Posted by Deanna Hurst, Partner
Does your family understand your legacy?
In a world where technology is rapidly changing, people’s legacies are becoming increasingly complicated and fragmented. Specialist Deanna Hurst 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.
Deanna Hurst, partner in Private Client, 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 a family member of any 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. If assets in an individual’s estate are not well documented, the issues resulting from this can cause family tensions and additional stress at what is already a difficult time.”
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. If your collection is not well recorded, family members and beneficiaries may not understand the real value of it and important items could be given away unintentionally or sold for a pittance.
Life Safe® – a new way to manage your legacy
Life Safe is an ultra secure, online vault to help our clients with complex wealth structures gain a complete wealth overview and manage their legacy. Important personal and legal documents, digital assets and records of treasured possessions and collections can be uploaded to give you a secure record of all your assets which your family may find invaluable should the unimaginable happen.
You can be candid in the portal in setting out what assets you have and how they are to be dealt with including visual records (photos, etc.) and detailed notes for executors. Life Safe can be a valuable tool to assist across generations in getting your “house in order”, and providing you with peace of mind knowing that your loved ones will be able to access the information they need and understand the true value of your estate.
The value of your collection
Royds Withy King’s client and international Rugby player Francois Louw says,
“As a professional rugby player, I spend a lot of time in training and out on the road, in the UK and internationally, and it can be difficult to keep on top of my paperwork – even the important stuff. I’m concerned about how to safeguard the sporting memorabilia I’m collecting, not to mention important documents and passwords, for the future. Life Safe is a genius way of keeping records of everything securely in one place. I think it’s a great idea.”
To find out more about Life Safe, click here.
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