Whenever a new piece of technology is introduced, there are always people who, at first, refuse to use it. They find it intrusive and may even feel they will be losing something else (i.e. human connection) in the process. It’s easy to imagine the pushback when telephones first became available in the home – “Who wants to hear all that ringing?” These holdouts changed their tune, however, when they realized they could get news from loved ones across the country in minutes, rather than waiting for a letter. Nowadays, we can’t conceive of waiting at home for a call or not being able to text when we’re running late.
Indeed, the ability to run our lives from our devices has become integral to keeping the world moving. If we think covid made daily life tough, imagine what it would have been like without apps that allowed us to do everything from get food delivered to have virtual appointments with doctors.
Technology has also facilitated our financial dealings such as online banking and playing the market; however, there seems to be a lag when it comes to managing physical assets. In fact, these assets are often neglected altogether when it comes to calculating one’s estate. While everyone factors in the value of their homes, many fail to consider what’s within the home, such as antiques, wardrobe pieces, and items they’ve inherited and stored away in the basement. The first to step to knowing your actual worth is to inventory everything, whether you do it yourself or hire professional help. Digital tools allow you to take this to the next level by creating a comprehensive catalogue that’s accessible at any time. Unlike Uber or Amazon, this is not just about convenience, but about protecting and growing wealth. Having this information at your fingertips means you can make informed decisions in real time; for example, if someone inquiries about buying a piece of artwork from your collection, you know immediately whether their offer is worth considering, rather than having to go home and search through the paperwork.
All-in-one solutions can also mean the difference between peace of mind and major logistical headaches. Let’s say you are renovating your summer home, located several hours from your main residence. You want to be able to oversee the work but there is no way, given your schedule, that you can make it out there on a regular basis. Using technology to create balance across your estate, you can upload design specifications and list incremental tasks and milestones, then share them with everyone involved in the project. In turn, they can share their progress with you, whether means marking a task as completed or, better yet, sending photos of the work, all in one secure space.
Bottom line: if you are interested in taking a larger role in the management of your wealth, you must educate yourself on all of your holdings, including physical assets. Doesn’t it make sense to use every tool at your disposal? Using technology to create balance across your estate, these solutions also help you manage and grow your estate moving forward.