3 ways to ‘tidy-up’ your estate for family
In a recent survey conducted by Legado, 29% of people said their life’s most important documents were not stored in one safe place – and they could not be confident next of kin would know where to look in the event of their death. With documents now a mix of digital-only and paper-based copies it’s getting harder and harder for executors to track down the documents that matter.
Here are three common problems leading to ‘messy’ estates and some ways you can organise and tidy-up loose ends, ensuring your family will never be left in the dark.
1. Not throwing enough away
As surprising as it sounds, keeping paperwork that’s no longer relevant can cause problems. Faced with not knowing what’s important and what’s not, your family will be forced to make additional enquiries. For example, old share certificates may be long sold, but without checking it’s impossible to know. Many organisations now have specialist bereavement teams, but no matter how sensitive the call handler, having to repeat again and again the date of death of your loved one is hard. Anything you can do to limit the amount of admin required will save them emotional stress in the end.
2. Keeping digital and the paper-based records separate
It’s estimated around 1.6m in pension pots worth £19.4bn are ‘lost’ because families don’t realise the policies exist. No one wants to think of their family missing out, least of all valuable pension income. But it’s hardly surprising when you consider that our important life admin is now a mix of both paper-based records and digital copies. Some digital files may be emailed and never downloaded, others like annual financial summaries are sometimes only accessible behind password-protected websites. In fact, only 16% of people* felt they updated and organised their affairs regularly.
3. Only sorting the ‘big stuff’
Alongside the obvious important documents like your Will, pension statements, NI number, and savings accounts there are other crucial details such as passwords for utility sites, social media accounts, car documentation and pet insurance. A common mistake is to leave clues as to where the ‘big stuff’ might be found, only to leave out access to email or social media accounts.
Be Life-Ready for anything.
Legado helps you organise all the important details about your life and affairs in one secure, accessible place with bank-grade digital vault storage. Plus, it’s easy to do with pre-organised categories acting as prompts. All data in a Legado vault is encrypted – even the Legado team has no access to the files. With added two-factor authentication, even if someone discovers your password, they wouldn’t be able to access your Legado account information, because to log-in both a password and unique code from your mobile phone are required.
Perhaps best of all, a Legado digital vault allows you to select nominees who know this is where you keep your most private documents. Give them access to some, or all of your vault, or if you prefer, leave everything private and set up after-death sharing.
With a Legado digital vault your family will find your affairs neatly organised, updated and ready for whatever life throws at you.
*Source: YouGov Survey February 2021
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!