Fiduciary Specialists

What is a Life File and Why Should I Have One?

The most important estate planning tool is a valid will. Having this in place allows you to decide who your executor is, who your beneficiaries are. In doing so it allows you some control on how your estate will be managed and distributed. While having a valid will is essential, it is not enough on its own to ensure effective estate planning.

Planning your estate is a lifelong journey. It determines how effectively your estate will be administered and whether your loved ones will have a smooth experience after your passing.

The Purpose of a Life File

A Life File is a very useful estate planning tool. It works together with your will to ensure that your wishes will be carried out effectively and efficiently. A Life File is a document that contains important information about you, your loved ones and your assets. Examples of this include property details, vehicle information, medical aid information and life policies, to name a few. The principal purpose of a life file is to ensure that all necessary documentation is on hand for the proper administration of your deceased estate.

Having this information available to your executor and to your family will ensure efficient administration. This lessens the burden carried by your loved ones after your death. Having an up-to-date Life File allows your executor to have access immediately to your most important estate related information. This reduces delays, penalties and time taken to distribute to your loved ones.

If your Life File is up to date, your executor can act quickly to ensure that you don’t lose out on any benefits due to your estate or your beneficiaries. Working along side a professional on this adds so much value to the loved ones you leave behind. It is often the case that the executor on the general publics wills is seldom actually known to individual who nominated them.

How much detail is needed in your Life File?

The level of detail required for each section of your file is only what is sufficient for your executor and family to know. This usually includes specifics like an institution’s name, your policy number, and your password.

Sometimes it asks for information like an address, or the location of a vehicle’s log book. Marsh Fidelity has created its own downloadable template here to help you include all the relevant details.

How we add value to you

At Marsh Fidelity, we add value to our will clients through our App and Life File template. Our will clients can have access to a special portal on our App with an encrypted username and password entry point.

Our clients have access to a Life File where their will and all their important estate-planning information. This portal means you can continuously updated your estate information as life changes occur. If you are registered on our App portal, you can also add a trusted contact who will be able to access your portal once you are gone.

If you are a Will client of ours, click the following link to access your special portal and Life File template on our App:

If you do not have your Will with Marsh Fidelity, you can still download our App for free. You will still have access to all the other features our app offers. Click the following link to download our App for free:

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