Betsy Ehrenberg, CEO and founder of Legacy Concierge
With over 2.6 million deaths in the U.S. each year, family offices, wealth managers, loved ones and attorneys are often not prepared to effectively erase an electronic footprint and secure digital assets of the deceased.
Digital vaults are available from insurance companies, software providers, national banks, law firms and determined individuals using home-designed spreadsheets or password lists. Regardless of source or sophistication, users should be aware when a secure digital vault can create more problems than it was intended to solve.
First problem, is the vault complete? One easy way to determine if all needed information is in the vault is to imagine who will have access, what they are looking for and why its contents will be used. Generally, persons who need to access vault materials include spouse, sibling, child and/or attorney. Additionally, the vault builder or owner might need to use items in the vault to obtain user names and passwords. Given its many users and uses, it is vital that stored information should be easy to read and understand.