What if your family was faced with the sudden loss of a loved one, and you were responsible for gathering all the pertinent paperwork at a moment’s notice? That’s exactly what happened to Richard Fox when his father unexpectedly passed away.
The CEO and president of Family Wealth Map LLC resolved to never let that happen to his wife and children: He launched Family Wealth Map, an online system that allows you to securely store and track all of your assets, from bank accounts and stock portfolios, to wills, health-care directives, insurance policies, mortgage documents, car titles, copies of passports and birth certificates, and even email and social media passwords. “In a family, there is usually one spouse who handles the finances,” Fox explains. “Family Wealth Map is a great way to give both spouses convenient access to the family’s most important information.”
Backed by a high-security system from Chesterfield-based software company, Unified Development Inc., the cloud-based, encrypted platform tells you “what you own, where it is, and what it's worth,” Fox says. The one-stop organizational shop for personal information also acts as a collaborative tool for individuals to use with their wealth managers, accountants and attorneys. The system is $9.95 per month for individuals and starting at $99 per month for professional advisers, who can use the site to help organize clients' information. Family Wealth Map's website has a list of subscribing professionals.
The idea for Family Wealth Map was sparked by Fox’s own family. When his father died suddenly in a car accident 20 years ago, Fox received calls from attorneys and accountants looking for information about his estate only days after the funeral. “The last thing I wanted to do was comb through my father's files for the information they needed,” he recalls. Instead, Fox wished for a place where all the pertinent information related to an individual’s estate could be accessed in one place. That’s when he decided to create Family Wealth Map. The information can now be at a family’s fingertips, he says, giving them confidence and peace of mind knowing it is available when and where they need it.
The system also has a patent-pending Notification Upon Death feature that will automatically deliver the information of the deceased to the executor of the estate upon the individual’s passing.
Fox says the Family Wealth Map is a gift he is leaving his family members to provide information in a time of need. “I hope you will give it as a gift to your family, as well.”
ON THE COVER: Launched this year, Family Wealth Map is a secure cloud-based platform that allows individuals to store their estate and financial information in one conveniently accessible digital space. For more information, call 800-975-5221 or visit familywealthmap.com.