VaultWill protects your legacy by securely storing the details of all your assets and accounts. Think of it as an electronic box of all the details needed by your next of kin. Should anything happen to you, your assets will be found and distributed according to your will – and your wishes can be adhered to.
It’s important you put in the location of your bank account (and other assets), for example HSBC, Standard Life, but you don’t need to record the value of the cash in the account – unless you want to. Knowing the name of the bank is enough for an executor to find the asset. The responsibility for releasing final information remains with the financial institution.
Your named executors, trusted advisers and power of attorney holders need three separate pieces of information to log into your account.
We at VaultWill take your security very seriously. As a measure to protect against accidental or fraudulent access requests, we have put in place a short freeze period of 1 to 7 days following a request to unlock a vault. A request to unlock will generate an email to you, the vault holder, asking for confirmation of the unlock.
If the system is being used correctly, i.e. there is a genuine request to unlock the vault, you would not be able to answer the email sent to you as you would have either passed on or be incapacitated (unable to act on your own).
Should a request be made either in error or maliciously, this freeze period will allow you time to reply to the unlock email and prevent the unauthorised access.