Carefull has introduced LegacyKit, a secure digital tool that collects financial information and delivers it to the appropriate persons when needed.
LegacyKit is a secure digital solution designed to automatically gather financial information, ensuring it reaches the right people in critical times. This tool also offers financial advisors a means to cultivate next-generation relationships and minimise asset attrition.
When a loved one passes, families often struggle to find information like financial accounts, passwords, and insurance documents. With an expected USD 84.4 trillion in asset transfers by 2045, many families have yet to discuss wealth transfer plans, putting pressure on advisors to support clients during these transitions.
According to the company, over 90% of heirs switch advisors after inheriting. LegacyKit helps advisors connect with clients across generations by promoting early discussions and providing support during loss. Unlike traditional document vaults, which are labour-intensive and often outdated, LegacyKit simplifies and automates processes with features like automatic account synchronisation and real-time updates, allowing advisors to make a meaningful impact without added complexity.
Key features of LegacyKit
LegacyKit offers a simple, secure solution to ease family burdens by compiling information in one digital location. The main capabilities include:
- Automatic account syncing: updates key info like insurance policies and bank accounts;
- Guided checklists: prompts for necessary documents, passwords, and instructions often missed in estate documents;
- Secure transfer process: validates and delivers information to the right person upon a client's passing.
Furthermore, LegacyKit provides advisors with a proactive and efficient way to maintain continuity with clients' next generations through automated updates, minimising manual tasks while ensuring client privacy. The main features are:
- Noticing when a client designates a recipient for early discussions;
- Initiating the kit transfer with one click;
- Adding a personal note during the process.
Built on rigorous security standards, LegacyKit uses two-factor authentication, military-grade encryption, and zero-visibility architecture to protect user information. Included in every Carefull subscription, it offers value at no extra cost and is available to financial advisors, with financial institutions set to access it soon.
