Executry assets: a modern solution

Sadly, when a client dies, often the solicitor and executor are left with the almost impossible task of finding and securing all the assets for the beneficiaries.

That can mean long, costly delays and difficult conversations with bereaved families and friends who don’t fully understand the complexities and obstacles in the financial and legal process.

Now there is a simple, safe and secure digital vault solution where your clients can store their information by asset type, including bank accounts, investments and property.

Scottish entrepreneur Alan Wardrop has set up My Executor Box, which allows people to collect details of their assets in one place, so when they die they are readily available.

Why the need?

The financial services expert and My Executor Box founder first got the idea when he was reviewing services for a legal firm. “I set up their financial services division and helped out in every department,” said Mr Wardrop. “I saw people walking into the executry department with a plastic bag full of bank books and life insurance. It was a shambles and a shame at such a difficult time. It always stuck with me – there had to be a better way for both executors and solicitors.”

A special seminar for solicitors explaining the service was held in the Blythswood Hotel in Glasgow on 14 September. Glasgow-based Archibald Sharp is the first firm of solicitors on board following the launch. James W Craig, a solicitor at Archibald Sharp, said: “My Executor Box is an innovation which is overdue in our modern online world. It will really help clients, executors and solicitors and deliver a quicker, more efficient executry service when required.”

Affiliated solicitors’ clients receive a 10% discount on subscription fees, and solicitors an income share. There is also a referral scheme to introduce new legal business to participating legal firms.

Digital vault

Mr Wardrop has bankrolled the business himself after the multi-million pound sale of his financial services company. He said: “When I sold up I had the time and money to revisit this. For me, the idea is, you make a will, and the next thing you do is you make an Executor Box.”

The digital vault, which can be set up through affiliated solicitors or individually online, allows people to store their information by asset type. It also records mortgages and loans to provide a picture of the person’s net worth.

Mr Wardrop said: “I want to develop a network of affiliated solicitors, and firmly believe that together we can revolutionise the executry market with a really simple and easy-to-use online platform where people can control who can view their assets and when. And obviously, and importantly, it uses robust technologies and best practices to meet online security standards.”

Beware the Government grab

Sadly, since 2008, the failure to trace assets has meant the UK Government has seized £1.6 billion lying in dormant bank accounts from the Dormant Bank and Building Society Accounts Act. And last year that financial grab was extended to include pensions, investments, shares and property.

The days of old paperwork and bank books in drawers are gone, and organisations now correspond electronically. That can often mean it’s harder for non-digital natives to keep on top of their affairs, making it near impossible for executors to find all the assets without details and proof.

“The executry area was where the vast majority of seized assets were coming from, and 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,” said Mr Wardrop.

“My Executor Box 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.

“I’m also catering for people that are not technology savvy, and have a team in Glasgow who will help, advise and even visit people in their homes to help them get started.”

Support at a difficult time

As an executor, there is a heavy legal responsibility at a difficult and emotional time. Making that role easier was one of the driving forces behind the launch of My Executor Box. Mr Wardrop explained: “It was becoming very clear in my conversations with my clients, family and friends that dealing with the financial side of bereavement was particularly stressful and difficult when there were incomplete financial details of the assets.

“With my own financial background and having sold a multi-million pound business, 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.

In addition, you can easily upload documents including your will or power of attorney, as well as record your wishes and messages for family members in the future.

Testimonials

The platform solution has been widely praised. Retired banker Ian Reid OBE said: “As I have grown older my thoughts have turned to the question, would my family really know where my money is if anything happened to me? It’s been a real concern. As a former banker, I can see the need for a solution and I believe My Executor Box could be the answer.”

Professor Jeffrey Aronson added: “Our executor is a retired financial adviser and has recommended My Executor Box to ensure both we and him know what savings we have and where to find them.”

Mr Wardrop said: “Often people leave these crucial planning decisions until it's 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 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.”

The Executor Box platform is affordable, with a monthly subscription from £5.99 or annual fees discounted to £59.99. Alternatively, you can pay a one-off lifetime subscription of £499.