four has space for your professional contacts. If your Executor located your Will, and then saw your Life Locker sitting next to it, they would breath a sigh of relief. In a recent article we talked about the billions of dollars and pounds sitting in bank accounts of deceased individuals, that is never claimed simply because nobody knew it was there. My Life Locker solves this problem.
I recently had to cover a friend’s business interests while he went on vacation in Europe for a couple of weeks and we spent hours going through all of his contacts, procedures for dealing with things and explaining everything that he has to do to keep his business ticking over. It will be a little bit like that for your Executor trying to administer your estate, except they are usually given no information whatsoever. My Life Locker is a great solution for solving an age old problem for the Executor, by simply giving them the information that they need.