This is not a legal concept, but we think it is a genuinely practical thing to do. This is a letter, that you would update yearly, addressed to your next of kin, to give them an insight into what should happen in the event of some catastrophic event in your life leading to your incapacity or death. This is not something that should be done in substitution of putting in place an Enduring Power of Attorney and a Will, but is an opportunity to fill in the practical issues that those strict form legal documents tend to omit. It may cover issues like who are the most responsible employees in your business if suddenly you were unable to run it, what your passwords are for banking or business and personal website/social media accounts/ros. Which professional advisers next of kin should turn to in the event of catastrophe. Personal or Business Debts and any problems relating to them and how they might be resolved by asset sale or otherwise. Specific challenges or problems facing you or your business at that point in time which may be complex to resolve. This is clearly a personal document and we suggest you could leave it with your solicitor or advice your next of kin of its location in your personal papers so that they can retrieve it if something happens to you.
