The SmartAccess Kit: Your Estate’s Roadmap

The SmartAccess Kit: Your Estate’s Roadmap

In the world of Estate Planning, we often focus on the big picture—creating a Will, setting up trusts, and choosing executors. However, one of the most practical and impactful things you can do for your loved ones is far simpler: creating a comprehensive list of your assets and important information. At Smartwills, we call this the “SmartAccess Kit”. Let’s explore why this kit is so crucial and how it can make a world of difference in estate administration.

What is the SmartAccess Kit?

The SmartAccess Kit is a centralized repository of all your important information. Think of it as a roadmap for your executor—a guide that helps them navigate the complex landscape of your estate. This kit includes:

1. A detailed list of assets, these need to be specific with account numbers and passwords
2. Important contact information
3. Account details (utility bills, memberships etc.) no one can figure out what is owed or owed to you without this information
4. Passwords and access information (all your various accounts)
5. Insurance policies
6. Debts and liabilities – banking information, this includes which bank and account numbers
7. Important documents and their locations

Why is the SmartAccess Kit So Important?

1. Simplifies Estate Administration

Estate administration can be a complex and time-consuming process. The Smartaccess kit simplifies this by providing your executor with a clear overview of your estate. Instead of spending countless hours searching for assets or important documents, your executor can focus on carrying out your wishes efficiently.

2. Ensures No Assets Are Overlooked

It’s not uncommon for assets to be forgotten or overlooked during estate administration, especially in our increasingly digital world. By maintaining an up-to-date asset list, you ensure that all your assets, both physical and digital, are accounted for and distributed according to your wishes.

3. Reduces Stress for Your Loved Ones

Dealing with the loss of a loved one is already emotionally taxing. By leaving behind a well-organized SmartAccess kit, you’re alleviating some of the stress and uncertainty your family will face during this difficult time.

4. Saves Time and Money

When executors have to spend time hunting down assets or important information, it can delay the estate settlement process. This delay can lead to increased costs, reducing the value of the estate. The SmartAccess kit helps avoid these unnecessary expenses.

5. Provides Peace of Mind

Knowing that you’ve left clear and organized information for your loved ones can provide immense peace of mind. It’s a final act of care and consideration for those you leave behind.

6. Facilitates Better Financial Planning

While primarily designed for estate administration, the SmartAccess kit can also be a valuable tool for your financial planning. By regularly updating your asset list, you maintain a clear picture of your financial situation.

Creating and Maintaining Your SmartAccess Kit

1. Start Early: Don’t wait until you’re older to create your SmartAccess kit. The earlier you start, the more habitual and thorough the process becomes.
2. Be Comprehensive: Include all assets, no matter how small they might seem. That old savings account or the digital assets you’ve accumulated could be more valuable than you think.
3. Update Regularly: Set a reminder to review and update your SmartAccess kit at least once a year or after any significant life changes.
4. Keep it Secure but Accessible: Store your SmartAccess kit in a secure location, but ensure that your executor knows how to access it when the time comes.
5. Consider Digital Solutions: While a physical folder can work, digital solutions can offer added security and ease of updating. Just ensure your executor knows how to access this digital information.
6. Include Clear Instructions: Along with the information itself, include clear instructions on how to use the SmartAccess kit and any steps your executor should take.

The SmartAccess kit is more than just a list—it’s a gift to your loved ones, a tool for your executor, and a cornerstone of effective estate planning. By taking the time to create and maintain this kit, you’re ensuring that your final wishes are carried out smoothly and efficiently, leaving a legacy of care and consideration for those you leave behind.

Remember, at Smartwills, we’re here to help you create and maintain your SmartAccess Kit. It’s an integral part of our comprehensive approach to estate planning, designed to give you and your loved ones peace of mind for the future. When we prepare your Will we provide the kit to you.  Surprise, once the Will is done, you’ve got a centralized place to hold key documents, even if it is simply pieces of paper, they are all in one place.