Digital Assets On Death with Betsy Ehrenberg | E077
Jason is going to talk to Betsy Ehrenberg. She is the CEO and founder of Legacy Concierge. Legacy Concierge is a service that helps people deal with digital assets after death. This is a newer problem in state planning, but one that cannot be underestimated.
01.15: Everyone has a digital footprint; people from 2 to 92 have information about them stored on computers, and that information is stored in digital form and electronic records, and therefore it is a digital asset.
02.08: Jason says that the bigger notion of the day is the concept of cryptocurrencies, which falls under the category of digital assets.
03.08: The implication of having your digital footprints all-out means that someone can easily impersonate you, and they do it all the time.
04.43: Betsy says that there are other thefts that happen when people are not aware of their digital assets.
05.49: Most recently, Apple created a process for authorizing someone else to access things if you are besieged, but that is one of the only technology companies that created a platform for doing that.
06.33: As a Google user and as in Facebook user we have to sort of work our way into their applications to figure out where we actually put the email address and name of the person who can access our account, says Betsy.
07.26: Every person who has a phone should be able to tell someone else how you get into my phone and why you want to do that because many accounts have worse cold multifactor authentication.
08.00: If the fiduciary can’t open the phone even though a will or trust gives them legal authority, they will have great difficulty getting on to the accounts of the decedent or person who is disabled, says Betsy.
13.35: Betsy says it took Facebook 15 months to release five years’ worth of data of a decedent and deliver it on a flash drive to the family.
14.25 Jason says companies haven’t spent the time to standardize the process of how you are going to do this and deal with every day’s problems.
14.43: Betsy points out that apple assigns a person who they are paying over $100,000 a year to talk to the fiduciary to physically look at documents.
19.42: Jason asks Betsy, “Talk to me about what your service does to solve the problem for people.”
21.12: Betsy says that we use search features of the standard search engines and show the fiduciary all the places that the decisions name is popping up and we recommend that they be removed.
24.21: The minute we start a process of locking accounts we have to use the procedures and follow through with them as they were as of date of death, not as they are today, says Betsy.
25.00: Betsy explains, we first of all convince companies that this is a problem for them, not for us. They are wasting time and money and they are being cruel. They cannot have people in charge of this process. They must have what is called an API, an interface.
27.36: Other investment companies have procedures in place now; maybe they weren’t placed in 2018, says Betsy.
29.00: It is essential for the attorneys to discuss digital asset exposure with their clients, and if they don’t include any conditions or provisions for a digital executor, the beneficiaries can sue the attorney for creating a document at didn’t conform to the legislation that was in place when the document was created.
29.08: In New York State, fiduciaries can be sued because they haven’t notified the state police that a firearm that was associated with a deceased person has been turned into the state within 15 days of the death.
3 Key Points:
1. The digital footprint includes data and documents on your phone on your tablet, under laptop, in your desk, computer and many other computers that are controlled by others. Betsy raises very important concerns, who has access to your digital footprint?
2. As a person is approaching 70, they should start to create an inventory of what’s important.
3. API interface the companies like legacy concierge, it notifies companies through a piece of software and that piece of software goes into their legacy applications and marks the file is frozen or deleted or transfers the assets from an existing account to another and then report back to us, explains Betsy.
– “When people are grieving, they want to remember the decedent in positive terms.”- Betsy Ehrenberg
– “Have a discussion in a positive way that planning for a digital legacy is a gift to the next generation.”- Betsy Ehrenberg
– “Impersonating is against the law, federal law and state law” – Betsy Ehrenberg
– “If a credit card is paying bills that are important for the House to stay in good working conditions.” – Betsy Ehrenberg
– “In digital asset, Bitcoin is its challenge if you don’t have both the wallet ID and the private key.” – Jason.