Legacy Course Review: Article #3
Tools
Source: Apartment News Magazine
By Timothy Gorman
Real Estate Broker/CPA/Entrepreneur
Welcome to the second edition of my new series, where we dive into the ongoing learnings from our Estate & Legacy Planning workshops. This series aims to be interactive and practical, offering big-picture insights while ensuring participants leave with a solid framework for their estate plans and actionable steps for themselves and their advisors.
In this article, we’ll focus on Week 2: Getting Organized. We’ll discuss effective methods for gathering and arranging your information, as well as traditional ways to securely store this information.
One of the key lessons I’ve learned so far is the difference between merely writing a plan and executing it. While we’ve developed many interactive tools that can be filled out manually or digitally using Excel or Word, we needed a way to bring it all together. Having the data is one thing, but being able to access it easily, store it securely, make changes, and share it with key members of your team is crucial. It’s all too easy to get lost in different versions and storage devices.
The solution is our new online tool, the “Estate & Legacy Builder Tool.” This tool guides participants through important questions and concepts, allowing you to save changes easily and share your plan with your team—executors, attorneys, and family. This tool will save you time and ensure your wishes are clearly communicated. As the class progresses, we will continue to refine this tool to maximize its usefulness for everyone.
The tool operates in the cloud, utilizing Google Forms and Sheets technology. While many are cautious about storing sensitive information online, it’s important to adapt as technology evolves. Here are some pros and cons of online versus offline data storage and management:
Is Google Forms and Google Sheets Secure?
Pros:
- Encryption: Google encrypts data both at rest and in transit, protecting it from unauthorized access.
- Access Control: You can control who accesses your forms or sheets by adjusting sharing permissions.
- Two-Factor Authentication (2FA): Adds an extra layer of security with email or text confirmation before login.
Cons:
- Third-Party Access: While Google implements strong security measures, there’s always a risk when entrusting your data to a third party.
- Phishing Vulnerability: Your data can be compromised if you’re tricked into providing access through phishing emails or fake websites.
- Human Error: Mistakenly sharing documents with unauthorized users can lead to data breaches.
Recommendations for Securing Google Forms & Sheets:
- Avoid entering sensitive information such as passwords or Social Security numbers.
- Enable 2FA for added security.
- Only share access with trusted individuals.
- Regularly review and revoke access as needed.
- Use strong passwords and rotate them frequently.
- Keep a backup on a personal storage system.
Password Manager vs. Home Computer vs. Hard Copies
Password Manager Pros:
- Encrypted Storage: Password managers like Bitwarden use end-to-end encryption, ensuring only you can access your stored data.
- Auto-Fill: Reduces phishing risks by automatically filling in passwords for trusted sites (if used wisely).
- Convenience: Makes managing complex passwords easy.
- Stronger Passwords: Generates strong, unique passwords for better security.
- Two-Factor Authentication (2FA): Adds an additional layer of security.
Password Manager Cons:
- Online Risk: While data is encrypted, there’s a small risk if the password manager itself is hacked.
- Single Point of Failure: If your master password is compromised, all stored information could be at risk.
Home Computer Storage Pros:
- Local Control: You control the data since it’s stored on your device, reducing the risk of online breaches.
- Encryption Available: Many software programs allow you to encrypt files for extra security.
Home Computer Storage Cons:
- Physical Vulnerability: If your device is stolen or compromised by malware, your data could be accessed.
- Backups Needed: Without backups, you risk losing your data if your computer fails.
- Less Convenient: Requires access to the master file without auto-fill features.
Hard Copies Stored in a Safe Pros:
- No Online Exposure: Physical copies can’t be hacked, making them immune to online threats.
- Durability: If stored properly, paper copies can last a long time without digital corruption.
Hard Copies Stored in a Safe Cons:
- Physical Theft or Damage: Risks include loss from fire, floods, or theft.
- Less Convenient: Requires access to the master file without the ease of digital tools.
On a personal note, I ultimately transitioned from using Excel sheets to an online password service. The benefits simply outweigh the risks, and I’m happy I made the change—I’ve never looked back. Is this right for you? That decision is entirely yours!
In the next article, we’ll cover Week 3: Getting Organized, focusing on how to gather and arrange your information effectively. We’ll also have a guest speaker from the cybersecurity industry to discuss data security options and explore traditional methods of securely storing information in a physical location.