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MY EXECUTOR BOX
The Government has seized £1.6bn from dormant, lost and forgotten bank and building society accounts since 2008 – so ensure your assets are fully protected with My Executor Box
Do you know what assets your family members have and where to find that information?
If you’re an executor or a beneficiary when a family member or friend dies, are those details easily found and recovered as part of the estate?
Sadly, since 2008, the failure to trace assets has meant the UK government has seized £1.6billion lying in dormant bank accounts. And last year that financial grab was extended to include pensions, investments, shares and property.
In a digital online age, no family member or executor should have the additional trauma of trying to find those records in the event of a loved one dying.
And there is a safe, simple and secure solution to ensure that money is not lost, and the estate affairs are not needlessly delayed with the additional stress and costs for the bereaved.
My Executor Box is an easy to use and affordable digital vault to store records of assets and important documents, as well as recording your wishes and messages for family members in the future.
The days of old paperwork and bank books in drawers are gone and organisations correspond electronically. That can often mean it’s harder for non-digital natives to keep on top of their affairs, making it a near impossible task for executors to find all the assets unless you have details and proof.
And as an Executor there is a legal and heavy responsibility at a difficult and emotional time. Making that role easier was one of the driving forces behind the launch of My Executor Box, by former Scottish financial consultant Alan Wardrop.
“It was becoming very clear in my conversations with my clients, family and friends that dealing with the financial side of a bereavement was particularly stressful and difficult when there were incomplete financial details of the assets.
“With my own financial background, and having sold a £2.5million turnover business with 15 staff, I then invested in creating an online solution which would help families, executors and solicitors with the process.
“My Executor Box is incredibly easy to use, meets robust online security standards and makes executing your will and wishes a straightforward process.”
Not only does it record your assets in an easy to use format by asset type, including bank accounts, investments and property but you can control who can view and assist you by inviting your executors to access your Executor Box as and when you wish.
It allows for up to five people to be executors and you can control when they get access. My Executor Box records mortgages and loans to give net worth, with liabilities automatically deducted from your assets to give a true picture of your net worth and estate value. In addition, you can easily upload documents including your will or power of attorney.
Almost 60% of the UK adult population do not have a will which means that when someone dies without one there are strict inheritance laws (rules of intestacy).
“Often people leave these crucial planning decisions till too late. We would encourage people to ensure they have a will and that they appoint an executor who, in the event of a death, will have safe, simple and secure access to all financial records through My Executor Box.
“Planning for the future can prevent so much additional heartache and we are actively working in partnership with law firms to get that important message across. It should be a case of make a will and then create your own executor box.”
The Executor Box platform is affordable, with monthly subscription from only £5.99 or annual fees discounted to £59.99. Alternatively, you can pay a one off lifetime subscription of £499.
For those worried about online security, the platform uses robust technologies and best practice. Google Cloud provides the secure execution environment for the back-end logic and Firebase provides granular access control and extensive security measures.
Payments are processed through Stripe, which is PCI DSS compliant and protects sensitive payment information. Communication is through HTTPS encryption.
For a free trial of the service, without having to provide
bank or card details, go to www.myexecutorbox.co.uk
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