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Paper clutter and digital clutter can transform minor nuisances to major problems when you have a critical need for access to your important life documents. Today we want to flag the evolution well underway to declutter and organize all of life’s essential information via what’s commonly referred to as digital vaults.
Bottomline: These modern tools can help you and your loved ones to get organized and be better prepared.
How many email, banking, shopping, entertainment streaming, and even cloud storage sites are you using? Apps exist to help you keep track of paid memberships to ensure you remember to resubscribe or cancel, helping you keep an eye on costs and control the chaos. Check out this story from US News: Money for information on a few.
And what about true life essentials, like the paper copies we keep of everything from warranties, tax filings, and receipts to insurance policies and mortgage documents. Sometimes we keep these because we aren’t certain where the digital version exists or if a paper copy is somehow legally required. We may even have digital duplicates floating around in our email accounts.
Digital vaults can manage it all, your car title, mortgage information, passport and drivers license, and banking and investment details as well as life’s daily resources (memberships, online accounts, contact lists, and more) to be better prepared for everyday life, the aftermath of natural calamities, and deaths in the family. Vaults have a different scope than home inventory apps, the latter focusing on the tangible stuff. And vaults offer more features than file storage, like Box, Dropbox, or Google Drive, where you can nearly endlessly amass files without rhyme or reason.
The Early Days of Digital Vaults
Some of the first companies in this space emerged following the 2011 tsunami in Japan, others have steadily followed.
At stake is everything we rely on to make our lives function. And when major calamities strike, we may lose access to important documents, including insurance policies, property deeds, and more, without which a return to any sort of normal is impaired and/or prolonged. A digital solution was needed to help people through these life altering events with less stress, cost, and loss.
Why go digital? Because files in a cabinet or box are vulnerable. Period. Add to that the fact that more and more of our lives have gone digital, there’s no reason to create a paper trail for loss and misuse when robust and affordable digital options are now available to help us tackle it all securely.
The Digital Vault Industry Today
The digital vault industry has emerged to not only securely store critical information but to also offer built-in planning tools. How’s that for efficient!
Avoid getting distracted by bells and whistles, however. Review each vault’s listed features, and ask yourself: Does it meet my core needs? No one vault is exactly like another. Pick the one you’ll actually use and will work best as you work with financial services, insurance, estate planning and other professionals, too. At a minimum, as you review each vault consider:
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- Security of the system, how you will sign in and grant others access, and how any of your personal information is being used by AI tools to generate personalized recommendations.
- Export options if you terminate your subscription and want to take your assets back out.
- Adding new information, meaning is this a tedious manual endeavor or is there support from smart instant scanning and sorting (generally AI-assisted).
- Price for the trial period, annually, and lifetime plus any add-on features you “need.” If there is a free model, always try before you buy, and then upgrade if you like it and free is insufficient for your needs.
- Unique features. As we’ve said, no vault is exactly like the other and your needs are not identical to others’ either. Trustworthy Certified Experts™ offer customized 1:1 guidance whereas Motivity Care provides a suite of concierge care management services and GoodTrust is supporting estate planning.
- Ease of use, because beyond different features each offers, the vaults each look, feel, and organize your information a bit differently as is the ease with which you can securely share information with family and professionals. Don’t forget to test your vault out on the device you will use to get the work done, e.g. desktop computer, laptop, tablet, or phone.
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Here are a few examples of digital vaults on our radar, each with an array of unique features, offerings, and specialties.
Artifct Here are a few examples of digital vaults on our radar, each with an array of unique features, offerings, and specialties.
(In alphabetical order; with company tagline.)
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- Everplans: All the pieces of your world in one place.
- GoodTrust: Estate planning made easy, affordable, and secure.
- Keylu: Life is chaotic. Keylu brings order.
- Motivity Care: Redefining how you manage caregiving.
- Prisidio: Your digital vault. For life.™
- Trustworthy: The Family Operating System®
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You’ve Signed Up to a Digital Vault: Now What?
If you’ve taken the step to set up your data within a vault, be proactive to ensure your time and money are well spent. Here are a few tips to make the most of your digital vault from our personal experience:
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- Block time to your calendar over the next few weeks to input your critical accounts, memberships etc.; if you have a filing cabinet or box, start by digitally migrating those contents. Email is another great source to migrate docs you’ve received.
- Turn on any available options for reminders so you keep information updated and fill any gaps you might leave;
- Add an annual refresh date on your personal calendar; of course, if you have a major life event (birth, death, sell a company, etc.), or you move, you should also update your vault information; and,
- Set alerts in your search engine of choice, such as Google Alerts, for announcements from your vault company about events, new or retired features, and policy and price changes in case you miss an email or alert from the vault.
- Send feedback to your digital vault of choice. It only makes the product better (for you and for all) for companies to receive feedback. Screenshots and videos are amazing bonuses to include in your email to the company. Don't forget to mention what type of device you are working from (e.g., smartphone, tablet, desktop), if applicable.
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With a digital vault, you’ll be better prepared for yourself and your loved ones. We hope you find one that fits your needs!
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