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February 25, 2015

Estate Map – Directions For the Future

ss-estatemap
An estate plan shouldn’t be a silo, it should be integrated and comprehensive. Estate Map is a web-based application that makes estate plans sharable and provides its users’ loved ones with detailed instructions on how to handle everything from funeral plans to Facebook accounts.

Estate Map has developed an intuitive way to build a comprehensive estate plan that includes asset protection, personal information, and custom inventories. Follow the step-by-step instructions provided by Estate Map and input all the necessary information. Any sensitive information you upload into Estate Map—including online passwords, bank numbers, and property ownership details—is kept safe using bank-level security. Decide which loved ones should get access to which pieces of your estate plan after you’ve passed, and include detailed instructions to supplement the information you’ve left behind. (For example, maybe your best friend should get your Twitter password and your mother should get your banking information.) When two or more of your “authorized representatives” report a change in your health status, Estate Map provides all of your “recipients” with access to the information you’ve laid out.

In the event that your personal information changes after it’s been added to your Estate Map account—such as, if you change your Facebook password—the application’s Auto Pilot tool will automatically update the information on your behalf. Estate Map has designed a process for estate planning that essentially removes attorneys from the equation and provides consumers with tools to organize and share the information they’d like to pass along to loved ones after they’re gone.

Practical Uses:

  • Create a comprehensive record of your financial assets
  • Designate a loved one to cancel your social media accounts after your death
  • Leave personal messages for your children to read after you’re gone
  • Decide which family members should get access to which pieces of information

Insider Tips:

  • Determine whether recipients should be given your plan if you’re disabled
  • Upload attachments to supplement the information for recipients
  • Electronically share information with recipients at any time
  • Users can earn free years of service by referring their friends

What we liked:

  • Following Estate Map’s step-by-step instructions, people can create comprehensive plans
  • At least two “authorized representatives” have to report a change in health status before recipients are given access to a user’s estate plan
  • Estate Map uses bank-level security to protect user information
  • Users can automate the process of updating passwords with the AutoPilot tool

What we didn’t like:

  • Users can’t be guaranteed Estate Map will still be active when they eventually pass

Alternatives:

Company Info:

  • Launched: 2013
  • Privately Held
  • Headquarters: Minneapolis, Minnesota
  • Founded by: Joseph Henderson
  • Web site: https://estatemap.com

Costs:

  • Free trial
  • Subscription pricing, first year is $96

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