Category Archives: Emergency Preparedness

Dealing with digital property after death

Dealing with digital property after death can cause more grief.

Problems in dealing with digital property after the death of a loved are more common given the digital age we live in.

Such problems may also come with financial consequences. Indeed, if  McAfee the internet security company is correct, digital property may well be worth more than a car for the average Canadian ! A 2013 McAfee survey estimated the average Canadian owned some $32,000 in digital assets including movies, music, games, digital photos, communications and social media profiles and blogs. (They estimated the global average to be  $35,000 in digital assets.) Many of these digital assets come with complicated terms of service agreements which can be frustrating or impossible for loved ones to access. Depending on where you live, such agreements might even put loved ones in legal trouble based on anti-hacking or privacy statutes after their loved ones die.

The real problem is that people do die  (!) 

Estimates are that as many as 10,275 Facebook users and 5.700 iTunes owners die each day so dealing with those users’ digital property is an issue. The recent story of a widow in Victoria trying to access games on her deceased husband’s iPad highlights the problem. Shortly after Peggy Bush’s husband died , the 72-year-old, tried to play games her husband had purchased before his death.  Nothing short of a court order was good enough to be able to access those iTunes games including a death certificate or the will until CBC Go Public stepped in and Apple stepped up.

As the article points out, digital property is unique from other property owned by a loved one. While users of digital property own the material online for the most part, access to it is controlled by  providers like Apple. Providers set the rules when it comes to accessing what we put online and the content purchased. One solution is that providers should offer clearer, “plain speak”  policies dealing with digital property and access. The last time I checked, the I Tunes terms and conditions were some 28 pages long. I doubt even lawyers read them when setting up their I Tunes account.

Canadian laws need to be more clear about who owns or controls what is put online after someone dies. In the US, the Uniform Fiduciary Access to Digital Assets Act will hopefully solve the problem for Americans using the concept of “media neutrality“. Such legislation would give the account holder the power to decide what happens to his or her digital assets in the same way they do for physical or financial assets. Delaware was the first state to take the lead and enact such legislation but many other states have introduced such legislation for consideration. While I’m an accountant not a lawyer, I’m not aware of any such legislation being contemplated.

What steps can be taken to secure your digital property for your loved ones? 

There are a few key to do’s to safeguarding digital property  that I can suggest when it comes to digital assets or property:

Plan Ahead – make a list of important passwords and online accounts and specify what should be done with each of those accounts if you were to become incapacitated or die

Keep your list up to date regularly review your list for any changes (and additions) you have made

Store and share – store your list in a secure location and let family members/executors know how to access that list. Don’t make the mistake of listing all your online accounts and passwords in your will or power of attorney as they can’t be guaranteed to remain secure

Backup – ensure you back up your digital assets if they are stored online; backup data to a local computer or a USB or similar storage device on a regular basis.

Estate planning – work with an estate lawyer to update your wills and powers of attorney to include digital property. Given that only 56% of Canadians have a will – make a will if you don’t have one. Specify your wishes about what happens to your digital assets after death and provide consent /authorizations so that your loved ones/executors can deal with them appropriately. This would include password resets or recoveries.

LegacyTracker can help provide protection for your digital assets by providing a secure spot for you to safely store your online usernames and passwords. LegacyTracker also enables secure  sharing of your important information with loved ones, advisors or executors.

 

Perfect storm in the financial services market

A Perfect Storm ?

A Perfect Storm in the financial services marketplace for a personal financial management (PFM) tool 

It certainly feels like a perfect storm is unfolding at the moment that we think provides an opportunity for financial organizations & professionals to provide clients with a personal  financial management tool offering a Win/Win benefits.

The challenges are many:

  • Demographics: Aging/Sandwich Generation/Smaller families
  • Demographics: Increased longevity/Rise in incapacity
  • Increasing need for enhanced financial literacy
  • Increased risk related to Inter-generational wealth transfers ($41 Trillion)
  • Push to ‘paperless’ reporting
  • Increasing Complexity of personal finances/impact on executing estates
  • High levels of personal financial stress impacting productivity in the workplace
  • Increase in the number and impact of natural/physical disasters highlighting the need for emergency preparedness
  • The need to differentiate in the marketplace due to fierce competition
  • Higher expectations from clients to show value for fees
  • An alarming rise in the balance of unclaimed financial assets ($63 Billion)
  • Increased appetite for technology tools particularly from younger generations to manage their financial lives
  • Continued procrastination on the part of individuals & families to have important conversations about estate planning/final wishes

A little organization can make a BIG difference.

LegacyTracker helps clients simplify, safeguard & share their important financial & estate info, documents & to do’s with loved ones and/or advisors.

Better Organized Clients are Better Clients.

LegacyTracker can provide a Win/Win solution for Organizations:

  • Enhanced Loyalty/Retention/Referrals by demonstrating Customer Advocacy
  • Better Differentiation in the market
  • Better Insight into the challenges & needs of clients for products & services
  • Improved engagement/collaboration with clients (“Do More”)
  • Reduced costs related to marketing/on-boarding
  • Increased Revenue/Profit

We think that all leads to Increased Revenue/Profit on your bottom line with happier clients

Get in Touch/Connect for the details

 

Sharing is caring

Family Finances – Sharing is Caring

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:

  1. Assets: including bank accounts, registered/non registered investments, real property, personal property & business assets etc.
  2. Liabilities—including loans, credit card debt, mortgages, lines of credit, business liabilities etc.
  3. Contacts-including medical contacts, professional advisors and family
  4. Digital Assets-including loyalty & reward programs, logons & passwords etc.
  5. Insurance-including disability, property, life, group as well as home & auto
  6. Estate Planning —including Power of Attorneys, Wills, Ethical Wills, Final wishes, Letters etc.
  7. 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.

Inter generational wealth transfers

Preparing for wealth transfers in the trillions – a strategic imperative

It’s a lot to lose

The looming inter generational wealth transfer may receive much attention in the news but how much real preparation is taking place in the financial services market for this transfer? Not reaching out to the spouse, or children & grandchildren (heirs) of existing clients presents a real risk. Bank of America in 2011 noted that assets transferring to a spouse move to another firm 55% of the time while assets transferring to children move as much as 98% of the time.  Bank of America aptly noted the strategic imperative of reducing the risk of inter generational wealth transfers; “a very real risk of long-term erosion to their business

How much ?

Life expectancy, rising health care costs , changing tax legislation and increasing debt levels aside, the estimated value of Inter generational wealth transfers over the next many years is in the Trillions and comes by way of 2 different phases.The so-called “Great Transfer” is an estimated $17 Trillion + that is expected to shift between the “Greatest” generation to Baby boomers. A 2nd shift  (“Greater transfer“) is another $42 Trillion + that is expected to move from Baby Boomers to Generation X.  Added together or alone, these transfers present a high level of risk for financial advisors/firms to lose assets. An estimated $30 Trillion of this total of $59 Trillion is expected to shift in the next 30 years.  During the peak of the wealth transfers taking place (between 2031 to 2045) it’s estimated that 10% of the Country’s wealth will change hands every 5 years.

Where’s the risk?

Estimates vary based a lot on wealth and income but most studies indicate that too few families (less than 35%) have discussed estate planning with their primary financial advisor. Why don’t more families take the time to discuss and prepare? Certainly, the myth of estate planning only being for the wealthy continues to prevail but so does procrastination and the ‘discomfort” of the topic generally.

At the same time, why are financial advisors not more actively engaging with clients & their heirs about estate planning matters? Some evidence suggests that most advisors happen to be Baby boomers themselves and feel that they lack effective ways to both reach out to the children & grandchildren of their clients and engage proactively with clients to establish multi generational wealth transfer plans. That’s not good (!) Estate planning discussions provide great value to clients, their families and financial advisors.

Engage/Do Good/Enhance Value/Retain

Research shows that at least 60% of inter generational wealth loss is caused by poor communication and a lack of trust within the family. Encouraging clients to talk with their family members about their expectations and values before the estate planning process begins is a meaningful way to provide value. We’ve written about the idea of Ethical wills over and above traditional will planning in other posts on this blog. (We provide a place for both in LegacyTracker)

Coordinating family meetings provides a great way for advisors to introduce themselves to the next generation and show that they care. Clients appreciate an advisor that cares and demonstrates customer advocacy on a regular basis & so will the families of those clients.   By offering a technology solution that helps clients simplify, safeguard and share their important financial, legal and estate information, financial advisors and firms can demonstrate customer advocacy to the entire family. Being organized will make a real difference for an entire family in enhancing their level of emergency preparedness.  Our branded solution can ease the potential burden on a family should an emergency arise; reducing the risk of additional grief, delay or cost that often comes when families are unprepared.

LegacyTracker can also help facilitate important discussions between both Advisors & Clients as well as between Clients & their family members about important estate planning matters including final wishes. Such discussions will enable Clients and their families to more proactively prepare for the next generation & and will enable financial advisors and their firms to show additional value.

That’s a core mission behind LegacyTracker –  providing a way for Financial Advisors/Firms to reach out to their Clients/Families which also helps those Financial Advisors/Firms to ultimately hold on to assets that might otherwise move. LegacyTracker is also a technology solution that will have particular appeal to younger clients or family members who are on the look out for a technology to make their lives less complex & more mobile.

Preparing for What If Scenarios

An earlier post from Brighter Life  asked  Can you imagine what would happen if you died and your beneficiaries didn’t know where to find your will?  Or your money?

That’s a much feared.. What If Scenario ..dying unprepared, without your beneficiaries knowing where to find your will or your money…Unfortunately, that kind of scenario  happens far too frequently, leaving loved ones and beneficiaries with additional stress, grief and expense often.

What If?

The article quoted well-known financial advisor Jim Yih, author of the personal finance blog, retirehappyblog.ca 

“You really love your family and friends, so take the time to get your estate organized so you don’t leave them with a big mess to sort through during such an emotional time “

The article pointed out the following 12 key documents which should be safely stored together in a place where they can easily be found:

  1. Your will: Outlining who gets what when you die and appointing guardians for minor children. Dying without a will, may lead to a family disaster with assets being divided according to provincial law & minor children ending up with the guardian that you may not approve of.
  2.  A living will: Outlining treatment should you be unable to make decisions about your own health (like receiving life-sustaining treatments).
  3.  A power of attorney: Providing someone you trust with the power to make financial decisions for you in the event you’re no longer able to do so, as opposed to the Courts deciding upon who that guardian should be.
  4.  Proof of ownership: All of those documents that relate to important assets like your house, land, vehicles, stocks and any other assets.
  5. 6 years of tax returns: Providing your executor a sense of the assets and finances that are part of your estate.
  6. A list of bank accounts and safety deposit boxes: To avoid the risk of your bank accounts being added to the 1.3 million accounts that make up $465 Million in the Bank of Canada,
  7.  Stock certificates and savings bonds: Investment account statements and & any actual stock certificates
  8.  Pension, retirement and annuity documents: Without these documents, your family may be unable to determine what remains of your retirement benefits that they may be eligible to receive.
  9.  Insurance policies: All insurance-related documents are vital for claiming insurance benefits. At this point in time in Canada particularly, no one is going to look for beneficiaries even if the policy owner might be 125 years old
  10.  A list of your debts and loans: Another list that will help ensure family won’t end up with unwanted or nasty surprises down the road
  11.  Marriage licence and/or divorce papers: Legal proof of marriage and divorce can make it easier for the executor of your estate and for your family.
  12.  Your user names and passwords: Digital assets relating to social media and online accounts are now critically important to most estates.

LegacyTracker includes comprehensive but flexible templates to take care of this chore and includes all of the above documents plus quite a few more. Life is Busy. Our mission is to help you better simplify, safeguard & share your important details for the benefit of you and your loved ones.

Learn more by contacting us

Inventory your stuff

Documenting your personal property (or worldly possessions) is a smart thing to do in case of burglary, fire or natural disaster (or if your oven blows up and the manufacturer wants the serial # but the oven is full of glass-but that’s a different story)

Know your stuff

If a big disaster should befall you or your family; a home inventory would be either really great to have or really great to have done. For those that only wish they had one; it’s not that taking a home inventory is difficult but yes, it can be time-consuming. Many of us don’t get as far as doing a home inventory but think about it a lot,  which is unfortunately, not quite as impressive as actually handing an inventory to your insurance agent or your broker should a claim arise.

Walking around your home and videotaping can be very helpful and certainly quicker than writing it all down, but it’s best to also include serial number and $ values and that’s not quite as easy with a video.

There are a couple of good inventory tools online that can help you out for free or otherwise. Most offer the ability to capture your items by room and category and document purchase dates/prices/places, serial numbers while also allowing you to attach pictures and receipts. Information can be accessed and updated any time from anywhere or saved off-line to Excel or PDF, That means you can save that document inside LegacyTracker.

However, we have also added personal property as an easy to use template inside LegacyTracker to document your worldly possessions with a photo and the following important info: 

  • Appraisal dates
  • Appraisal values
  • Purchase
  • Intended beneficiary (this might be subject to what your formal Will might say but often times a will document does not get into the detail of your china and antique clock)

For your reference, here are 2 Online Inventory tools that I have found that are easy to use and pretty comprehensive

Know Your Stuff® – Home Inventory has been around for a number of years thanks to the Insurance Information Institute. This is a free offering that is now also available as an iPhone and Android App. 

StuffSafe has been around since about 2011. I’m not quite as familiar with this offering but it does appear a little easier to use with drag and drop options for your photos. The Premium plan allows multiple properties to be inventoried in your one account. StuffSafe is available as an IPhone App. & the cost is $29 per year with a 15 day Free Trial period.

Recovering from an emergency situation is always made easier when you have information at hand. That’s why we’ve built LegacyTracker to be a comprehensive solution that also includes information on your personal property.

Connect with us to find out more   info@legacytracker.com

 

Perfect Storm Challenges and Solutions

We think there’s a perfect storm coming in the financial services market with challenges being faced by both consumers and the providers they deal with. ….LegacyTracker can help 

Too extreme? Maybe

We’ve been collecting some evidence in the form of published surveys, research & articles for quite some time. We think all of that reading and collecting has paid off. We think there’s a lot of evidence to support the need for LegacyTracker which is our personal financial management tool . This is an ongoing list in no particular order from our growing collection of supporting surveys, articles and research. Note: George Clooney did not help with this project; he was busy filming the Perfect Storm among his many other activities.

From Digital Insight: The  88% of consumers who now pay bills and transfer funds online, 62% would like a single place to manage their complete financial picture, no matter where the information originates. Households on average have more than three financial institution relationships for wealth and savings solutions and up to six credit card accounts. LT: Legacy Tracker provides a safe & accessible place to safeguard all of the important information and documents in life

2011 US Trust Insights on Wealth Survey: A survey of wealthy Americans with $3M or more of investable assets 56% of those surveyed have not documented personal property and assets, and roughly half have not documented instructions about the distribution of personal property or assets among heirs; even though 25% acknowledge their heirs don’t understand their wishes for how to divide special possessions LT: Helps consumers safeguard their hard-earned assets & can help facilitate important conversations with family members and loved ones about estate planning or final wishes 

2008 Innovations in Retail Financial Services IG&H Consulting & Interim, Woerden:  In financial services these days, a lot of companies struggle to win in severe price competition. However, a financial institution should develop it’s business on long-lasting & customer value driven business models; price is not enough. An element could be innovation.            LT: Helps financial service providers innovate & differentiate their offerings

2011 Banking on You by Thomas Watson, Canadian Business Magazine: Canada’s biggest banks are desperately trying to find new ways to connect with customers. Increased competition has heightened the banks’ interest in offering value and quality to customers, and forced banks to form individual identities. “The ability to introduce new fees is limited, raising the importance of gaining share through better service, broader relationships with clients and growth markets” (Margaret Willis, HSBC Executive VP of Retail Banking and Wealth Management) LT: Helps financial organizations differentiate in a busy marketplace and provide a meaningful way to demonstrate customer advocacy which can deepen client relationships

2011 Canadian Life & Health Insurance Association (CLHIA) : A national online survey of 1,504 Canadians over 18 by Leger Marketing showed only 26% of Canadians think their personal and financial information would be easy to access in an emergency. 56% said their personal & financial information is “somewhat organized” while 11% said it was “not very organized”  LT: Helps users enhance their level of emergency preparedness and by safeguarding important financial legacy & information

2010 Intuit Financial Online financial management survey: Banking customers view online financial management solutions from their bank or credit union as competitive differentiators. 52% of those surveyed said they would leave their current financial institution for one that offers better money management capabilities. Nearly 50% of respondents said they’d already switched banks or credit unions recently. and one-third of them switched because their financial institution did not provide satisfactory online solutions LT: Financial institutions need to offer their customers more in the way of tools & solutions that help them manage their money –a differentiator in the marketplace

 2011 Investment Executive Magazine – Prevent Executor headaches Bank of Montreal Survey confirmed CHLIA’s figures, almost 50% of Canadians who have been appointed to be an executor of a will have experienced administrative “complications” More than 25% have experienced legal issues. “If everything is not written down and documented, the difficulty in sorting out the mess can tie up the settling of an estate (Carol Bezaire, VP of Tax & Estate Planning with Mackenzie Financial. ” Technology has made some things invisible. In their capacity as executors, in some cases, the bank has had to take possession of the deceased’s computer and hire experts to search the hard drive to find crucial information (Royal Bank Estate and Trust Services)  LT: Reduces financial risk for individuals & their loved ones of unclaimed funds for families but it also safeguards families from incurring additional grief in the form of additional delay, cost and stress in times of emergency

2013 For the Love of Money Blog  Are you finances organized? Get into the habit of organizing your finances and you’ll be in for some happy surprises. …..The truth is, we create needless work and worry for ourselves when we do not make a little effort to get financially organized. Often, the biggest leap to getting a house in order is getting over a negative mindset. A lot of people are unwilling to organize their finances because they think there is simply too much to do.  LT: We provide the place for consumers to get organized & stay organized. Simple on boarding and Simple to stay updated. Our built-in net worth tracker & alerts are intended to motivate you to stay up to date

2011 Investment Executive A New Focus on Financial Literacy by Keith Costello of CIFP     A new focus on Financial Literacy “What we have heard (The Canadian Institute of Financial Planners) is the need for unbiased but comprehensive learning materials. Consumers want content that will help them understand financial concepts in a more detailed way and that will guide their financial decisions. We should ensure that these types of materials are readily available” “there is no better marketing and brand positioning than investing in your customers”  LT: Providing tools and opportunities to enhance financial literacy will pay off for financial services providers-by way of better engagement and increased revenue opportunities and ultimately the success of their clients  

2011 Investment Executive Having the “talk” with your clients by Brent Jolly  As most clients have experienced lower investment returns over the past 5 years, it is becoming more challenging for advisors to demonstrate their value to clients. LT: Our online solution allows Advisors to offer a valuable tool to clients and their families, allowing them to safeguard financial assets and some assistance in facilitating discussions about estate planning. Advisors in effect are provided an opportunity to reach out to the next generation

 2013 21st Century PFM for a Mass Audience  Capitalizing on the power of personal finance management will first require the industry to break free of 1980s thinking about
who uses PFM and why. Today, 21% of U.S. consumers mix and match 1 or more of the 3 primary sources of PFM services:  1) desktop software, 2) bank PFM offered through online banking 2) bank PFM offered through online banking, or 3) web PFM offered through an explosively growing number of online and mobile players. That translates into 49.3 million adult users – and 191 million who use none of them.  Financial institutions are at risk of losing loyalty from PFM hungry customers.

We’re not exactly done. We’ll add to this list as we find the time. We’ve got lots more to add.

2013 Extreme Weather events added up to Extreme Insurance Claims

2013 was certainly a year for Extreme weather events

The Insurance Bureau of Canada released their findings in January of this year on the impact severe weather in Canada in 2013 had on insurance claims. The weather was EXTREME and so were the CLAIMS as summarized in this Infographic 

Companies paid out $ 3.2 BILLION  to policyholders. That’s almost a $ 1.2 billion increase from the previous high. That makes for 5 years in a row of natural disaster losses for the insurance industry that hit the $1 billion mark.

“In 2013, the terrible effects of the new weather extremes hit Canadians hard. From the Alberta floods last summer to the ice storms in Ontario and Atlantic Canada over the holidays, frankly, bad weather hit insurers hard, too,” says Don Forgeron, President and CEO, IBC.

The largest insured disaster – and Canada’s costliest natural disaster ever – was the June 2013 torrential rainfall that flooded towns in southern Alberta.  Insured damage for that storm was more than $1.74 billion. The flash flooding that hit Toronto in July resulted in $940M in damages; the most expensive insured natural disaster in Ontario’s history

And then of course, there were the December ice storms that hit southern Ontario and eastern Canada. Some $200 million in claims were made for homes damaged by trees that fell as a result of ice buildup. Ontario-based insurers also paid more than $25 million in claims for vehicles damaged in that storm

As Mr. Forgeron also points out “Canadian communities are seeing more severe weather, especially more intense rainfall. This overburdens our sewer and storm water infrastructure, resulting in more sewer backups in homes and businesses, Property and casualty insurers are collaborating with all three levels of government to help Canadians adapt to these new weather realities,” 

All of us should also adapt to these new weather realities by enhancing our level of emergency preparedness..

That’s a core mission behind LegacyTracker 

 

Emergency Prep includes Paperwork

Not many of us like to think about the types of emergencies that can occur without any warning in an instant like losing a loved one or meeting with a tragic accident or encountering a physical disaster that can take away everything you own.

Approximately 85% of Canadians agree that having an emergency plan and an emergency kit is important in ensuring safety yet only 40% have prepared one.

Make it a Bigger Priority – LegacyTracker can help 

Having an emergency preparation plan in place won’t necessarily lessen the shock or grief of meeting up with an emergency situation, but having one can help you recover and get your life back on track more easily.Suggestions for Emergency Preparation often talk about building an “Emergency survival kit” that includes Essentials & Supplies (food, water, medication, first aid supplies etc). But what about an emergency Kit that includes all of your information and important documents that make recovering from a crisis less difficult and can help you get back on your feet especially if accessing that information is made difficult?

It’s critical to be able to access your important information should you be away from home or should you have to flee your home as a result of a natural or physical disaster like a fire, earthquake, hurricane, tornado or flood.

LegacyTracker enables you to enhance your level emergency preparation by providing a safe, central & accessible location for all of your important information like

  • Personal Records (including birth certificates/passports/licenses)
  • Financial information (including bank, investment, credit card, Property details, Insurance and loan documents/information)
  • Medical Records (including insurance, medical history, medication records, ongoing medical conditions)
  • Contact Information (Including personal contacts, Advisors, Medical providers etc)

Good resources are available online 

Emergency Management Ontario 

GetPrepared.ca Website 

Pre-Packaged Emergency kits are available from St. John Ambulance and the Salvation Army as well as from Canadian Red Cross 

May 4-10 2014 is Emergency Preparedness Week,

Emergency Preparedness Week is a National awareness initiative that has taken place since 1996. During Emergency Preparedness week, Public Safety Canada along with many emergency management organizations and partners across Canada encourage Canadians to become better prepared to face a range of emergencies

Get Prepared 4 things

 

Advance Care Planning – Questions/Answers

April 16th is National Advance Care Planning Day, an initiative sponsored by the Canadian Hospice Palliative Care Association and Carenet (Canadian Researchers at the end of life network)

It’s a day for Canadians to have or begin a conversation with a loved one about their wishes for end of life care. Here’s some information & resources to get started.

Resources: Advanced Care Planning options  ON Advanced Care.Guide  Advanced care planning in Ontario  & help making that plan and having that conversation here

And yes. We have included a place for these plans and for sharing these plans inside LegacyTracker

Advance Care Planning FAQ

Estates gone Wrong – Florence Griffith Joyner (Flo Jo)

Estate Mistake: Forgetting to tell your family or loved ones where your Will is(or not doing one)

Such a great Olympic Athlete, sprinter Florence (Flo Jo) Griffith Joyner died too young at age 38 in her sleep in 1998 as a result of an epileptic seizure. She was an American track and field athlete considered to be the “fastest woman of all time” based on the world records she set in 1988 for the 100m and 200m sprints. Those records still stand.

Subsequent to her death, her husband couldn’t find her original will, and was not able to file it within the 30 days required in California…As a result, lots of family issues came about between Flo Jo’s husband and her mother, as to whether or not Flo Jo had promised her Mom that she could stay in the house for the rest of her life.

The original will was never found. A judge eventually appointed a third part to administer the estate. It took over 4 years to close her estate.

Who wants to argue and grieve at the same time?
Legacy Tracker helps families and individuals better prepare themselves for emergency situations that all happen to be on the rise including death, incapacity, Identity Theft, Natural and Physical Disasters. More generally, Legacy Tracker will also help facilitate important family discussions that many families have put off, concerning estate planning and final wishes.