Digital Asset Management Planning is a growing concern as these are modern times, and more and more things are being done online! Today the average person in the U.S. has more than 130 digital and traditional accounts, and 93% of Americans do not know how these accounts will be managed. Digital assets include any online account that requires a login and a password such as email, online bill-pay, debits, shopping sites like Amazon, PayPal, eBay, and travel rewards as well as apps, subscriptions, podcasts, photographs and music libraries, and social media sites. Even health records are increasingly archived online. For a high-profile, $500 million example in the news recently of what can happen when digital assets are not adequately protected, check out this blog article.
Q: What method or service can you employ in conjunction with your local and trusted estate planning attorney to ensure that your digital estate is also protected?
A: Final Security, LLC!
Final Security, LLC can help take care of what happens to your digital life once you’re gone!
There is no denying that we are living in a digital world now, which brings with it certain responsibilities and risks.
Q: Why is Digital Estate Planning Important?
A: The protection and transfer of assets.
- On the protection side, we are protecting your loved ones against cybercrimes, financial theft and protecting your legacy.
- According to AARP, it can take six months for financial institutions, credit-reporting bureaus and the Social Security Administration to receive, share or register death records.
- What is the likelihood of someone falling victim to post-life cybercrime? We can answer this with a question: How many times have you seen friends posting on facebook, or any other social platform, that their account has been hacked and not to accept their friend request?
This is about making sure your important files are found and loved ones are not burdened with expensive and stressful probate and legal fees.
Digital Estate Planning is now a requirement, and Final Security is the only company to offer a complete digital estate planning solution. Their patent pending services include: Info Vault, Device Wiping, the managed deletion of social & cloud accounts and My Final Goodbye.
Protecting My Loved Ones And Legacy
Did you know that according to AARP, close to 800,000 deceased individuals are targeted for identity theft annually? That's almost 2,200 a day [and this number will grow exponentially]. With a name, address and birth date, criminals can purchase a Social Security number for as little as $10. Stealing the identity of the deceased is called 'ghosting'.
Take a moment and think about all the financial, personal, sensitive or private information that you may have on your device(s):
- Credit cards
- Tax documents
- Social Security numbers (for all family members, likely including yours)
- Medical records (for all family members, likely including yours)
- Banking information
- Retirement information
- Investment information
- Private conversations
- Private and personal data
- Private location data
Your unaccounted for digital footprint can cause your loved ones tremendous burden, stress and expense, all while leaving your entire life and legacy forever tarnished. "I am dead, why should I care, what is the worst that can happen?":
- Hacked: Within days of death, your device(s) can be hacked leading to identity theft, your bank and financial accounts being drained and stolen credit card numbers.
- Legacy: Protecting your legacy can be difficult. You could have items that you do not even realize on your devices, and without context, could forever change how your loved ones, colleagues and those important to you will remember you.
- Work files: You have a responsibility to make sure your sensitive work files are securely transferred and cleaned.
Transferring My Digital Estate
Organize your digital estate now, or your digital and offline life could be frozen for 18 months or more in probate, or even worse, never found.
If you have ever lost a loved one, you may have gone through the process of estate planning or settling their estate.
Estate planning can make things easier for your loved ones after you pass. You can consider how you would like each part of your life settled - accounts and debts, property, funeral arrangements, etc. Your digital property is no different!
As technology has become a main component to most aspects of our lives, we are constantly building a digital footprint. Consider all the different aspects of your daily digital life:
- Email accounts
- Social media accounts
- Important documents
- Medical files
- Cryptocurrency files
- Subscription information
- Financial information
- Digital projects
- Family Recipes
Each different area has different rules, processes and requirements for your loved ones to be able to access (if even possible) your accounts when you are gone. Your assets, including money, could be frozen for 18 months or longer while your loved onesare going through the probate process. Not only is this incredibly frustrating for your loved ones during this difficult time, they will also incur significant expense via the court and lawyers. Setting up your Info Vault today can ensure your loved ones do not have additional hassles and expenses, and enjoy the peace of mind knowing that everything you want them to find, will be found.
How Can Final Security Help?
Final Security's Info Vault is a place where you can store your digital information for your designated beneficiary:
- Store your usernames and passwords to any service (files and notes can be saved with each entry).
- Store your photos: save a single, memorable photo or a collection to pass on.
- Store your documents, such as a will, or a collection of information your beneficiaries will need.
- Create an efficient, organized and central place for your beneficiary to find all your important information after your passing.
Social & Cloud Clean
Social & Cloud Clean is Final Security's service that allows you to know that your online accounts do not live on the web forever. Not only does this service protect your legacy and information, it also protects family and friends. Bad actors are looking to capitalize on the window of time where your death may not be publicly known or officially recognized. In this window of time, your family and friends could fall victim to a scam that looks like it is coming from your account.
With Final Security's Device Cleaning service, you can have peace of mind knowing that your registered devices will be remotely wiped upon the confirmation of your passing. Our service will ensure that the sensitive and private information will be erased, only transferring what you've selected to be seen by your designated beneficiary. We will protect not only your legacy, but provide protection to loved ones by making sure your private information does not get into the wrong hands.
My Final Goodbye
My Final Goodbye, a service that allows you to create a video message or a text-only email that will be sent after you're gone. Tell that special story, give that final life lesson or simply say your final "I love you". This will be a message that your loved ones will cherish forever.
*** Please note: members have the option to select which features they wish to enable; each service is independent of each other.
For more information on how our firm in conjunction with Final Security, LLC can help get your digital estate in order, please contact us!
For an overall example and explanation of one of the processes that we utilize, check out this brief video clip from our firm's YouTube page: Digital Asset Management Planning Overview.