Updated: Jul 16, 2021
The COVID-19 pandemic has made a huge behavioral shift for individuals and businesses. Across the globe, many individuals are trapped at home during the pandemic due to lockdowns, quarantines, and stay-at-home notices. For business continuity, many businesses are forced to embrace technology at a rapid rate, enabling their employees to work from home where feasible. Similarly, many individuals are separated in distance from their loved ones for a long period of time due to travel restrictions. They too, have depended on technology to stay connected.
How individuals and businesses are seeking professional services?
In the digital market, there has been an increased demand for digital management software and services providers, such as vaultbox. vaultbox is a cloud-based legacy management solution developed by an established Singapore FinTech certified company. vaultbox inventorises user's assets/liabilities to provide an overall view of their net worth. Accordingly, it serves as a digital safety deposit box for uploading key documents (such as wills, life insurance policies, and so on) securely accessible from anywhere.
How the smart legacy management feature works?
Users must have appointed a professional deputy in order to use the smart legacy management feature. In the event of death or incapacitation, your professional deputy will recover and grant access to your nominated confidants, family members, or legal representative using the smart legacy management feature available in vaultbox. All users can select their professional deputies of their choice. You will have the opportunity to be in contact with your selected professional deputy to formalise the legacy management arrangement.
Setting up your legacy management
As a vaultbox customer, you can have a set of executing instructions upon death or incapacitated state so that the professional deputy that you have assigned would know how to proceed with your vaultbox content. Here is some example of details that should be included or addressed in a letter of instruction:
A list of personal, business and financial contacts
Location of original wills, financial, insurance and other legal forms and documents
Information about assets and liabilities
A list of beneficiaries
With vaultbox's built-in features, you can store your personal and business contacts, organise your documents in the registry section, and add assets and liabilities to vaultbox anytime. You are able to link your assets and liabilities to contacts and documents that are relevant to them, making it easier for you, your deputies or professional deputies to find the relevant information they need to retrieve.
Delegating access to someone else
You may delegate access to a specific individual to have complete access to your vaultbox, or only your registry content and/or selected files and folders, along with your letter of last instructions for them to fulfill, instead of having your professional deputy act on your instructions. The access can be granted to them upon your request or your professional deputy can recover and give access to your nominated confidants or your legal representatives upon death or incapacitated state. The selected individual will need to prove their identity and connection with you before access is given.
Inactivity state configuration
The inactivity state configuration setting is a one-of-a-kind function that alerts your deputies when you've been inactive for a certain period of time based on the timeline you've set. To begin, you can set an inactive duration for a reminder to login to your account to be sent to you. Secondly, you can give yourself a time limit to respond to the reminder. If no response is received, vaultbox will inform your deputies that you have been inactive. We recommend that you occasionally review your configuration whenever there’s major change in your life events, or at least once a year.
What is vaultbox?
Having a safe and easily accessible platform for all your important information has never been more important and vaultbox can solve some of your issues, if not all!
vaultbox provides a digital solution for financial and legacy planning. We strive to help you manage and protect everything that matters in one place. vaultbox also ensures that your data is secure and private, so private that even we do not have access to the data you have stored on your vaultbox. However, if you want, you can choose your family members, friends or appoint selected professional deputies to have access to your vaultbox account.
Try vaultbox now for free with a 30-day trial.