What My Legacy Does
My Legacy is the part of LifeReady that ensures your family, executor, and trusted people have access to everything they need when the time comes.
When your Legacy is activated by your designated Trusted Parties, they receive access to your complete Vault – your Will, power of attorney, financial accounts, digital credentials, medical information, and your personal Statement of Wishes.
It requires a minimum of two Trusted Parties to activate, so access is only granted when the people you’ve chosen agree it’s needed. It stays inactive until you’re ready. You can update or disable it at any time.
Step 1: Build Your Vault
Before setting up your Legacy, add your key documents to your Vault.
LifeReady identifies nine records as most important for Legacy purposes: your Will and testament, Enduring Power of Attorney, superannuation beneficiary nomination, Enduring Power of Guardianship, Advance Care Plan, Medical Treatment Decision Maker appointment, life insurance policy, superannuation details, and your wishes for your final arrangements.
You don’t need all of these before enabling your Legacy – add documents as you have them and build over time.
Step 2: Write Your Statement of Wishes
Your Statement of Wishes is a personal, non-legally-binding document that provides guidance to the people looking after your affairs. It sits alongside your Will – not replacing it, but adding the human context behind the legal instructions.
There’s no required format. Common inclusions: the location of original documents, guidance about family circumstances, charitable preferences, wishes about personal items, and anything that helps the people you trust understand what you wanted and why.
LifeReady’s My Legacy section includes a template to help get you started. You can also add notes to individual records explaining what each document is and what you’d like to happen with it.
Step 3: Assign Your Trusted Parties
Your Legacy requires a minimum of two Trusted Parties and a maximum of five – the people who will both carry out your wishes and approve the activation of your Legacy when the time comes.
Most people assign their executor, an adult child or close family member, and possibly a professional advisor. You control exactly what access each person has and can change this at any time.
Your Trusted Parties need LifeReady accounts to be assigned – but not a paid subscription. Once assigned, they’ll see your Legacy in their Shared Records section. Access is only available after two Trusted Parties have approved the activation.
Step 4: Enable Your Legacy
Once your documents are in place, your Statement of Wishes is written, and your Trusted Parties are assigned, enable your Legacy in My Legacy.
Enabling means your Trusted Parties have the ability to activate it when needed – not that they have access right now. It simply means the structure is in place.
You can continue updating information within your Legacy at any time. If circumstances change, you can disable it – all your information is preserved.
You don’t need to have everything in place before you start. Add two Trusted Parties, enable your Legacy – then build from there.
→ Access the LifeReady Guide to learn more about My Legacy
→ Start your Digital Vault for free at app.lifeready.io/signup