In Case of Emergency (ICE)
As an adviser, what can you do to help your clients?
One of the key points is to work with your current clients to create an ‘In Case of Emergency’ (ICE) folder.
An ICE Folder allows you to store everything of relevance including copies of wills, trust deeds and lasting powers of attorney together with all the relevant paperwork for insurances, property deeds etc.
This data is very sensitive and that's where your moneyinfo app comes in to its own as it's a secure place for you and your clients to store sensitive personal and financial data.
Create a special folder in the client's document area called "In Case of Emergency"
Into this folder store a template document with contact details for the client's advisers and other important contacts including all family members.
Put in this folder any documents you already have access to - including life assurance and property insurance contracts and then provide a list for your clients of the other documents that they should put in the folder.
Getting this stuff together is not fun, but it is do-able from the comfort of the client's home during self-isolation and your older clients probably have time on their hands as their social clubs and networking will have been closed.
The benefits once the information has been pulled together are obvious. Not least the financial peace of mind for your clients of knowing that everything is organised, in one place and accessible.
Should the worst happen, you can provide the family with all the information and paperwork to calculate the estate, supporting the executor and speeding-up the process of probate.
You will look well organised and a key adviser to those inheriting from the estate. Useful to stop those assets going to another adviser.