Avoid Digital Purgatory
May 2019

If you are like many people, you have built a significant trove of digital assets over your lifetime. Included are pictures, emails, documents, financial records, music files, and more. In some cases, you have direct possession of the digital assets, such as pictures stored on a CD. In many other cases, the digital assets are stored in the cloud at various third-party vendors. What happens to these digital assets when you die or become incapacitated? This is a growing area of frustration for people as they find themselves in a sea of red tape when trying to access and preserve the digital assets of a family member or loved one. Fortunately, there are two important steps that you can take to minimize the hassle on others when the need arises. The easiest method, when available, is to name a successor owner of your digital assets with the applicable vendor. For example, Facebook has a place in its user profile to allow users to name a Legacy Contact. The Legacy Contact is granted specified powers over a decedent’s Facebook account. Unfortunately, many web vendors do not offer its users the ability to specify an account successor. Therefore, we recommend that nearly all people include specific digital asset language in their Power Of Attorney and their Will or Trust. Many attorneys and online legal services are now routinely incorporating this language into these documents. However, if your Power of Attorney or Will is more than a few years old, it likely does not include this important language. In absence of naming a successor either with the digital service directly or in a separate legal document, your successor will likely be forced to obtain a court order to access a digital asset. This expense and hassle can be adverted with a little planning. Be sure to include consideration of your digital assets in your next estate planning review. IMPORTANT DISCLOSURE INFORMATION Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Pathway Financial Advisors, LLC-“Pathway”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Pathway. Please remember that if you are a Pathway client, it remains your responsibility to advise Pathway, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Pathway is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Pathway’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Please Note : Pathway does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Pathway’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

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Avoid Digital Purgatory
May 2019

Financial planning for life

Your best interests. Our first priority.

An expert team

Helping you create a successful future

Our sole purpose is to be your trusted advisor.

We work with our clients to identify opportunities, limit financial risks, minimize tax liabilities, and plan a lifetime financial strategy.

We work out of offices in...

Fee-only, individualized service suits our diverse clientele.

Find resources for...

Avoid Digital Purgatory May 2019

Avoid Digital Purgatory
May 2019