727.441.9022
611 Druid Rd E • Suite 105 • Clearwater, FL 33756
V. Raymond Ferrara, CFP®
Chairman
Chief Executive Officer
YOUR DIGITAL LIFE AFTER DEATH OR INCAPACITY
JULY/AUGUST 2017 | TAMPA BAY MAGAZINE 91
Eric R. Ebbert, MBA, CFP®
President
Chief Operating Officer
Hopefully you have a living trust and/or will along with the
other legal documents (power of attorney, healthcare surrogate
and living will) needed in case of disability or death. But have
you also made preparations for the orderly transfer of your
digital assets? Who knows where to find a list of the websites
and passwords needed to reach these assets?
Just what are digital assets? While it certainly includes all of
the hardware (computer, tablet, phone) we use, it is really more
about the information that is stored at the various websites.
How does one access your bank accounts, bill payments, credit
cards, frequent flyer information, governmental records, email
accounts, Facebook, LinkedIn, Amazon and other shopping
accounts, pictures on the computer, iPad, or at a website, etc.?
What needs to be closed? Can any of these assets be inherited,
or do they vanish?
While technology makes our life easier today (who remembers
phone numbers anymore), it can make life very difficult in the
case of mental incapacity or death. The first thing your executor
will need is the list of websites and passwords to your digital
life. If you are like a lot of people you have a list somewhere, but
will they know where to find it? Do you have it in some type of
code that no one else would understand?
One of the tools that we use personally, and that we recommend
to clients, is a password app for your smart phone or tablet. We
are not endorsing any of the three apps below, as you should do
your own investigation, but perhaps this will get you moving in
the right direction. In short, by using these apps you, your power
of attorney, or your executor has access to all of the websites and
passwords by simply knowing one password which will open
up the app itself.
1Password, LastPass and eWallet are the ones we hear about
most often, but there are many others. Generally, these can store
an unlimited amount of websites and passwords and can also
store credit card numbers for online shopping. Each of these
will automatically fill in the login information when you click
on the website. With the need to change passwords on a regular
basis most of the apps will do this for you if you choose to do
so, and the passwords they generate are probably stronger than
the ones you create for yourself.
Further, there is generally lots of room to make notes within
the apps and sometimes a place to store pictures. If you have
the app on one device it can often automatically be transferred
to other devices. Sometimes for an added fee which is usually
small you can have family folders, two factor authentication and
greater storage space. You want to make sure that whichever
app you use that it has high security and AES 256-bit encryption
makes security at a bank level.
Be sure to visit with your attorney to make sure that your legal
documents will give your attorney-in-fact and/or executor access
to your digital assets. Although there is a uniform law that has
been developed to assist with digital assets, it is not available in
all states. Unless you have tried to settle someone’s estate, you
do not know what a pain these assets are without the proper
documentation.
Another place where you could store passwords, as well as
other important items, is at the on-line vault we provide to our
clients. Have you ever been out of town on business or vacation
and needed access to your legal documents? Did you ever want
to check on other important items that were at home when you
needed them somewhere else? These are but a few examples
of what you can store in your personalized vault as one of our
clients. If you would like to learn more, please call us to schedule
a complimentary consultation.
About ProVise Management Group, LLC: ProVise is a financial planning and investment management firm registered with the Securities and Exchange Commission (SEC)
and has been in business since 1987. Our 12 professional advisors serve approximately 1030 clients in over 30 states. As of 12/31/16 we were managing approximately
$1.28 billion for our individual, corporate, not-for-profit, and 401k retirement plans. Please visit our website at: provise.com. Investment Advisory Services offered through
ProVise Management Group, LLC. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations
are complex and are subject to change.
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