Tag Archives: Get Organized

LegacyTracker Net Worth Tracking

Net Worth/Worth Tracking

Some say Net Worth is a GOOD number to track in order to determine whether you are making financial progress. Others say it’s the ONLY number to track.

What is net worth ?

Net worth, (also generally referred to as wealth) is one measure of an individual’s material wellbeing or financial success, measured by the amount by which assets exceed liabilities or debt. And yes; it’s possible to have a negative number especially for young professionals with student debt; don’t despair.

Assets – Liabilities = Net Worth 

Why does it matter?

Knowing your net worth is an important aspect of personal financial planning. It can be a wealth strategy. Net worth can also be a benchmark for wealth or financial fitness much like your weight is a benchmark in a weight management program. It can also be a powerful motivator to save more, spend less, pay off debt or to work proactively with a professional financial advisor to map out a financial plan.to financial success.

Net worth is worth keeping track of as it also represents the degree of flexibility one might have to respond to unexpected or unforeseen circumstances like a job loss, an unexpected illness or a drop in the financial markets. A healthy net worth can also provide individuals with opportunities like starting a business or going back to school. Ultimately, retirement will also be funded by net worth. At some time in the future net worth will be utilized in order to fund retirement.and cover living expenses.

Track or Update regularly

One thing is certain. Net worth will fluctuate over time but hopefully it will grow in the right direction. Regular updates can help you keep on track with your financial goals; a financial checkup; much like going to the doctor for a health checkup. Regular updating can help ensure that savings and spending are held in check. You don’t need to be an accountant to calculate net worth; a simple excel spreadsheet or an online tool can be used. We’ve included net worth tracking as an important feature inside LegacyTracker

Compare cautiously

A growing number of bloggers now post their progress around building their net worth online for all of their readers to see. That’s one way to compare. They say it keeps them accountable. I’m an accountant; we like to keep things nice and confidential.

Easily found comparables might be the annual surveys that report the average net worth of Canadians or Americans as an indicator of financial well-being over time. For example, the average Canadian household net worth broke $400,000 at the end of 2012, which was a 5.8% increase over 2011; slightly ahead of the US by about $19.000.

Whether or not it is used as an indicator of financial status, tracking net worth can be motivating and so keeping it updated on a regular basis and making sure you are making progress, is a positive move. I have found too many clients who are so focused on the estimated value of their assets (say the growing estimated value of a home in Toronto for example), that they don’t take into consideration the growth of their debt over time.That’s the advantage of tracking Net worth as opposed to Total Asset Accumulation.

It’s the NET and the NET movement in financial progress that matters over the long-term for you and your family. That’s the reason we included a Net Worth tracker in LegacyTracker.

More about the what and why of LegacyTracker

LegacyTracker essentially ? A branded online solution that helps Users organize their personal financial & estate records in order to become more empowered with their own information

Longer Description:  A web-based personal financial management (PFM) & organizing tool that helps individuals and families bring all of their important information & documents  together simply and securely, allowing them to better track progress towards financial goals, be more proactive about financial/estate planning & be better prepared for an emergency.  As a branded offering, LegacyTracker provides an opportunity for Organizations to build more valued relationships with their clients, account holders, employees or members.

LegacyTracker Screenshot

Our Mission:

We are on a mission to help individuals & families simplify, safeguard, share & succeed  by

  1. Reducing the risk that users will become separated from their hard-earned financial assets
  2. Helping users GET OUT from under their paperwork so they can engage in more proactive financial & estate planning
  3. Ensuring that users are better prepared for WHAT IF situations
  4. Helping users facilitate important conversations with family & advisors about estate planning  issues

We think that organizations offering our web-based & branded personal financial/estate organizing solution to clients, account holders, employees or members is a WIN/WIN opportunity. Get in touch and connect with us to learn more: info@legacytracker.com

2 Words best describe the need for a Power of Attorney

2 words about why you need a Power of Attorney – Casey Kasem

Casey Kasem POA

The dispute involving the famous but sadly ailing LA radio host, Casey Kasem provides clear evidence of the need for a power of attorney. Mr. Kasem is 82 and is suffering from a form of dementia (Lewy Body Disease) as well as Parkinson’s. His family meanwhile, has been embroiled in a very public ‘spat’ over his care which has included complaints by his 3 children from a prior marriage, that his current wife of 34 years has been denying access to them.

Last year, those children had filed a petition of conservatorship (or power of attorney) to gain control of their father’s health. But a judge denied the request.They claimed that his current wife, Jean Kasem, who had been in control of his medical care had also controlled access to him and had isolated him from his family and his friends.

Late last month, one of his daughters was appointed his temporary conservator after Mr. Kasem was reported missing. He was found 3 days later in Washington state. He is currently being treated in a Washington Hospital where he is in critical condition and the battle between his family about how best to treat Mr. Kasem is ongoing. While both his children and his current wife appear to have Mr. Kasem’s best interests in mind; they disagree about how he should be treated medically.

In Canada, power of Attorney is provincially legislated and enables someone either designated legally or by a court to become a substitute decision maker AFTER a person becomes incapacitated. While a power of attorney is the term used when an individual is appointed by that individual to act on their behalf; the term guardian is used when an individual is appointed by the court.

A power of attorney is quite different from a will. Some would argue it’s more important as it enables someone to look after your interests while you are still alive but incapacitated. It can also be more complicated. A person can be incapable of making one kind of decision but not for making a different kind of decision and sometimes that can change depending on whether or not capacity is diminishing or not. A power of attorney for property versus personal care can be different and responsibility can be provided to the same individual or different individuals.

With reference to Mr. Kasem’s case, In Ontario, one of the statutory obligations for someone acting as a power of attorney is to facilitate supportive relationships, they cannot deny access to relatives just because they don’t like them.

In all cases, it’s important to choose someone who you know to be trustworthy and capable who can take on such important responsibilities. It’s also important to document a power of attorney properly and to ensure that the document is available when needed.

We have included a place for safeguarding your power of attorney inside LegacyTracker and by doing so; we hope there is a better chance that you will attend to this important task if you haven’t already. And if you don’t have one yet and live in Ontario Canada, you can download a Power of Attorney Kit from the Ministry of the Attorney General’s website

POA Kit Ontario

Power of Attorney and Living Wills FAQ Ontario

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

 

What if funeral planning became more like party planning ?

Would more of us talk about Final wishes & Funerals ?

Party Planning or Funeral PlanningFunerals are changing

The Toronto Starrecently ran a good article on Funeral planning that we thought was well worth sharing. Actually the Star has run a good series of articles on Death & Dying that are well worth a read. 

But one article stood out, as surprisingly more uplifting than the typical reading about this particular subject matter that often does not get spoken of (!) It was uplifting in a spirited way and that’s because the good news is that Traditional funerals are being transformed & that means the funeral industry is being transformed as well.

Traditional funerals are apparently on their deathbed 

Less of the 2 days of visitation variety, followed by an internment at the cemetery. Yes. that definitely sounds like my own Dad’s funeral, which for my family & I’m sure most, seems like more like an endurance test.

Some of that change is coming from consumers who are looking for more choice and less cost these days. cremations have certainly become more popular than burials (moving from just 4% in the 1970’s to 60% currently). Family members are looking to mourn less and celebrate more, the lives of those loved ones who have left, remembering in different ways which do not always include a traditional religious ceremony.

  • A wine and cheese instead of a traditional funeral ?
  • Ashes scattered across the Pacific Ocean instead of a traditional burial plot?
  • Body dealt with in the most inexpensive and environmentally friendly way

The cute lady pictured and quoted in the article, Margaret Adamson, 82 years young said it best “I feel whatever of me remains will be in the memories of my family and friends, and how the body is treated is not important to me. Once I’m gone”

 

Count me in. (Does my spouse follow this blog?)

 

Here’s the best part almost of this article being about more uplifting final wishes and funeral planning….It’s easier to print it or share it by sending it to someone you care about or who cares about you to start a conversation if one has not already begun. Too often, those kinds of conversations (like about estate planning, funerals, final wishes, WILLS etc.)  are delayed and that increases the risk that a conversation does not happen and more grief in the form of more stress and trying to guess occurs.  

You can read the entire article here 

LegacyTracker wants you to talk about your final wishes, plan for what if scenarios and share that information with your loved ones. We’ve included a spot for those plans and wishes right inside the Estate section of LegacyTracker

Live Well. Live Long.

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

Canada needs Unclaimed Property Legislation

Common Types of Unclaimed Property

Unclaimed property is property that has been abandoned, lost or forgotten by its rightful owner. There are many reasons property can become Unclaimed including often, the death of the rightful owner.

The most common types of financial assets that have become unclaimed are:

  • Bank accounts/Credit Union accounts
  • Over payments made to businesses or deposits such as Utilities
  • Stocks, mutual funds, bonds, and dividends
  • Funds reserved (undeposited) certified cheques, drafts or money orders
  • GICs or Certificates of deposit
  • Pensions
  • Insurance policy proceeds, Insurance refunds and amounts payable resulting from Demutalizations of mutual insurance companies
  • Education Savings plans
  • Prepaid Funeral deposits
  • Tax refunds
  • Mineral interests and royalty payments, trust funds, and escrow account
  • Contents of Safety Deposit Boxes-which may include valuables and sentimental items
  • Uncashed payroll cheques
  • Unused Gift Card balances

And here are some tips on how not to lose these types of financial assets:

  • Cash all incoming deposits promptly and/or setup direct deposit
  • Keep up to date records of all of your financial accounts & contacts like banks, brokers, credit unions, Utility companies etc. Make sure to include the ones you deal with online.
  • Make a separate list of all of the financial organizations you deal with to share with your family
  • Make contact with your financial organizations at least once per year and always ensure that you notify them of any address changes promptly or any changes in ownership of your assets due to death/divorce
  • Make copies of your important documents and ensure that your family knows where to find them and knows about all of your financial assets
  • Provide all of your financial organizations with a secondary contact or beneficiary name and contact address
  • Pay annual fees on items like safety deposit boxes or memberships  on time to ensure that your account does not become inactive

And yes. LegacyTracker will help you keep track of all of these assets and help you share that information with loved ones or advisors so it does not become unclaimed.

Financial Tech Habits of Baby Boomers

Behold yet another interesting infographic…this one on the Financial Technology Habits and the Finances of Baby Boomers compliments of emoneyadvisor.com.

No surprise, this is a US survey but luckily Canadians have much in common with our friends to the South…so we think this information is likely similar to Canadian habits and estimates.

First things first. We all know that Baby Boomers (those born between 1946 and 1964) are an important demographic. How important?  While Baby Boomers make up approximately 26% of the US population (82M people in the US), they represent 70% of disposable income and earn an average income of $50K or so a year. Their average net worth is approximately $727K. Further 46% of boomers have savings or investments exceeding $50K  & 20% having savings or investments exceeding $250K.

So yes. An important market  and yet:

  • Only 54% of Baby Boomers have a personal financial plan
  • Only 34% of Baby Boomers have a comprehensive financial plan and
  • Approximately 48% don’t have a financial advisor

As for emoneyadvisor’s surveyed facts on how Baby Boomers are using Technology…It turns out that this age demographic is keeping up (quite nicely) to younger generations after all.    (I know I’m trying hard). Baby Boomers actually spend more money on technology  than any other age group (an average of $650/month) AND Boomers have a high adoption rate for online financial management tools. 57% bank online. 35% pay bills online. 41% research financial information online. It should be of no surprise to also find that approximately 70% of this same age group buy online.

Indeed, this Infographic seems to sum it up all up and tie these survey results together quite nicely for us.   …Baby Boomers are in need of financial advise and they are ready for technology driven financial applications to help simplify their lives. It makes sense to us that A financial advisor that offers a technology driven financial application will provide Advisors/Clients (or Potential Clients) a win/win scenario. But that’s only the beginning of the Win/Win.
Fin Tech Habits of Boomers

Estate Mistakes – Ted Williams Baseball Legend

Estate Mistake: Document your final wishes & if you change those wishes – make the change formally & share the info so that information can be accessed quickly. Advanced Directives will help you outline those wishes between cremation, burial or something else as well as your medical care and end of life care

Baseball great Ted Williams by all accounts was a private person in life and it’s quite likely he wished to remain that way in death. Unfortunately, for Ted Williams, his Estate Plan also has become legend. In his will, Ted Williams said he wished to be cremated & his ashes sprinkled at sea off the coast of Florida.

However, a long-standing & bitter rivalry between his 3 children, Bobby-Jo, John Henry & Claudia made that impossible when the children from his 2nd marriage produced a grease-stained, handwritten note stating that he wished that his body be cryogenically frozen after his death. It was unclear if the handwritten note was written by Ted Williams or whether or not he had sufficient capacity to make that change to his final wishes.

His eldest daughter fought to have his body unfrozen and cremated, but gave up the fight when she ran out of money.  No one will ever know the truth behind the decisions made by or on behalf of Ted Williams-much has been written & is still being written about this particular case which was definitely not the intention of Ted Williams.

LegacyTracker 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. With the added feature of Alerts & Reminders, we hope LegacyTracker will help facilitate important family discussions that too many have put off, concerning estate planning and final wishes. The flexible sharing feature built into LegacyTracker allows individuals & families share any or all of their information with loved ones or Advisors. 

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.

Life is Complicated/Death is more so/Get Organized

When did life get so complicated with multiple everything and not enough time ?Which is why you need to Get your stuff together …

The poster above is from a 2011 article from the Wall Street Journal (Saabira Chaudhuri) The 25 Documents you need before you Die It was a good read then with a great poster and even more so a few years later. The Article talks about  the financial consequences that befalls your family and loved ones if you fail to keep all your documents and important papers in order. The author makes reference to the very large investigations & lawsuits that started around that time into the obligation of insurers to pay out unclaimed life policies to beneficiaries. I think it was what prompted Saabira to write the article since that  BILLION dollar story is still ongoing in the US, 3 years later.

The article makes reference to the $32.9B in unclaimed bank accounts and other assets. That total is now $58B. The US has had legislation since the 1930’s around unclaimed assets to tracking, reporting and actively looking for owners of unclaimed funds is common place. No such luck in Canada outside of Alberta and Quebec

LegacyTracker is built much like the cabinet you see in the poster except it’s Secure, Accessible online, Template based to reduce info that might not be included otherwise, the flexible sharing, printing, saving, more comprehensive and comes with built-in alerts & reminders and a net worth tracker…since LegacyTracker is not just about death; it’s about living as well.

Read the article from the Wall Street Journal Here