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The Good, the Bad and the Ugly: A Financial Spring Clean 

It’s time for a spring clean, don’t you think? We’ve all had one at home. Growing up, I remember my patient mum giving the cupboards a thorough clear out. I watched in awe as she scattered the contents of our cupboards across the kitchen floor, and then lovingly rearranged and placed them back each into their own tidy, clean spaces. There was always something surprising inside for her. Sometimes good (still in date snacks – win), sometimes bad (empty chocolate wrappers, obviously), and sometimes downright ugly (sticky residue from mucky children’s paws anyone?).

I often marvel at my mother’s efforts and think, if only we applied the same rigour and patient order to our lives. For instance, have you done a spring clean of your finances lately? Waseeya can help you do just that with its practical tools. Let’s start with the good.

The Good

Waseeya specialises in storing all your personal and professional files with bank level encryption. It just makes sense to start your spring clean in the most obvious parts of your financial cupboards. So, arrange your investments, ensuring you have all the documentation in one spot and start creating an accessible file of your portfolio (passwords and all). Leave your loved ones instructions on how to deal with these hard earned assets in the event that you are no longer there to manage them. 

Some key questions to ask yourself as you begin the art of tidying your finances:

  • Is everything accessible in the event of probate? 
  • If you have any children or wards, would you like to set up trusts for them? Who will be appointed their guardians?
  • As a product that focuses on the Muslim idea of giving and succession planning, at Waseeya we encourage you to gift as much as you can in this life. Would you like to set up some gift deeds? As the Prophet Muhammad (s) said, “Presents remove ill-will from hearts.” (Tirmidhi)
  • Who would you like to benefit from your estate? And who do you trust to execute/manage it in the event of your death?
  • Have you written instructions on who should receive your intellectual or tangible property? Both in this life, and after you pass?
  • Have you secured your assets to protect your family? The ‘Waseeya will’ can help you protect the things that matter.

There’s a lot to think about, and we are here to help. 

The Bad

Okay, so all of this sounds a little daunting. And the admin of having to do this amount of work would normally be hard. We all know how frustrating it can be to get the paperwork out and find the right contacts at each firm we interact with, etc. No one wants a mountain of filing to deal with in their spare time. But that’s where Waseeya comes in. We have set up an easy-to-use app that you can open on your device at your leisure, so why not start uploading your protected portfolio right now? With bank level security, your finances will never have looked in better order.

The Ugly

So, why does Waseeya stand out? Our app offers 256-bit encryption, with biometric and multifactor authentication. It is also a Vault, it is a will and estate planning solution, a gifting mechanism and a tool to store and share cherished memories amongst so many other things. So, why was Waseeya created with so much functionality in mind? And why is it so needed in the Muslim and mainstream community?

This is where the ugly truth comes in. We were contacted by so many people when setting up the app who had cried out for such a system when their loved ones passed. Take the example of a sister’s honest and difficult experience:

“My husband was an IT guy, so everything was on his laptop. His to do list. His e-bills, his bank statements…He even maintained a password protected folder where he stored all his logins and passwords for all his online accounts…One day, my husband died in a bike accident on his way home from the office. He was just 33. His laptop with all his data crashed. Everything on his hard disk was wiped. His bank and savings accounts had no nominee. I didn’t know the password to his email where all his e-bills came through. I didn’t know which expenses he paid by standing order. But that was just the start. Lessons learnt this hard way were meant to be shared. After all, why should the people whom we love the most suffer after we are no more? Just sorting some paperwork before we go will at least ease some of their grief.”

And that’s exactly why Waseeya exists. To stop making a difficult situation even more difficult. It might just be a simple spring clean of your financial to-do list, but it will mean so much to those you love when the time comes. Find out more about our services at www.waseeya.com, and download the iOS app on the Apple store or Android app on the Google Play store today.

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