When planning your legacy, most people focus on things like wills, property, and investments, but there are critical aspects often overlooked—especially when it comes to accessing your physical assets. Whether it’s money in a safety deposit box, priceless family heirlooms stored in a unit, or important documents locked away in a safe, these assets hold both sentimental and financial value. The problem is, without proper planning, your loved ones might have no idea how to access these items after you’re gone.
The Importance of Planning for Access
Consider the following scenarios:
- Safety Deposit Boxes: Many people store valuable assets in safety deposit boxes—cash, important documents, or even precious metals. But without a clear plan, your loved ones may struggle to access these boxes. Banks will only release the contents to those listed on the account or to a designated executor, but if the details aren’t shared or the person who knows the information isn’t available, the contents can remain out of reach.
- Storage Units Full of Heirlooms: What happens if you’ve filled a storage unit with sentimental family heirlooms or valuable items, but your family doesn’t know where the unit is or how to access it? These items could be lost or even sold by mistake if no one knows they exist or how to access them. What’s worse is that these items might be irreplaceable, leaving your loved ones with nothing but regret.
- Locked Safes: Imagine you have a safe at home where you keep important documents, such as your will and testament or even emergency funds. But what if no one knows where the key is, or even that the safe exists? Without access, the critical instructions in your will may remain inaccessible, and your assets could be locked away indefinitely.
- Hidden Assets in the Home: Some individuals prefer to keep cash or other valuable items in hidden places at home—perhaps under the floorboards, inside furniture, or in the back of a closet. But without informing loved ones of where these items are kept, your family may not know where to look. As a result, these assets could be lost or left inaccessible, and your family may not even realise their existence.
- Life Insurance Policies: Life insurance policies are a common way of ensuring your family is financially supported in the event of your passing. However, if the details of the policy (like the insurer, policy number, and contact details) aren’t documented or easily accessible, your beneficiaries may struggle to claim the benefits. Without a clear process for accessing the insurance policy information, the financial support you intended to leave behind could be delayed or missed entirely.
- Retirement Accounts and Pension Plans: For many individuals, their retirement accounts or pension funds represent a significant portion of their wealth. These accounts often have specific instructions for how and when they can be accessed after death. However, if there is no clear plan for how to access these funds—such as knowing account details or contact information for the provider—your beneficiaries may face delays in claiming those funds. This could also impact your loved ones’ ability to cover immediate expenses in the absence of clear access to these resources.
- Vehicle Titles and Keys: If you own valuable vehicles—such as a car, motorcycle, or boat—and have left the title, keys, and insurance details in an unorganised place, it could be difficult for your family to claim ownership or handle these assets after you’re gone. This is especially problematic if the vehicle is essential to the person inheriting it, or if it’s part of your estate’s assets that need to be sold or transferred.
- Property Deeds: If you own property, whether it’s a home, a rental property, or land, the property deed is an essential document for the transfer of ownership after your passing. If the deed is stored somewhere inaccessible or forgotten about, the process of transferring ownership can be delayed or complicated. Clear instructions on where to find the deed and who can access it are vital for smooth estate administration.
- Business Ownership Documents: For business owners, ensuring access to business ownership documents—such as shares, operating agreements, and any related legal documents—is crucial. If family members or business partners don’t know where to find these documents, it could lead to confusion, disputes, or even the dissolution of the business. This is especially important for family-owned businesses or those relying on key family members to continue operations after the owner’s passing.
These scenarios aren’t rare. In fact, many families experience significant stress because they can’t access their loved one’s assets or final wishes, simply because there wasn’t a clear plan for how to find and manage them.
The Consequences of Not Planning for Access
The risks of not ensuring proper access to your assets can be severe:
- Unclaimed Funds and Lost Assets:
Financial assets like insurance policies, pension funds, or even cash stored away can remain unclaimed if there’s no clear instruction on how to access them. Unclaimed life insurance policies alone account for billions in lost funds annually. In the UK, it’s estimated that £2.6 billion worth of unclaimed life insurance is still waiting to be collected. - Added Stress on Family:
The emotional burden of losing a loved one is already overwhelming. Adding the confusion of trying to find access to their assets only makes the process harder. Whether it’s searching for keys to a safe or trying to track down important documents scattered across various locations, the lack of organisation can result in unnecessary stress and delays. - Legal and Compliance Issues:
Executors of estates are legally responsible for ensuring that a deceased person’s assets are distributed according to their wishes. Without access to important physical assets, executors can face legal challenges, delays in distributing assets, or potential conflicts among family members. If instructions aren’t clear, it may result in costly legal battles or further complications. - Missed Opportunities for Legacy Transfer:
Your assets—whether physical heirlooms, financial assets, or sentimental items—are part of your legacy. Without proper planning for access, your legacy may be lost or forgotten, and your loved ones may not have the opportunity to cherish or preserve what you intended to leave behind.
How to Ensure Easy Access to Your Assets
Planning ahead doesn’t have to be difficult. There are practical steps you can take to ensure that your loved ones can access your assets when needed.
- Create a Detailed Inventory:
Start by making a comprehensive list of all your important assets. This includes things like bank accounts, insurance policies, family heirlooms, and storage units. For each asset, note where it’s kept and how it can be accessed. Store this list in a secure place that’s easy to access, and share the location with your trusted executor or a close family member. - Share Access Information:
Don’t leave your loved ones guessing where everything is. Share the details of safety deposit boxes, locked safes, or storage units with a trusted individual or executor. Consider leaving clear instructions on how to access these items, such as safe combinations, keys, or account details. - Designate Trusted Executors or Custodians:
Your executor or a trusted custodian should be well-informed about the location and access to your key assets. If you have physical assets stored in different places (a safe at home, a bank box, a storage unit), make sure your executor knows where to find the keys or how to access them. You might also consider appointing professional custodians who can help manage valuable assets on your behalf. - Use Secure Digital Solutions:
While this blog focuses on physical assets, it’s important to remember that digital assets—such as online banking, investments, and even social media accounts—need to be organised too. Consider using platforms like Heritage Vault to securely store access details for all your assets, both digital and physical. This ensures that all your information is easily accessible by trusted individuals when needed, even if you’re not around. - Legal Documentation:
Ensure that your will and any legal documents related to your assets are stored in a safe, accessible location. If you’re keeping them in a safe, make sure someone knows how to access it. Ideally, store a copy of your will in a digital vault or with your executor to avoid any complications.
The Bottom Line: Take Control of Your Legacy
The importance of securing access to your physical and financial assets cannot be overstated. By planning ahead and organising your assets—whether they’re in a safe, a storage unit, or a bank—you ensure that your loved ones can easily access them without unnecessary stress, confusion, or delays.
Your legacy is important, and ensuring that it’s preserved for future generations should be part of your planning process. Whether you’re dealing with valuable heirlooms, important financial documents, or sentimental items, planning ahead ensures they are transferred smoothly and according to your wishes.
Don’t leave your family to figure it out in a crisis. Start planning today for the secure and organised transfer of all your assets. Heritage Vault is here to help you keep everything secure, organised, and easily accessible for your loved ones.
👉 Start planning your legacy today: www.heritage-vault.com
References:
- Canada Life, 2020 – The Digital Estate Planning Gap
- Statista, 2022 – Number of Internet Users Worldwide
- Purdue Global University, 2021 – Executors and Digital Asset Management Challenges
- McKinsey & Company, 2021 – Growth in Digital Asset Management Market
- The Zebra, 2020 – The Dangers of Sharing Passwords
- Deloitte, 2020 – Digital Assets and Estate Planning
