Let us assume for now that you are one of the minority who has written your Last Will and Testament. Now let us assume that you are one of the few of that minority who has bothered to keep it up to date. There’s a good chance that your Will would say something like “I leave my entire estate to my husband John” or “I divide my estate equally between my two children Billy and Betty”.
Now imagine that something were to happen to you today. Would the person who you have named as the Executor in your Will be able to find all of your assets? How many financial accounts do you have? How many insurance policies? What about online accounts with financial assets (like PayPal, GoDaddy PaddyPower or eBay), how many online accounts with family memorabilia (like Flickr, Picassa or Shutterfly), accounts with material assets (like iTunes, Audible, Amazon). There used to be a time when your Executor would go through your mail and take a look at bank statements, but do you receive paper statements from your eTrade, Questrade, William Hill or Party Poker accounts?
Even the people closest to you may not know about every financial or material asset that you own, and if they do, they may struggle to gain access. If you write a Will using a lawyer or solicitor, and have named that legal professional as your Executor, do you let them know every time you open a new account? One of the most common questions we get at LegalWills is “my Dad wrote a Will with a lawyer, but we don’t know which one, how can we find it”. In these situations, the lawyer doesn’t even know that the person has died, so they almost certainly won’t have an up-to-date list of assets.
At LegalWills we are trying to bring Will writing into the twenty first century. Firstly, by letting people prepare their own legal documents at an affordable price for the comfort of their home, and then by letting them update them whenever circumstances change. But modern technology also allows us to do innovative things like integrate My Life Locker into our LegalWills services. My Life Locker allows you to keep an up-to-date record of your key contacts, assets, financial accounts and online accounts which can then be updated at any time, simply by logging into your account. You can at any time download and print your Life Locker and keep it somewhere safe in the house. Alternatively, you can create Keyholders™ and these people will be able to access your Life Locker at the appropriate time; once you have passed away.
If you’ve ever been an Executor, or have ever talked to somebody who has just administered an estate, you will know how difficult it can be to gather the assets, and how impossible it is to know when that task is complete. There are millions of bank accounts around the World sitting dormant because the account holders died, and nobody knew they existed. If you look at online account policies you will often see terms like this;
If we continue to deem your account inactive for a period of eighteen consecutive calendar months, in order to safeguard your monies, we may withhold any remaining monies in your account and close your account. You may contact us to reclaim any such withheld monies at any time
In other words, if you don’t use your account, the money is lost.
Thankfully with services like My Life Locker integrated within LegalWills.ca, USLegalWills.com and LegalWills.co.uk we can provide you with the tools to ensure that all of your assets can reach your beneficiaries.