How to ease online banking probate headache
But Life Safe® legacy management portal offers a solution – keeping all an individual’s important documents, digital assets, passwords and details of treasured possessions in one place.
Research published in September 2020 by Direct Line found that some 88 out of 100 probate lawyers believe it is harder to track down online bank accounts following the death of an individual due to the lack of a physical bank card or bank statements. Twenty-five in 100 probate lawyers say they have experienced problems themselves. Direct Line also found in a separate survey that two-fifths of the 2,007 people questioned did not know where a loved one held details of banking and financial information.
Further research, from a survey of 2,000 people by Opinium for Hargreaves Lansdown, revealed that just 7% have a letter of wishes alongside their will - which is where you can leave private details for the executors that you don’t want to be published in the will. It’s also often where people leave details of who should receive personal belongings. Also, just 5% have a register of assets (details of accounts, investments, pensions and insurance policies) to make it easier for those they leave behind to untangle their finances - exactly what Life Safe® was created to do.
James McNeile, a Partner in our Private Client team, comments:
“The lives of individuals straddle the online and digital worlds, yet digital footprints can be elusive. Where little or no physical records of banking or financial services products exist, it can cause problems and delays in probate, adding frustration and unnecessary worry to surviving loved ones.
“That is why in 2018 Royds Withy King created Life Safe, an ultra-secure legacy management portal. Life Safe allows individuals to store copies of important documents, such as a will or deeds to property, a record of digital assets, passwords, details of online banking and investment management, and even a record of physical items such as jewellery, sporting memorabilia, or artworks.
“Life Safe is part of our wider private wealth offering to individuals and their families across the UK which includes probate, tax, trust and estate planning, residential property, divorce and family matters, privacy and reputation management.”