Is Your Life In Digital Disarray?

Before the dawn of the digital age, estate planning typically centered on paper documents including power of attorney, trusts, wills, life insurance policies and other assets that an individual may own.

But not anymore.

“Until recently, paper documentation was acceptable,” said Laura Boedges, RICP®, CDFA™, Wealth Advisor, HighTower St. Louis. “In today’s digital world, 21st century estate planning has a burgeoning digital element comprised of combining a person’s online accounts and electronic records to ensure all property is accurately dispersed when he or she passes away.”

To ensure your digital life is in order, HighTower St. Louis offers these tips:

· Use a digital vault to store all documents. Check with your financial advisor to see if they have a system for this. At HighTower St. Louis, we offer an electronic vault to all our clients. If your advisor does not, look for an internet-based, encrypted data security software you like.

Scan in trusts, wills, life insurance policies, copies of driver’s licenses and passports. Store a recent copy of statements for all financial accounts – checking, saving, investments, brokerage accounts, CD’s, data on work retirement plans, etc. At a minimum, create and scan in a list of accounts including account numbers, the name of the institution the account is held by and how the account is titled.

· Optionally - and in addition if you prefer - keep paper copies of digitally scanned documents in a safe deposit box at the bank. Be sure to have a secondary co-signor on the box in case of emergency.

· Aggregate all account information with an advisor of your choice – even if you aren’t holding all your assets with that advisor. Provide a trustee or executor with the name and contact information for that advisor so that just one call yields all necessary information should something happen to you.

· Keep the password for the digital vault in a safe place and be sure to pass it on to your spouse, trustee, or executor(s).

· Be sure your legal work – wills and trusts – include Powers of Attorney for financial matters as well as healthcare. Powers of Attorney will be required by your financial advisor when your trustee or executor requests information about your accounts. POA’s should be kept recent – if yours is more than 10 years old, be sure to have it updated.

About HighTower St. Louis

HighTower St. Louis combines experienced financial advisors from every segment of the industry with sophisticated technology and investment offerings that foster excellent client relationships. For more information, please contact www.hightowerstl.com or call 314.598.4060.

About HighTower

HighTower is a national firm built by and for elite financial advisors. HighTower advisors commit to the fiduciary standard: a binding promise to put our clients’ interests first. Powered by a proprietary technology and investment platform, HighTower embraces bold change to create a culture of collaboration and growth and to meet the evolving needs of sophisticated investors. For more information, see www.hightoweradvisors.com.