Preserving Your Legacy While Protecting Your Privacy

Carefully sharing the right information can help you stay prepared, protected, and in control. 

Concerns about identity theft, account fraud, and data breaches have made privacy top of mind for many individuals and families. Protecting personal and financial information is essential, but it is also important to ensure the right people can step in when needed if you’re unable to act for yourself. 

Keeping everything completely siloed may feel secure, but it can create challenges during times of incapacity, illness, or emergency. Thoughtful planning can help balance: protecting your privacy while supporting continuity, clarity, and preparedness. 

The question becomes not whether to share information, but what to share, with whom, and how to do so responsibly. 

Creating a Clear Map of Your Financial Life 

If you were to become temporarily or permanently incapacitated, your designated representative would need access to key information to help manage ongoing responsibilities and make informed decisions. 

While each situation is unique, information commonly included in a well-organized financial overview may consist of: 

• Contact information for professional advisors (financial, legal, tax) 
• A list of recurring bills and regular expenses 
• Sources of income, such as employment income, pensions, or investment distributions 
• Outstanding liabilities, including mortgages, auto loans, and lines of credit 
• Major assets, such as real estate, vehicles, and financial accounts 
• Life, health, and disability insurance policies 
• Retirement account beneficiary designations 
• Estate planning documents, including wills and trusts 
• Powers of attorney and healthcare directives 

Organizing this information in advance can help with uncertainty and administrative burden during stressful periods, though it does not eliminate all challenges. 

Choosing Who to Trust 

Many individuals name a spouse or adult child as their primary point of contact, though family dynamics, proximity, and experience all play an important role. The most effective representative is typically someone who can remain level-headed, communicate clearly, and follow established instructions. 

It’s worth considering: 

• Who is willing and able to take on responsibility if needed? 
• Would naming one individual create unintended tension? 
• Should more than one person be informed, even if only one is designated to act? 

Trust decisions deserve time and careful consideration. Avoid feeling rushed and take a step back if something doesn’t feel right. When appropriate, discussing these decisions with a financial advisor can help clarify general considerations and available options without replacing your personal judgment or professional legal advice. 

Sharing Information Securely 

Once you’ve identified who should have access, the next step is determining how information is shared. 

Many people begin by creating a secure, password-protected document that outlines: 

• Where key documents are stored 
• Which obligations may need immediate attention 
• Who should be contacted for guidance or support 

For managing login credentials, reputable password management tools may help store and share access securely when used appropriately. It’s also important to consider digital assets, including email accounts, subscriptions, and social media platforms. 

Some individuals choose to maintain a physical backup, such as storing critical documents in a safe deposit box, while others use encrypted digital file-sharing platforms that offer controlled access and multiple layers of security. 

No system is entirely risk-free, but thoughtful safeguards can help reduce exposure while maintaining accessibility. 

Balancing Privacy with Long-Term Planning 

Sharing sensitive information is not a casual decision. It places responsibility on others and requires clear communication. Taking the time to discuss your intentions, expectations, and wishes in advance can help promote understanding and alignment. 

As life evolves, so should your plan. Periodic reviews, especially after major life events, can help keep information current and aligned with your objectives. 

A Thoughtful Next Step 

Planning for privacy, preparedness, and continuity is an important part of long-term financial stewardship. If you haven’t reviewed who has access to your financial information, or how it’s shared, this may be a good time to revisit those decisions. 

If you’d like to discuss general considerations around organization, access, and long-term planning, consider reaching out for guidance tailored to your situation. 

GDS Wealth Management is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. This material is provided for informational and educational purposes only and does not constitute investment, legal, or tax advice. The information discussed is general in nature and may not be applicable to all individuals or circumstances. References to estate planning or information-sharing considerations are illustrative only and are not a substitute for legal advice. No method of organizing or sharing information can guarantee protection against fraud, cybercrime, or unauthorized access.