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In the digital age, individuals manage multiple dimensions of their lives online, from social media accounts and email services to financial investments and online shopping. As our lives become increasingly digitized, the complexity of managing personal information has skyrocketed. Consider this - the average person today manages over 80 passwords, signifying an extensive digital footprint that encompasses numerous facets of their existence.

Moreover, financial transparency within relationships is alarmingly low - approximately 25% of cohabiting couples are in the dark about their partner's financial situation. This, coupled with the human tendency to shy away from contemplating mortality, has resulted in a massive amount of unclaimed assets and misplaced information. Estimates indicate that there could be between £70-£200bn worth of assets unclaimed, simply because proper life planning procedures have not been followed.

The reluctance to think about our own mortality is natural. However, we live in an era where our lives are digitally interconnected in more ways than we can fathom, making it crucial to consider life planning as an essential component of modern living.

What is Life Planning?

Life planning is the process of organising one's financial, personal, and digital affairs to provide clear, accessible information during times of crisis or death. It encompasses wills and testaments, financial investments, insurance policies, digital assets, and even personal wishes for end-of-life care.

Life planning helps simplify complex digital realities, ensuring that vital information is up-to-date, secure, and accessible when required. It provides peace of mind not just for the individuals themselves but also for their loved ones, reducing the stress and uncertainty that can follow unforeseen circumstances or death.

Life Planning and the Digital World

In the modern digital landscape, life planning extends beyond physical assets and tangible investments. Today, our digital assets, including social media profiles, emails, digital photos, blogs, online banking accounts, and cryptocurrency wallets, constitute a significant part of our lives. Ensuring the safe and rightful transfer of these assets upon one's passing is as crucial as it is for physical assets.

Neglecting digital assets in life planning can lead to lost memories (photos, videos, correspondence), inaccessible financial resources (banking, investments, cryptocurrencies), and identity theft risks. It's important to have a secure, organised, and accessible system to manage digital accounts, passwords, and related information.

Addressing the Financial Gap in Relationships

The significant lack of financial transparency among cohabiting couples emphasises the need for open communication and planning. Knowledge and understanding of one's financial situation are critical for making informed decisions about savings, investments, and retirement planning. In the unfortunate event of a partner's sudden passing or incapacitation, the lack of this information can lead to severe financial distress.

By integrating life planning into a relationship, couples can foster trust, promote financial health, and prepare for the future, regardless of what it may hold.

The Call to Action

Life planning may seem daunting, but in a digitally dominant era, it is more critical than ever. It allows for the consolidation of digital footprints, promotes financial transparency, and ensures the security and legacy of one's digital life.

Ignoring this crucial aspect of modern life can lead to significant complications down the line, causing unnecessary stress and turmoil for loved ones. In an age where we manage upwards of 80 passwords, life planning is not just a necessity; it's a responsibility.

In conclusion, life planning in the modern digital world is about more than preparing for death. It's about making life easier and more secure for both you and your loved ones in the present and the future. This new frontier of planning deserves our attention and action, leading us to a more organised, transparent, and secure digital world.