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How to Inventory and
Protect Your Digital Assets
Dr. Barbara O’Neill, CFP®, AFC®
Owner/CEO, Money Talk
https://www.moneytalkbmo.com/
Disclaimer
What is a Digital Asset?
Any personal information stored electronically on
either a computer or online “cloud” server
Two Questions
• How many digital assets do you own?
• What is their value (monetary and/or
sentimental)?
Digital Asset Statistics
Number of Digital
Assets: The average
American has 25 “discrete
logins”…but this may be
understated, especially
among higher-income
individuals
You: Prepare a digital
asset inventory
https://www.bnymellonwealth.com/asset
s/pdfs-strategy/thought_planning-for-
and-protecting-your-digital-assets.pdf
Average Value of Digital
Assets: The average
American has $55,000 in
digital assets…but this is
much higher for wealthy
investors
You: Prepare a net
worth statement
https://www.kiplinger.com/article/retireme
nt/t021-c032-s014-how-to-protect-your-
digital-assets.html
Don’t Be This Person!
Answer These Questions
• What are your digital assets? Do you have a list?
• Do you know how to access them?
• Does your family know how to access them?
• Does your family know what to do with them?
• What will happen to them if you become
incapacitated or die?
A True Story: December 2014
Jerry Bronson,
died 12/15/14
at age 78
My Reaction: It Shouldn’t
Have to Be This Hard!
https://njaes.rutgers.edu/money/pdfs/Digital-Assets-Worksheet.pdf
• 5 pages long; fill in
the blanks
• Expect to take 4-5
hours to complete it
• Upgrade your
security protocols as
you “back test” your
logins (e.g., 2-factor
authentication)
Another Useful Resource
https://www.lfg.com/wcs-static/pdf/LFN_Digital_Asset_Checklist.pdf
Use to identify general
types of digital asset
categories that you have
Why Digital Asset Planning?
• Prevent financial losses to an estate
• Avoid losing the deceased’s story (e.g., photos)
• Avoid identity theft
• Make things easier for survivors
• Make things easier for fiduciaries
• Protect private information
• Avoid “creepy” situations
Five Step Planning Process
• Step 1: Initial identification of digital assets
• Step 2: Detailed digital asset inventory
– Master password list (most common method)
– Password manager programs
• Step 3: Determine goals for digital assets
• Step 4: Consider estate planning document
revisions (e.g., naming a tech-savvy digital executor)
• Step 5: Review and/or revise regularly
Password Manager Programs
• Vendors charge fees to use these programs; some
have limited free versions
• Designed to minimize hacking and the need to
remember multiple passwords
• Program names include: LastPass, 1Password,
KeePassXC, Dashlane, RoboForm, RememBear,
Keeper, and Bitwarden
• 2022 Review: https://www.cnet.com/tech/services-
and-software/best-password-manager/
Digital Asset Categories
Electronic Devices
Benefit Accounts
Email Accounts
Financial Accounts
Online Merchant Accounts
Member Organization
Accounts
Photography/Music Sites
Publication Accounts
Social Media/Video Accounts
Virtual Currency Accounts
Website Accounts
Digital Asset Dilemmas
• Future of social media accounts: close or create a memorial
tribute? Save contents (e.g., photos) first?
– Facebook: Can assign a “legacy contact”
– Google: Can assign an “inactive account manager”
• Nontransferable licenses (e.g., iTunes)
• Frequent flyer points; some may be transferable
• Credit card cash-back/points; some may be claimable
• PayPal accounts with money
• Internet domain names
• Small business website; continue the business?
RUFADDA
• Revised Uniform Fiduciary Access to Digital
Assets Act, a new law for the Internet Age
– Adopted in Florida in 2016
• Provides legal authority for a fiduciary to manage
DA in accordance with the user’s estate plan
– Example: Pay debts/fees on behalf of the digital estate
• Typically executors/administrators of deceased
persons’ estates, court-appointed conservators,
PoA agents, and Trustees
Three Estate Planning Tips
• Include specific language in documents (will,
trust, PoA) that designates a “digital fiduciary”
• Review “terms of service” for online accounts
– Some may require a death certificate to access or delete
a deceased person’s account
• Refer to your digital asset inventory in your will
like you would refer to a list of untitled property
– Do NOT include IN your will (public document)
Final Thoughts
• RUFADAA formally recognized digital assets as
property that needs to be managed
• Individuals need to do the same
• State digital assets laws vary
• A digital asset inventory will minimize stress and
save hours of time and money (e.g., having a law
firm bill an estate for time to locate digital assets)
Comments? Experiences?
Questions?
Suggestion:
Inventory your digital assets for 10 minutes a day

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Digital Assets Inventory Presentation-BMO-04-22.pdf

  • 1. How to Inventory and Protect Your Digital Assets Dr. Barbara O’Neill, CFP®, AFC® Owner/CEO, Money Talk https://www.moneytalkbmo.com/
  • 3. What is a Digital Asset? Any personal information stored electronically on either a computer or online “cloud” server
  • 4. Two Questions • How many digital assets do you own? • What is their value (monetary and/or sentimental)?
  • 5. Digital Asset Statistics Number of Digital Assets: The average American has 25 “discrete logins”…but this may be understated, especially among higher-income individuals You: Prepare a digital asset inventory https://www.bnymellonwealth.com/asset s/pdfs-strategy/thought_planning-for- and-protecting-your-digital-assets.pdf Average Value of Digital Assets: The average American has $55,000 in digital assets…but this is much higher for wealthy investors You: Prepare a net worth statement https://www.kiplinger.com/article/retireme nt/t021-c032-s014-how-to-protect-your- digital-assets.html
  • 6. Don’t Be This Person!
  • 7. Answer These Questions • What are your digital assets? Do you have a list? • Do you know how to access them? • Does your family know how to access them? • Does your family know what to do with them? • What will happen to them if you become incapacitated or die?
  • 8. A True Story: December 2014 Jerry Bronson, died 12/15/14 at age 78
  • 9. My Reaction: It Shouldn’t Have to Be This Hard! https://njaes.rutgers.edu/money/pdfs/Digital-Assets-Worksheet.pdf • 5 pages long; fill in the blanks • Expect to take 4-5 hours to complete it • Upgrade your security protocols as you “back test” your logins (e.g., 2-factor authentication)
  • 10. Another Useful Resource https://www.lfg.com/wcs-static/pdf/LFN_Digital_Asset_Checklist.pdf Use to identify general types of digital asset categories that you have
  • 11. Why Digital Asset Planning? • Prevent financial losses to an estate • Avoid losing the deceased’s story (e.g., photos) • Avoid identity theft • Make things easier for survivors • Make things easier for fiduciaries • Protect private information • Avoid “creepy” situations
  • 12. Five Step Planning Process • Step 1: Initial identification of digital assets • Step 2: Detailed digital asset inventory – Master password list (most common method) – Password manager programs • Step 3: Determine goals for digital assets • Step 4: Consider estate planning document revisions (e.g., naming a tech-savvy digital executor) • Step 5: Review and/or revise regularly
  • 13. Password Manager Programs • Vendors charge fees to use these programs; some have limited free versions • Designed to minimize hacking and the need to remember multiple passwords • Program names include: LastPass, 1Password, KeePassXC, Dashlane, RoboForm, RememBear, Keeper, and Bitwarden • 2022 Review: https://www.cnet.com/tech/services- and-software/best-password-manager/
  • 26. Digital Asset Dilemmas • Future of social media accounts: close or create a memorial tribute? Save contents (e.g., photos) first? – Facebook: Can assign a “legacy contact” – Google: Can assign an “inactive account manager” • Nontransferable licenses (e.g., iTunes) • Frequent flyer points; some may be transferable • Credit card cash-back/points; some may be claimable • PayPal accounts with money • Internet domain names • Small business website; continue the business?
  • 27. RUFADDA • Revised Uniform Fiduciary Access to Digital Assets Act, a new law for the Internet Age – Adopted in Florida in 2016 • Provides legal authority for a fiduciary to manage DA in accordance with the user’s estate plan – Example: Pay debts/fees on behalf of the digital estate • Typically executors/administrators of deceased persons’ estates, court-appointed conservators, PoA agents, and Trustees
  • 28. Three Estate Planning Tips • Include specific language in documents (will, trust, PoA) that designates a “digital fiduciary” • Review “terms of service” for online accounts – Some may require a death certificate to access or delete a deceased person’s account • Refer to your digital asset inventory in your will like you would refer to a list of untitled property – Do NOT include IN your will (public document)
  • 29. Final Thoughts • RUFADAA formally recognized digital assets as property that needs to be managed • Individuals need to do the same • State digital assets laws vary • A digital asset inventory will minimize stress and save hours of time and money (e.g., having a law firm bill an estate for time to locate digital assets)