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Frequently Asked Questions

To help you better understand what MyLifePlans.xyz is about, we compiled a list of frequently asked questions. If you have any further questions, please do not hesitate to contact us.

Yours Sincerely,
The Three Wise Owls

1.What is an Estate Plan?

An Estate Plan is a set of documents prepared to provide instructions for the management your estate in the event you become sick or die.

A comprehensive Estate Plan comprises of different documents for different purposes:

  • Last Will and Testament
  • Power of Attorney
  • Power of Attorney of Health Care
  • Supporting Documents and Reference Information

2.What is your Estate?

Your estate includes everything of value that you own from cash and bank account balances to vehicles, property and any other assets and entitlements you may have. Regardless of the size, this is the wealth you have to pass on to the next generation. It is important that you create an Estate Plan to ensure it's value is protected and passed on in a timely manner.

Note: Life Insurance is an effective way to immediately increase the value of your estate and ensure that your loved ones are adequately provided for in the event you die.

3.What is a Will and Last Testament?
    Often times just called a Will, it is a legal document that communicates how an individual wishes for their estate to be distributed after their death.

    A Will can also be used to appoint guardians for minor children, create Testamentary Trusts to help safeguard the assets gifted to minor children and appoint a trustee to manage the testamentary trust.
4.Who needs a Will?
Every working adult especially those with minor children. Preparing a Will ensures that the value of all your hard work- “Your Life’s Work” doesn’t dimmish after your death and is able to effectively be of benefit future generations.
5.What happens if you don’t have a Will?
If you die without a Will you are said to die intestate. When this happens, your estate will be distributed based on the governing laws of intestacy which outline how your estate is awarded to your relatives.

This means that there is no guarantee that the persons who you would like to benefit from your Will, will receive any benefit at all unless your wishes are clearly stated. Additionally, not having a Will drastically increases the duration of the probate process, effectively keeping your assets from your loved ones when they likely need those fund to support their life.
6.How to make a legally binding Will?
To make a Will legally binding all that is required is that the testator signs the Will in the presence of two witnesses who are over the age of 18 years old. Important to note is that neither witness can be a beneficiary of the Will. If this is done, the will is considered to be invalid.
7.Why use MyLifePlans.xyz Estate Planning Kit?
MyLifePlans.xyz demystifies the whole business of writing a Will and preparing an Estate Plan by providing a simple online process and supplying users with information and guidance of how to prepare their Estate Plan in line with applicable laws.

Our Estate Planning Kit also includes a wide range of Supporting Documents to ensure your loved ones have all information necessary to manage your affairs according to your wishes. We empower you, our users to comprehensively protect the things you value at a very affordable price, providing you with well deserved Peace of Mind.
8.What are the other documents in the MyLifePlans.xyz Estate Planning Kit?
  • Power of Attorney for Finances- Appoints someone to carry out business on your behalf if you are unable to physically represent yourself.
  • Power of Attorney for Health Care- Appoints someone to make medical care decisions for you, if you become incapacitated.
  • Supporting Forms:
    • Estate Plan Summary
    • Log of Assets Owned
    • Log of Debts Owed
    • Log of Insurance Policies
    • Declaration of Memorial Preferences
    • Beneficiary and Nominee Contact Information
    • Professional Services Provider Contact Information
9.What information is needed to complete our Estate Planning Kit?
  • What you own: Your assets or special gifts.
  • Who you would like to leave the assets or special gifts to: Your beneficiaries.
  • Who you would like to take care of your minor children: Your appointed guardian.
  • Who you would like to manage the trusts of your minor children….Your appointed Trustee.
  • Who you would like to carry out the instructions of your Will: Your appointed executor.
  • Who you trust to carry out financial transactions on your behalf… Your appointed Attorney-In-Fact.
  • Who your trust to make medical care decisions on your behalf: Your appointed Health Care Attorney-In-Fact.
10.Who is a good Executor?
Someone who does well under pressure and is honourable enough to carry out your wishes as instructed.
11.Who is a good Guardian?
Someone who you trust to raise your children as you would if you were alive. Consider their morals, dedication, and parenting style in making your decision.
12.Who is a good Trustee?
Someone who you trust to properly manage the assets you leave your minor children and safeguard them to ensure they are used to provide for your children according to your wishes.
13.Who is a good Attorney-in-Fact?
Someone who you trust to manage your money and affairs as you would. This person must have good money management skills and genuinely care about your wellbeing.
14.Who is a good Health Care Attorney-in-Fact?
Someone who you trust to make decisions for your health and wellbeing inline with your wishes.
15.What is Life Planning 101?
Life Planning 101 is MyLifePlans.xyz’s learning center, developed to introduce our users to important yet rarely spoken about information. Valuable knowledge that can help to drastically improve your quality of life. Topic's are wide reaching and will expand overtime as we seek on continuously empower our community.
16.What is Life Lessons Library?
Life Lessons Library is MyLifePlans.xyz’s blog and will be used to share concepts with our community in an easy to read and easily understandable method. We hope our articles will empower you. Please remember to share your newfound insights with your friends.
17.What is Club XYZ?
Club XYZ is a lifestyle membership club that MyLifePlans.xyzs users automatically become a part of when they complete their Estate Plan Kit. Club XYZ is a testament to our mission to help our community get more out of life. As the program grows our members will have access to special offerings for attractions, accommodation and fine dining.