December 2, 2024
Comparison of Legacy planning product
Choosing the right legacy management tool
Managing legacy requires appropriate handling of sensitive data such as wills, funeral plans, estate details and important documents. With digital legacy management products, a person can store and share their wishes securely for their loved ones. In this article, we will compare widely known popular legacy management solutions, focusing on features like security, pricing, common capabilities and unique offerings of each brand.
Before diving into comparisons, we must learn what legacy management is and how one can secure their sensitive information once they are gone from this world.
What is legacy management?
Legacy management is the process of sorting out your end-of-life preferences and storing them securely either by yourself or with a legacy management platform. These platforms offer a secure space to ensure your final wishes are respected, making things easier for loved ones. Digital solutions enable users to store wills, funeral wishes, financial documents, and other sensitive information safely and pass them on to loved ones for safekeeping.
Top features for legacy management success
While choosing a legacy management product, one must consider the following aspects:
Security
Look for data encryption and secure cloud storage to protect your sensitive information. Fully encrypted information allows only the authorised and their trusted contacts to access the sensitive information.
Ease of use
A user-friendly interface simplifies the process of uploading and managing documents. A simplified interface will allow the users to easily manage, categorise, update, and upload their documents.
Sharing
Ensure you can designate trusted contacts and control when they access your data. Being able to designate trusted contacts and set specific access permissions allows users to decide who can view their information and under what conditions.
Additional services
Many platforms offer extras like funeral planning and personalised messages for loved ones. Features like scheduled message delivery allow users to leave heartfelt messages or guidance that can be shared with family at specific times or life events.
Comparing popular legacy management products
Learn about various brands that specialise in legacy management, offering peace of mind as you prepare for your loved ones’ future. Below are the most popular legacy management products:
1. Everplans
Everplans is a comprehensive digital legacy platform that offers end-of-life planning services. Users can store essential documents, designate emergency contacts, and share plans with family. However, it does not have any free plans for the users.
Highlighted features:
- Document storage and end-of-life planning tools
- Family-sharing options for smooth access to vital information
- Annual plan at $75/year
- Support for funeral, medical, and legal planning
2. Farewill
Specialising in will creation and probate services, Farewill provides an option to set up wills quickly. However, it lacks comprehensive document storage and sharing features.
Highlighted features:
- Affordable will creation and probate services
- Legal support for managing estates
- Probate services for smoother asset distribution
3. SharedAffairs
SharedAffairs provides a user-friendly interface for storing documents, funeral wishes, estate details and other end-of-life preferences. It also offers a service for storing and sharing documents for day-to-day use. The platform is designed for ease of use, allowing users to assign trusted contacts and set up access controls.
Highlighted features:
- Free plan with document storage and basic legacy planning tools like will writing, funeral planning, probate information, document and video messages.
- Premium plan at £6.99/month with additional storage and features
- Controlled access to digital vault with Chronolock feature
- Storage of other essential documents like passport, driving license, and others
4. GoodTrust
GoodTrust focuses on digital legacy management, ensuring online accounts and digital files are accessible to loved ones.
Highlighted features:
- Digital will creation and online account management
- Secure sharing of passwords
- Creation of personalised messages or videos for family members
- Build legacy plans with customisable templates
5. MyLifeSite
MyLifeSite provides comprehensive legacy planning tools aimed at organizing and protecting personal, financial, and health-related documents. It offers secure document storage and enables easy sharing with designated contacts.
Highlighted features:
- Secure storage for essential documents (e.g., wills, financial records, medical information)
- Controlled access for trusted family members or advisors
- User-friendly dashboard with reminders for document updates
6. Freewill
Freewill offers a free, easy-to-use platform for creating wills, trusts, and other essential estate planning documents. It’s designed for accessibility and is popular for its guided, user-friendly process.
Highlighted features:
- No cost for creating basic wills and trusts
- Facilitates donations to chosen charities
- Ensures documents are safely stored and shared
- Plan and manage trusts with ease
7. Creative Planning
Creative Planning offers estate planning services designed to support wealth management, tax optimisation, and trust creation. With a team of legal and financial experts, the platform helps clients create personalised plans to preserve and transfer their assets efficiently.
Highlighted features:
- Holistic Estate Planning
- Minimise estate and inheritance taxes
- Team of experienced estate attorneys and advisors
- Support for funeral, medical, and legal planning
8. Trust & Will
Trust & Will provides a straightforward and affordable way for people to create legally valid wills, trusts, and probate plans online.
Highlighted features:
- Simple, guided steps make creating wills or trusts accessible to all
- Legal experts provide additional support as needed
- Ensures documents meet individual state laws
- Option to incorporate charitable donations into wills
Unique benefits of SharedAffairs
SharedAffairs combines affordability, simplicity, and security in a single package. With free and premium plans, users have flexible options to store and manage critical information. Here are some reasons why SharedAffairs is the best choice for users:
Cost-effective plans
With a free basic plan and an affordable premium option, SharedAffairs makes legacy management accessible. The free basic plan provides essential features for users looking to start their legacy management journey without a financial commitment.
Easy document sharing
SharedAffairs allows users to assign trusted contacts, enabling controlled sharing and access to documents. This controlled sharing feature ensures that only approved individuals can access vital information, making it easier to organise and manage access permissions.
Privacy and Security
Utilising secure cloud storage, the platform keeps sensitive information safe. By utilizing secure cloud storage and strong encryption protocols, the platform keeps sensitive information protected from unauthorised access.
Chronolock safety features
Chronolock offers secure, controlled access to your digital vault. When a trusted contact requests entry, a waiting period begins, and you get notified. This gives you time to approve or deny the request. Even if someone is pre-authorised, you can still control access as it happens. With SharedAffairs, you get layered security, ensuring your sensitive information remains protected while still accessible to those you trust, whenever you decide.
Probate/Executer Pack
SharedAffairs also offers a probate/executor pack to its users. This feature simplifies estate planning by allowing users to create wills and manage estate information in a format that is easily useable by the Executer(s).
Final thoughts
Choosing the right legacy management product is a personal decision that depends on your unique needs. For those seeking an affordable, secure, and straightforward option, SharedAffairs is an excellent choice to start planning your legacy today.