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April 17, 2009

Legacy Locker – A Safe For Your Digital Assets

ss-legacylocker

It’s not hard to see the need for a service like Legacy Locker. In fact, the surprise is that it doesn’t already exist. Legacy Locker is essentially an online safety deposit box for your digital identities such as website passwords and account information. When you make a will, you decide who inherits your physical estate. Using Legacy Locker allows you to make the same decisions about your digital estate.

Once you sign up, you are prompted to set your verifiers who are the people who can confirm your death or incapacity. You also need to set up security questions in case you forget your password. The site clearly walks you through all the steps needed to ensure everything is in place such as adding beneficiaries, adding contact information to your profile, and submitting your digital assets. You can also write legacy letters to your loved ones and store them in your digital safe.

Legacy Locker works smoothly and it took less than ten minutes to get our free account setup. To get the most out of it, though, most people would have to spring for one of the paid plans. It might be worth it considering how difficult it would be for your family to gain access to your bank accounts and other critical information if you are the only one with the login details. Best of all, there’s a human verification element. Your verifiers will be required to send in a death certificate and answer verification questions before any digital assets can be released.

Practical Uses:

  • Allow your beneficiaries to access your email accounts without risk of loosing this information forever
  • Provide a seamless transition for your spouse to take over bill paying responsibilities though your bank
  • Pass on the login information to your blog so that someone else can keep it running
  • Ensure that someone can inform your social networking contacts of your passing

Insider Tips:

  • Monitor the percentage bar to gauge what needs to be done next on your profile
  • Use the legacy letters function to send out farewell emails or make farewell posts on sites and social networks
  • Choose different beneficiaries for different digital assets; you might want to hand your email account to someone different than the person you choose for your bank accounts
  • All account holders receive a Legacy Locker ID card with your PIN; remember to store this with other important documents

What we liked:

  • The system checks periodically to make sure your digital assets still work and notifies you if they don’t
  • Your verifiers get a notification email so that they can confirm that they are willing to serve in that role
  • This site is remarkably easy to use and has a beautiful design
  • The percentage bar when you sign up lets you know immediately if there are still steps to take

What we didn’t like:

  • We liked everything about this useful and unique service

Alternatives:

Company Info:

  • Launched: April 2008
  • Privately Held
  • Headquarters: San Francisco, CA
  • Founded by: Adam Burg, Jeremy Toeman
  • Web site: http://www.legacylocker.com

Costs:

  • Free to test out
  • Paid accounts range from $29.99 a year to $299.99 for life