Jason talks to Betsy Ehrenberg, 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.
Episode Highlights:
- 01.00: Betsy talks about how she enjoys talking about how people protect their assets and explain what digital assets are because they are all over the place, and most people are unaware of them.
- 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.
- 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.
- 10.06 Betsy says that due to Covid, over 700,000 people have died, and many of them were on LinkedIn.
- 12.40: There is a disconnect between customer service, the fiduciary, and the family and a major poor part of what our company does is an advocate for the family and when we have winds as we did with Apple with Google and with Facebook, 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.
- 14.43: 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.”
- 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.
3 Key Points:
- 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?
- As a person is approaching 70, they should start to create an inventory of what’s important.
- 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.
Tweetable Quotes
- “When people are grieving, they want to remember the decedent in positive terms.”- Betsy Ehrenberg
- “Impersonating is against the law, federal law and state law” - Betsy Ehrenberg
- “In digital asset, Bitcoin is its challenge if you don’t have both the wallet ID and the private key.” – Jason.
Resources Mentioned
Transcript
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