LegalWills.ca launches innovative tools to secure assets for Estate Executors
OTTAWA, Canada, Sept. 24, 2019 /PRNewswire-PRWeb/ -- According to the Bank of Canada, there are a total of 2 million unclaimed accounts passed to them by banks and other financial institutions. Many of these belong to deceased account holders, because the estate Executor had no knowledge of the account. If the account remains unclaimed, the balance passes to the Receiver General of Canada.
After 19 years of providing leading Will writing services for Canadians, LegalWills.ca identified a serious inadequacy of tools for Executors.
"We were receiving calls almost every day from Executors needing guidance with gathering up assets" said LegalWills.ca CEO Tim Hewson. "Most Wills describe the 'entire estate' going to beneficiaries, but the Executor has no idea of the scope of the estate. You certainly don't want to list your assets in the Will itself, but without a good inventory of assets, your Executor has a really difficult task ahead of them."
Traditionally, our parents may have only had one or two bank accounts with the statements in a filing cabinet. Today, our finances are far more distributed across banks, credit unions, investment and trading accounts We also have "digital assets" to be managed by our Executors, including social media accounts, cryptocurrency, revenues from blogs and YouTube channels as well as potentially valuable commodities like domain names.
To address this gap, LegalWills.ca has created four, innovative services to complement the traditional estate planning documents.
MyLifeLocker - a secure, encrypted online inventory of your contacts and assets that can be updated throughout your lifetime. This can then be accessed by your Executor or representative at the appropriate time (and not before).
MyVault - a free, secure repository for important digital files to be accessed by loved ones.
MyKeyholders - a free proprietary mechanism for securing your data and granting access to the right people at the right time.
MyMessages - a free service that allows you to prepare critical messages to be distributed after your passing, and not before.
During our introductory phase we have already seen almost 5,000 people sign up to the MyLifeLocker service. Anybody who has ever been tasked with the work of being an estate Executor knows how these services have now become a core part of the estate planning puzzle.
The development of these services solidifies the place of LegalWills.ca as an innovative leader of estate planning services in Canada.
To learn more about LegalWills.ca, visit http://www.LegalWills.ca
About Canadian Legal Wills
Since 2003, LegalWills.ca has become the leading Will writing service in Canada. To date, millions of Canadians have benefitted from the services to prepare their estate planning documents. The company's mission is to make estate planning more accessible, affordable and convenient. The Will service takes about 20 minutes, costs $39.95 and can be completed at any time, day or night, from anywhere in the world.
SOURCE LegalWills.ca
