Posted by Mandy Casavant, Partner
A new way to manage your wealth and legacy
In a world where technology is rapidly changing, and wealth and assets are becoming increasingly fragmented and difficult to define, managing your legacy and understanding the value of your family’s assets is not simple. Specialist Mandy Casavant discusses the importance of making sure your family know the value of your collections and assets, and how our unique Life Safe portal can help you do this.
Gone are the days where the family home and a few investments in the latest pharmaceutical company are the sum of a family’s wealth. Legacy planning now has to accommodate digital information, intellectual property, betting accounts, lines of credit online, online investments and cryptocurrency, blogs, domain names, gaming avatars, online books and other original works, increasingly complicated inheritance tax laws, capital gains tax and strict landlord obligations on property portfolios.
Our Private Wealth team often come across the issues of secret savings and assets whether this is in the event of a divorce or after the death of a loved one. This is more common than you would think. Research carried out by Prudential (May 2018) found that nearly a third of couples have built up secret savings that their partners don’t know about!
Mandy Casavant from our Private Client team says, “Bereaved families I advise often have to deal with a fragmented estate where the executors are not clear on where or what assets there are and what their value is. Digital assets, collectables and online investments all contribute to a sometimes very complicated pot. Understandably, having a conversation with an elderly relative, or even someone in middle age, about what their estate is made up of and how it is to be dealt with if they pass away, can be an uncomfortable and emotional one.
Our secure online portal, Life Safe, helps our clients with complex wealth structures gain a complete wealth overview and manage their legacy, leaving their affairs in good order for beneficiaries. They can be candid in the portal in setting out what they have and how parts of it are to be dealt with including notes for executors. It can be a valuable tool to assist across generations in getting a person’s “house in order” and be assured that nothing has been missed.”
Life Safe® – a new way to manage your legacy
Life Safe is a unique portal to securely store all your important documents. You can consolidate all your personal and legal documents in one place providing a place that your loved ones can access in the event of any issues. It can also be used to provide a total wealth overview helping you and your family keep track of bank accounts, investments, property portfolios, collections and intellectual property to name a few. It is designed to be easy to use and simple to populate.
Collections and memorabilia
Many people have passionate interests in collectables such as fine wine, jewellery and watch collections, sporting memorabilia, books, music, vintage cars, art, furniture, or designer accessories. For some this may be a hobby but for others their collection is a serious investment. Mandy Casavant comments, “Family members and beneficiaries will not always understand the value of your collection. Using Life Safe you can catalogue your assets with pictures, describe their location and value. This can make the probate process simpler and less confusing for your family allowing them to be confident in the value of your total estate.”
Passwords for everything
In this digital age you need a password for everything from social media sites to investment portfolios and bank accounts. Life Safe is a safe and secure place to store these passwords so you’ll never get locked out. Keeping track of fragmented collections of digital assets and online investments and interests is difficult enough when you know what you’re looking for. Keeping this information in one secure place may also come in useful for your family and executors when you pass away, should you choose to grant them access.
Important documents on hand
You can use Life Safe to store important personal documents such as passports or insurance documents. You can set up alerts and reminders to make sure these are kept up to date but you can also access your documents whenever you need them from your mobile or laptop.
Robert Collins, from our Residential Property, Farm & Estates team says, “Whether your collection of properties is for your family’s enjoyment or is an income generator, keeping all the documents that relate to their purchase, mortgage, ownership and lease in one secure place will help you understand their value in relation to your total wealth. It will also help your beneficiaries understand your estate in the future.”
For more information about Life Safe, Private Wealth and the specialist services our experts offer, contact
020 7282 4310 Email us