The Latest Service: a Virtual Safe-Deposit Box?

Posted on May 19, 2008 by Scott Schomer

One frequent issue that arises in both estate planning and estate administration is effective communication. Many individuals are concerned that their beneficiaries will not find their estate plan, asset accounts or important confidential information after their death. Often these individuals don’t want to share their confidential information with their beneficiaries while they are alive, but are concerned that their beneficiaries will not find the information after their death. Conversely, I have encountered numerous heirs and beneficiaries (usually administering probate estates) who are concerned that they might not have located all of the decedent’s assets or accounts.


One company, iGoodBye.com, has harnessed the power of the internet to create a novel solution to the problem of communicating confidential financial information after your death. At iGoodbye, the user creates a private account which can store copies of estate planning documents, financial accounts, passwords and other private, personal information. The user is provided with a password that will allow his or her beneficiaries to access the private information only after the users’ death (your death is verified with a death certificate). The user is given the security of knowing that all of their information is stored in one central location but accessible by their beneficiaries only after their passing. Essentially, the service appears to be a virtual safe-deposit box for your important estate documents.  At this posting, iGoodBye.com service is $29.99 per year and the service can even be used without cost, if the user agrees to charge the annual cost to his or her beneficiaries following the users’ death.

While iGoodBye’s service is interesting, many of these problems can be solved with effective planning. One solution is to maintain an on-going relationship with an established financial advisor and estate planning attorney and make sure your beneficiaries have their contact information. Attorneys will usually maintain a copy of your estate planning documents and occasionally create a record of your confidential accounts and personal information. Confidential information can also be stored in a safe-deposit box or personal safe. If your beneficiaries will not rummage through your home, you can also organize all of this information in a central location. Generally, your beneficiaries don’t need your passwords, only the location of your asset accounts and critical documents. Frequently this information can be provided to the beneficiaries without revealing confidential information. Another solution is to provide the information to a trusted neutral party with instructions to share it only after your passing.

As in life, none of these solutions is perfect and there are always potential problems. But for those individuals with distant beneficiaries who are concerned about confidential information, the iGoodBye.com solution may be a good one.
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