Carefull has launched LegacyKit, a secure digital tool designed to collect financial information and deliver it to the intended recipients at crucial moments.
LegacyKit provides a secure method for automatically gathering financial details, ensuring that essential documents reach the appropriate individuals when needed. This tool also supports financial advisors in fostering intergenerational relationships and reducing asset erosion.
Inheritance processes can be complex, particularly as families may not have discussed wealth transfer plans. By 2045, it is projected that about USD 84.4 trillion will be transferred, creating a need for effective communication and support among advisors during these transitions.
According to the company, more than 90% of heirs switch financial advisors after inheriting assets. LegacyKit aids advisors in engaging with clients across generations by promoting early discussions and providing assistance when needed. Unlike traditional document vaults that can be cumbersome and outdated, LegacyKit streamlines processes through features such as automatic account synchronization and real-time updates, allowing for a more streamlined transition without added complexity.
Key Features of LegacyKit
LegacyKit offers an easy-to-use solution to compile essential information in one place. Its primary functions are:
- Automatic Account Syncing: Updates key details like insurance policies and bank accounts;
- Guided Checklists: Prompts for necessary documents, passwords, and instructions often overlooked in estate planning documents;
- Secure Transfer Process: Verifies and sends information to the correct person upon a client’s passing.
Additionally, LegacyKit gives advisors an efficient way to keep relationships with clients’ next generations intact through automated updates. It minimizes manual tasks while ensuring client privacy. The key features include:
- Detecting when a client appoints a recipient for early discussions;
- Easily transferring the kit with one click;
- Adding personal notes during the process.
Built on stringent security measures, LegacyKit employs two-factor authentication, military-grade encryption, and zero-visibility architecture to safeguard user information. Included in every Carefull subscription, it offers value at no additional cost and is available for financial advisors with plans to expand to financial institutions soon.
