Here’s a challenge for you…
Write your Will. (morbid I know)
Now instead of writing vaguely about your estate, try and define everything you own, then divvy it out.
Tough, isn’t it? Have you remembered your stocks & shares? life assurance? All your pension pots?
Typically, most people write about jewellery in more detail than they do their financial assets. Now think, if you can’t remember where your accounts are, how do you expect someone else to? I know, for my father, I have absolutely no idea what he owns, or where. It’s just not dinner-time entertainment talk (see also ‘Very British Problems’). So, usually, we never find out until the day comes when you must shuffle through desk draws finding pieces of paper and following the trails like a never-ending kite string.
How, in any way, is this a 21st century option? Why do I, as a grief stricken individual, have to pull financial accounts as if I were pulling teeth? This is the last thing I want to be doing at that time. Anyone who has been in this position will know what I’m talking about; there are simply other, more important, things to be doing.
What’s more, I’m probably going to miss half of his accounts because:
A. I don’t know what shares he owns,
B. I certainly don’t know how his company pension works (I don’t really know if he had pensions from old jobs… maybe?),
C. And, his savings and/or current accounts might as well be locked in a box-room at the Vatican’s secret archives. I’ve got the same chance of seeing them too.
You know, that’s fine. I’m happy to not know what my his financial situation is, it’s his prerogative tokeep it personal. But, I know he would blow a gasket if it didn’t go where he wanted when his time comes.
As well as being a means to deal with unclaimed assets, Monimine is an incredibly simple way of staying in-touch with your finances. Where an individual moves to a new house, if they securely log into the Monimine system, they can update their address. Monimine will then notify all the relevant institutions about the move, and your accounts should never become dormant again!
Hugely important to us, is to provide a service to those left behind. Where a spouse or family member dies, you can register this with Monimine. Monimine will then verify whether this is true using government registers (getting rid of the fraud issue) and then notify the necessary institutions. We no longer see it suitable for a widower to have to trawl up the high street notifying each institution individually (an incredibly emotionally draining process). I’m sure there will be many out there who agree, this service is hugely beneficial, and long overdue.