The idea of Digital Asset Inventory didn't exist until recently. But these days, it's a concept everyone should be familiar with.
The average person who uses technology every day probably has a much longer list of digital assets than they might believe. Think of all the smart devices, online merchant accounts, purchased software, social media accounts, and email accounts you possess. These represent your digital assets.
Even if you have all the passwords and usernames stored in your head or on a piece of paper somewhere, they're likely not adequately organized. So, what happens to your digital assets after you die?
Some of your digital assets may have monetary value, and you may want your loved ones to have them after you die. These might include trademarks that continue to make revenue or even some credit points that you haven't redeemed.
Unless you create a thorough Digital Asset Inventory, it can be impossible for people to obtain access to them. Furthermore, after death, some relatives may choose to shut down the social media accounts of the deceased person.
If you want that to happen after you're no longer here, providing your Digital Executor with instructions can ensure that it does.
Otherwise, the family might need to reach out to each company separately and go through a lengthy and often complicated process to shut down your account.
Depending on your state, you may also know a Digital Asset Inventory as:
These days, probably everyone. Even if you don't want to shut down your social media accounts after death, there are other matters to consider.
You should leave instructions as to what should happen to the contents of your smartphone, computer, or tablet.
It's crucial to name the person who will oversee clearing your browser history and performing a factory reset on your phone. Not having a Digital Asset Inventory increases the risk of having your personal life invaded by others.
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Digital Asset Inventory.
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A Digital Asset Inventory is a checklist or a worksheet that can help you get all digital affairs in order. This form is not complex but contains a lot of important information that you should accurately group. A simple template is an excellent starting point.
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If possible, the Digital Asset Inventory should be a part of estate planning – Last Will and Testament more precisely.
In some states, the role of the Digital Executor is not legally binding, so it can be safer to place the instructions regarding your digital assets in the Will.
Should you do that, make sure to notarize the Last Will and Testament and file it with the appropriate government authority.
After death, the Digital Executor should follow the instruction of the asset holder and manage the digital assets as directed.
But suppose the Digital Asset Inventory is not a part of the official state planning process. In that case, they should provide a copy of it to the designated Digital Asset Executor and request that they keep it safe.
The chosen Digital Executor will be the person to sort out your files, folders, pictures, videos, maintain or shut down your social media accounts.
They'll also inform online communities about the asset holder's passing. Preferably, you'll choose a highly organized and detail-oriented person for the job.
They should also be tech-savvy, but most importantly, they should be willing to take on the responsibility presented to them.
Ideally, you won't keep the passwords in the Digital Asset Inventory unless you have no other choice.
If you can add the Digital Asset Inventory to your Will, you can add separate instructions for the Digital Executor that will lead them to the passwords for your accounts. That way, you're minimizing security breaches and potential damages to your digital assets.
If the person who has died has set automatic subscriptions for their streaming accounts or subsection-based software, you can ensure their cancellation. All you need to do is contact the credit or debit card issuer to cancel these accounts.
However, often that is not what the Digital Executor does unless they're also the family member who will manage banking accounts for the deceased person.
There are several ways to keep the Digital Asset Inventory safe if you cannot name a Digital Executor in your Will.
You can keep it with your attorney, lock it in a safe or a locking cabinet, or you can use an online storage company that specializes in this type of service.
Unless you plan to store the Digital Asset Inventory with the attorney or add it to the estate planning, it's unnecessary. The inventory represents a straightforward checklist that you can create on your own. With a template, it's an even easier process.
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