Over the last 25 years the Estate Planning profession has developed significantly. Over this period there have also been significant advancements in technology.
According to Brian McMillan, Director General for the Society of Will Writers, critics suggested that the profession of Will Writing would never develop and would simply implode. Now, 22 Years after the Society of Will Writers was formed to support, inform and drive the profession forward by providing protection to the clients of SWW members we’re thriving.
The range of services that SWW members can offer their clients is bigger than ever. Services that SWW members offer their clients and their families include Wills, Trusts, LPA’s, Funeral Plans, Storage and Digital Storage.
Since the mid 1990’s the internet has revolutionised the way we shop, learn, and communicate. As a result of this we spend more and more time online every day. The Office of National Statistics found that ‘the internet was accessed every day, or almost every day, by 78% of adults (39.3 million) in Great Britain in 2015’. With the rise in internet use more and more of us have signed up for online accounts such as PayPal, betting accounts and social media platforms.
What people don’t take into account is that this is a digital legacy and provision for the distribution of these assets or the information should be made in case something happened to the owner.
A Digital Legacy
The Society of Will Writers have been working with Safe 4 – Information Management to create the perfect solution. The two organisations have developed the Digital Inheritance Vault to provide a safe and secure way of storing this sensitive information so that it can be passed onto the executors at probate when this is necessary. Tom Jordan (Estate Case Manager) for the SWW Trust Corporation suggested that using a safe online storage facility like the Digital Inheritance Vault can save up to 3 months when it comes to probate.
During life it is also a secure way of storing passwords for your online accounts, bank account information, copies of your life insurance or pension information as well as legacies that you would like to pass onto future generations.
For security purposes, some sub-vaults are only accessible by the client or testator. This is to help prevent any secure information being used fraudulently or in a way that it is not meant.
You can message your Will Writer through the system and if you upload a document, can see when it is accessed or downloaded.
For more information on the system check out this video:
If you would like a Digital Inheritance Vault speak to the SWW or find a member on our search function.