Technology is evolving every day. Today’s latest technology would thus become obsolete some days later. It better explains the evolution of human civilization right from the ice age to its current avatar. There has been a paradigm shift in the ways and means of doing things. For instance, earlier people used to store documents in prints. But, with the growing demand for economic utilization of space, environment friendliness, and making services user-friendly, companies engaged in the business of finance and others (where usually a large volume of transactions takes place day in and day out) have gone for digitization.
Today, you can’t do estate planning, for instance, without a security. You will be happy to know that we at LegacyArmour specializes in encryption and information escrow. Now, the most pertinent question here is what an information escrow is all about. Well, there are many types of information escrows namely shared-information escrow, allegation escrow, and suspicion escrow. An escrow is a written document of returning money or money’s worth such as the property to a third party on the condition of fulfilling some obligations. However, an information escrow is a trusted intermediary popularly called an escrow agent that works on behalf of the escrow hirer.
Why is it important to hire an escrow agent?
There may be a couple of important reasons befitting one’s personal or professional interests when it comes to hiring the services of an escrow agent such as the LegacyArmour. Here is a list of things that you should know about the escrow services.
- Protecting one’s assets: With the increased pace of digitization and the ever-growing cyber crimes, the need for protecting one’s online assets has come to the forefront. Incidents like Equifax disaster have rekindled one’s perception of the online security. That’s how escrow agents have become active vis-à-vis the urgency and need for advance planning on estates, medical and financial services etc. You will be happy to know that escrow agents have a robust mechanism to protect your assets.
- Safeguarding legacy: Escrow agents protect your legacy. For instance, they have a fool-proof mechanism on how you should preserve your legacy and how you should pass it on to your legal heirs. To begin here, you will be asked to preselect time, date, and the recipients of the legacy such as the privileged information about you, your wealth, medical history, HD (High Definition) images and movie clips of your family get together to name a few here.
- Future planning: An escrow agent helps you plan your future and offers expert services bespoke to your need. An agent here thus plays the pivotal role to secure your future with a certainty befitting your cause.
- Compensation: This is truly an interesting consideration in favor of the escrow agents. There are some companies that even protect you in the hours of distress like a security lapse resulting losses amounting to millions. InsurTech companies like LgacyArmour have pledged to protect you and your legacy in the first place for sure.
Likewise, you will find some exclusive points bespoke to your unique requirement here. That’s why fintech companies have been using escrow services for their business too.