They say Sharing is Caring in life..& we think that’s particularly true with regards to your Family Finances …
Money management & communication is key when thinking about your family; your family’s emotional & physical survival often hinges on financial stability. Shared & effective communication about money matters is critical to money management but in many families defined roles are established where one spouse takes on the role CFO/Administrator and the other becomes reliant on their spouse to manage the family finances and keep it all ‘together’. It might work; but it’s a risk. It can increase the pressure & responsibility that one spouse feels with managing all that information while the other spouse is left dangerously vulnerable.
It’s not an ideal situation because we all know that life can take unpredictable twists, like a divorce, a death or an incapacity. That’s one of many reasons that we developed LegacyTracker..we think It’s critical that information is at minimum shared if not managed together. Our friend Mark Goodfield who blogs as the Blunt Bean Counter has written extensively on the topic of Stress Testing your finances for a sudden death. He emphasizes the need for an information checklist for executors/spouses in case of death.
In combination with defining your goals together, we think sharing this information together will enable you to make wiser choices and reach those goals successfully.
LegacyTracker – allows flexible sharing – as little or as much as you wish. Share with your loved ones or your financial advisors or your executor.
Here is a list of some of the details that can be documented & stored inside LegacyTracker:
- Assets: including bank accounts, registered/non registered investments, real property, personal property & business assets etc.
- Liabilities—including loans, credit card debt, mortgages, lines of credit, business liabilities etc.
- Contacts-including medical contacts, professional advisors and family
- Digital Assets-including loyalty & reward programs, logons & passwords etc.
- Insurance-including disability, property, life, group as well as home & auto
- Estate Planning —including Power of Attorneys, Wills, Ethical Wills, Final wishes, Letters etc.
- Health & Medical—including immunizations, contacts, history etc.
When you consolidate all of the important information into one secure place in an organized manner we think the benefits are many for you and your loved ones. LegacyTracker is not just about peace of mind & emergency preparedness in case of a physical or natural disaster or a death or incapacity. It’s about living – simplifying & securing your information which we believe is empowering . Knowing what you have and what you need to work on will help you become more proactive about your financial & estate planning goals. That’s the mission behind LegacyTracker.