Digital vaults enable people to organize and track their complex digital world.
In the vault, people can store and organize various types of information, such as insurance policies, health records, wills, and details about various digital, physical, and financial assets such as bank accounts, credit cards, investment portfolios, stocks, and company shares.
Digital vaults are becoming increasingly popular, especially for people with complex assets spread across multiple countries – global citizens, expats, and employees in tech companies, to mention a few categories.
Without the help of digital vaults, these people would have a hard time organizing and tracking this diverse information, spread across multiple systems, online portals and institutions.
While it can be difficult even for the owners, you can imagine how the family members would have even less insight into these assets, passwords, and information. And this can make the difference between maintaining their quality of life and not, in the event something happens to the asset owner. Quite an important aspect, and one not to be ignored.
Many digital vaults enable sharing with family members. This way, not only you but your loved ones too can understand and get controlled access to the information in your vault.
This is a significant step towards ensuring peace of mind that your family will have access to this information should anything happen to you.
Passwords and Assets
One specific branch of digital vaults that appeared in the last decade are Password Managers. They evolved not only to conveniently store and protect your passwords but also to help users to keep their passwords up to date.
Such capabilities are, for example, the autofill and autosave function, whenever you are on the login or sign-up screen of a website or app.
Password managers, like digital vaults, provide access for users from any device and anywhere, 24/7. You don’t need to worry about your information if, for example, you change your computer or your mobile phone.
Password managers, like digital vaults, also have inherently good security features. Many of them, for example, enable users to enter a master password, through which people can encrypt their data in the password manager so that only they can access it.
Even without a master password, your data is encrypted, so you don’t need to worry if your mobile phone is stolen, for example.
Password managers also have other capabilities that have been added to the digital vaults, such as helping you generate strong passwords.
Of course, password managers don’t limit themselves to storing and protecting only passwords. They enable people to store various other types of information, such as documents and details about various other types of assets, such as insurance policies, credit cards, and bank accounts.
Digital Inheritance services are another new type of digital vault that are increasing in popularity.
They combine the best of both worlds, digital vaults and password managers, but in addition to enabling people to store and protect information about their passwords and digital and financial assets, digital inheritance services ensure that your loved ones will be able to identify and locate your assets and passwords.
They achieve that by detecting fatal events that have happened to the users, and then, upon detection, they proactively inform the relevant family members about their inheritance.
This way, family members are spared the burden of having to remember the access details to the digital vault or password manager. The digital inheritance service proactively informs them about the assets, passwords and other information shared with them by the users. They are therefore aware of them and can locate and identify the various digital and financial assets.
Digital Inheritance services often provide many additional services for the protection of your assets and passwords and the financial security of your family members should anything happen to you.
One example is the ability to create a Digital Will that contains information about your inheritance preferences for the various assets in the vault.
Some Digital Inheritance services also offer many additional features to support your loved ones in their hour of need. Such capabilities include tax advisory, legal, and financial services, at zero cost to your loved ones.
Digital Inheritance services are the ultimate evolution of digital vaults. While, in the past, vaults were focused on peace of mind predominantly for the vault users, digital inheritance services extend that concept by providing peace of mind not only for the users but also for their family members and loved ones.
They combine the best aspects of the vaults, password managers and estate planning and Digital Will services for peace of mind for the users and their loved ones.
How will digital vaults evolve? Only the future will show.
Who knows, they might start enabling users to have a life insurance policy available in their digital inheritance vault for even better protection of their loved ones.
Or they might provide even more additional services for the protection of the assets and assistance to the beneficiaries, beyond the legal support and tax advisory services which they currently offer.
In whatever direction they continue to evolve, from what we’ve seen in the last decade, we can safely say that they will continue to play an increasingly important role in the life of people who want to protect their assets and passwords and ensure the financial security of their loved ones.