Use Tech Tools to Start your Estate Planning Journey
Finding your assets
Some people are diligent about keeping track of their assets and liabilities throughout their lives. However, for others, paperwork can be forgotten and neglected when life gets busy. As people get older, it can become difficult to stay on top of their financial affairs and keep track of assets like pensions, investments, and savings. This is especially true if the company providing these assets has gone through multiple acquisitions. In some cases, the paperwork may be present but disorganized and overwhelming to handle, leading to expensive legal assistance.
These situations can be particularly challenging for executors. However, there are firms that use technology to locate assets in the estate of a deceased person. For example, EstateSearch uses an application programming interface (API) to communicate with nearly 200 financial institutions and identify forgotten assets. By consolidating information from various official sources, the firm estimates that there are over £200 billion in unclaimed assets in the UK.
Contacting institutions to find lost assets can be a slow and tedious process, but automation through the API allows for quick analysis of data held by financial institutions. This enables them to confirm if they hold financial accounts for deceased or vulnerable individuals.
The API provides names and addresses, which are then verified by financial institutions. This technology is not only beneficial for dealing with a deceased loved one's estate but can also be used by advisers to gain a complete understanding of your finances before providing financial advice.
Sourcing the right documents to get started on your estate planning journey
Having the correct documentation is crucial to creating an estate plan.
Next Generation Wills and Estate Planning is one example of how technology can help you get organised easily. It is an online review and document writing platform, uses technology to help individuals understand the legal documents they need and their importance in creating an estate plan. The online portal allows users to access, complete, submit, and store estate planning documents. The system includes an online review feature that answers clients' questions and generates a report within 10 minutes.The documents are stored for life at no cost. Technology makes this more cost-effective and efficient.
Do you have assets that you want to protect for your loved ones after you are gone? Please get in touch to see how we can help
