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Digital asset estate planning is an important part of your estate plan. Organizing and planning for the management of your digital assets is a crucial step in helping your agent or personal representative manage your estate after your incapacity or death. In a world where every site requires a log in, it seems impossible to begin to organize your data. Here are a few tips on how to start:

Digital Assets

This isn’t just about email addresses and social media accounts. Identify all of your online accounts, including those for financial institutions, online retailers with stored payment methods, cloud storage services, digital subscriptions, loyalty programs, and domain registrations. Be sure to find all of your usernames, passwords, and any recovery information.

Other digital assets can include:

  • Social media accounts
  • Subscription services
  • Email accounts
  • Online banking accounts
  • Credit card accounts
  • Utility accounts
  • Contact lists
  • Shopping accounts
  • Photo and video sharing and storage accounts
  • Smartphone, computer, tablet, or cloud data
  • Existing digital collections (songs, movies)
  • Websites or blogs you maintain
  • Online marketplace stores
  • Cryptocurrency keys
  • Text, graphic, and audio files

Keep in mind, however, that while your online financial accounts and platforms themselves are considered digital assets, the actual money in those accounts is not.

Inventory Your Digital Assets

Inventorying your digital assets is important for protecting your online identity and ensuring a smooth transition of your digital life. Here is a helpful step-by-step guide:

  1. Identify all of your digital assets

 

  1. Gather your account information
    • Usernames: Record the username for each account.
    • Passwords: Store them securely using a password manager or a written list kept in a safe and secure place.
    • Security questions: Note down answers to any security questions.
    • Account numbers: Record relevant account numbers, such as phone numbers, credit card numbers, or social security numbers.

 

  1. Organize Your Inventory
    • Create a spreadsheet: Use a spreadsheet to list all of your digital assets, including account information and any additional details (REMEMBER keep your passwords separate in a safe, secure location).
    • Categorize: Group similar assets together for easier management.
    • Update It Regularly: Make it a habit to update your spreadsheet every time you open a new account or make changes to existing ones.

 

  1. Consider Access and Control
    • Designate a digital decision-maker: Choose someone you trust to manage your digital assets after your incapacity or death.
    • Provide clear instructions: Outline your wishes for each asset, such as whether you want it deleted, transferred, or accessed by specific people.
    • Utilize account settings: Many platforms offer options to designate a trusted contact or a legacy contact.

 

  1. Protect your Information
    • Secure your inventory: Keep your digital asset inventory in a safe and accessible location.
    • Update passwords regularly: Strong, unique passwords are crucial for protecting your accounts.
    • Enable two-factor authentication: Add an extra layer of security to your accounts.

 

By following these steps, you can create a comprehensive digital asset inventory that protects your online information and provide peace of mind for you and your loved ones, but the laws and regulations surrounding data and digital assets are still evolving and vary from state to state. If you or a loved one are thinking of creating a traditional estate plan or want guidance on how to create a digital estate plan, contact a local elder law attorney. For a consultation with our office, please call (850) 894-0152.