American adults increasingly manage many of their affairs online – from bill payments to banking and even business deals. When considering where best to secure an estate plan, online solutions like cloud drives and dropboxes might seem like the perfect fit.
However, before you upload crucial estate documents, consider the potential security risks involved. When your assets and the future security of your loved ones are at stake, a little extra caution can go a long way.
Convenience vs. threat
While online storage offers easy access from anywhere, the risk of cyber threats remains. Are your online accounts truly secure? Weak passwords, data breaches and hacking attempts can all compromise your estate plan. Imagine if unauthorized individuals accessed your documents and jeopardized your loved ones’ inheritance. The potential consequences are too great to ignore.
Finding a secure solution
Even reputable online storage providers can experience data loss due to technical failures. Additionally, some platforms might not offer sufficient data encryption, increasing the risk of data breaches. As such, a hybrid approach can offer convenience and protection.
For example, you can arrange for secure storage of your original estate documents (and an extra copy) with your estate planning representative. You can store an online copy for easy and convenient access as well. However, make sure to use a reputable digital storage provider and implement strong password protections. You can also keep a paper copy of your estate documents at home in a fireproof and waterproof safe if you change your mind about online storage.
By taking these precautions, you can better ensure that your estate plan – and as such, your interests – remains safe, secure and protected.
