If something happened tomorrow, would your family know what to do? Loveday Legacy helps residents preserve memories, record their wishes and organise important information in one place. The app brings together personal stories and practical documentation, while Loveday provides opportunities for residents and their loved ones to begin important conversations about what matters to them and what they wish to preserve for generations to come.
What is Loveday Legacy?
Available to Loveday residents and their loved ones, Loveday Legacy brings together three aspects of legacy planning: preserving personal stories, organising practical information and considering how wishes can be carried forward.
Loveday Legacy brings together the different aspects of a person’s life, from experiences and memories to wishes, practical information and essential documentation. It also provides the option to explore succession planning. These elements are organised into three connected pillars:
- My Story: A hub to preserve memories, photographs, videos, family history and messages for future generations.
- My Affairs: A place to record wishes and organise important documents, contacts and practical information for residents and the people they choose.
- My Wealth: A confidential review of succession plans, taxes, trusts, investments and assets, with the option to meet with a wealth professional from Pall Mall Family Office.
How Does Loveday Legacy Support Families with the Legacy Planning Process?
Loveday Legacy supports residents and their loved ones to begin legacy planning and continue the conversations that will carry it forward.
Guidance Through Legacy Planning
Loveday provides an introduction to Loveday Legacy, helping residents and their loved ones understand how it can support their legacy planning. Further meetings and conversations can be arranged according to individual needs. Residents can then use the app to record their life stories and organise personal information, with access managed in line with their choices. There is also the option to explore wealth and succession planning with a qualified professional.
Helping Families Start Meaningful Legacy Conversations
Starting conversations about legacy planning can be difficult, particularly when families are unsure where to begin. Loveday can help residents and their loved ones start these discussions and continue them over time. Families can approach the process in the way that feels most natural to them, with support available when conversations would benefit from additional guidance. Loveday can also provide comfortable, calm spaces for discussions, with family and friends involved as the resident wishes.
Preserving Stories, Messages and Meaningful Memories
Families can capture conversations as audio or video recordings, or choose to have them written down. These can be preserved in Loveday Legacy as personal mementoes for families to revisit and pass down through future generations. These conversations can also reveal deeply personal stories, from where a person grew up and how they met their partner to the achievements they are proud of and what they would like future generations to know.
The process can connect families in meaningful ways, shedding light on deeply personal moments and answering questions such as where a person grew up, how they met their partner, what achievements they are proud of and what they would like future generations to know.
Residents can also preserve family photographs, family trees and other important personal records.
Helping Families Organise the Practical Details
Loveday Legacy helps residents organise important details and documentation that they and their loved ones may need to refer to. These may include:
- Wills and a letter of wishes
- Details of pensions, trusts and investments
- Lasting power of attorney documents
- Life assurance and insurance policies
- Property deeds
- Tax returns and other tax information
The My Affairs section of Loveday Legacy brings these documents together in one place, making them easier to organise and retrieve when needed.
According to the National Will Register, 42% of adults have not spoken to anyone about what they would like to happen to their estate. Discussing these matters and organising the relevant documentation can help families understand an individual’s wishes and locate important information when it is needed.
Supporting Wealth and Succession Planning
Considering how assets are managed and passed on can be an important part of legacy planning. Through Loveday Legacy, residents have the option of accessing complimentary succession-planning support. This can include discussions about existing arrangements involving wills, trusts, pensions and other assets, as well as how an individual’s wishes may be carried out. Inheritance tax can also form part of these discussions. Where preferred, the support can be coordinated with a resident’s existing professional advisers.
Keeping Legacy Plans Up to Date
Legacy planning is not a one-off exercise. As circumstances and wishes change, residents can revisit the stories, wishes and documentation they have recorded in Loveday Legacy. This provides an opportunity to keep important information up to date and ensure their records continue to reflect what matters to them.
Supporting Families to Preserve What Matters
A family’s legacy encompasses more than financial assets. Stories, photographs, family traditions and personal values can all help future generations understand the person behind them. Recording these alongside important wishes and practical information gives families a way to preserve what matters to them.
Loveday Legacy reflects Loveday’s commitment to care beyond compare, recognising the importance of each resident’s personal history, wishes and family connections. It gives residents and their loved ones a way to bring these elements together as part of their legacy planning.
To find out more about Loveday Legacy, speak to a member of the Loveday Relationship Team.
