We use computers, cell phones and voice mail every day. We bank, pay bills, shop, and socialize using the internet. We store our family photos and videos online. So what would happen to all of those things if you suddenly became incapacitated or passed away?
A Digital Asset Inventory is vital to making sure your financial business is taken care of and your digital legacy can be preserved. It allows you to log all of your user names, passwords and vital account information and provide instructions to a trusted â€œDigital Executorâ€ of your choice who would deal with your accounts when called upon.
Things you might include on a Digital Asset Inventory include:
- Computer, cell phone and other device passwords
- Home alarm code and/or keyless entry code
- Voice Mail access information
- Email accounts
- Social Networking accounts
- Bank and other financial accounts
- Credit card accounts
- Utility accounts
- Online merchant accounts
- Video/photo accounts
- Subscriptions to print or online publications
- Web hosting/storage subscriptions
- Any other accounts or digital assets that will need to be dealt with when you pass away
Once completed, your Digital Asset Inventory should be saved to a flash drive or printed out and stored with your attorney or in a locked filing cabinet or safe. You might also choose to store it with a secure online storage service such as DocuBank or EverPlans.
Having the Digital Asset Inventory in place can save your loved ones a lot of hassle when it comes time for them to deal with your personal business. It can also help avoid identity theft or hijacking of social media accounts upon your death.
The Digital Asset Inventory should be updated at least once per year or anytime you change your accounts or passwords and shared with your digital executor.
To help you get started, weâ€™ve provided a free download of a sample Digital Asset Inventory. You can find a more comprehensive version in our book, The Ultimate Guide to Downsizing, available on Amazon.com or by contacting us directly at 817-330-9235.
2 Thoughts on “Planning for Digital Assets”