What are digital assets?

Digital assets have been defined as anything that is stored on an electronic device — regardless of the owner of the physical device.
There’s indeed a difference in the location of the assets. On the one hand, there are the ones based in your computer, hard drive, or thumbdrives. On the other hand, there are some which you don’t control, the ones in the cloud. In the two cases, digital asset are anything with an owner that is in a digital file.
Caroll defines five categories : devices and data, emails, online accounts, financial accounts, and online businesses.

These items are more and more interconnected, as for example emails serving as a common keyring to store accounts information, and as a mean to control and regulate your different accounts. Emails are the safety net in the case of loosing a password. Devices are also becoming more and more common, used as a masterkey, and they have their share of keys through the different applications, browsers, identification cookies, ..

Is Your Digital Life Ready for Your Death?

A physical locker

If you have more digital assets which you own, you can also consider getting specific hardware designed to protect digital information. A perfect example would be a hard drive using complete encryption — without the proper password, nothing can be retrieved, and your assets are perfectly safe. You just have to be sure that your executor does know where the storage device is, and has all the keys to unlock it. The cons are simple: the locker must be physically accessible, undamaged (when sometimes defects appear over time, rendering your assets inaccessible), and you will have to physically access it to update it.

Clear rules needed for managing digital afterlife

Prepare a will executor

Simple: choose a fiduciary and give him, her or them the proper power of attorney, so that they can manage your belongings.

The choice of a will executor for your digital assets, or your “digital executor”, is a critical step in the planning.  It can be an executor different from your regular will, or someone who is not in charge of your offline estate. Actually, you’d want to select someone who is very comfortable with technology, to be sure that this person will execute your orders and not make any blunder. Apart from this, it could be a good idea to find someone who is geeky enough to understand what you want, and to apply it. Finally, don’t choose someone who is too close from you. If you need to delete some materials, you don’t want your executor to fail on this because it reminds him or her too much of you.

The person in charge may or may not be aware of your choice, you can arrange the name on your will — but the key and lock to the assets will have to be in a separate list, to be sure you can update it regularly, when changing your passwords. And if you open an account for another service? That’s going to be the same. Just open your lists, add the account, save the file and voila!

“If you haven’t made arrangements in advance, those assets are going to pass to your next of kin. Maybe that’s not what you want—maybe you want to spare the spouse the embarrassment or the pain of it to keep your legacy intact.”

Another advantage of selecting only an executor and to have a separate list will enable you not only to manage your accounts, but you will be able to manage the beneficiaries. An access can be revoked only by changing the password of a file, and saving you the trouble of a trip in the attorney’s office.

“If you have an estate-plan document book, devote one page of it to this. It doesn’t have to be anything fancy,” Ms. Hays says. “If you want [an account] to be ongoing or serve as a memorial, you need to make that known to the person you ask to take care of this. Otherwise, they’ll probably just shut it down.”.

A digital executor can be used to prevent any issue around your death. If you own an online store, like an eBay account, an unscrupulous competitor could use your obituary to make your different accounts closed. Emails could be accessed by anyone smart enough, providing a proof of your death.


Finally, a good thing to do is to integrate the name of this digital executor into your “regular” will — to avoid any potential contestation.

Clear rules needed for managing digital afterlife

eBook: table of content.

BOOK

I. Introduction

II. Good practices

III. Steps to follow: an audit

  • 1. Do an online cartography
  • 2. Remove what you don’t use
  • 3. Cloud what you can
  • 4. Update a password list
  • 5. And do it regularly

IV. To be prepared if sh*t happen

  • Prepare a will executor
  • A trendy alternative
  • Prepare a digital legacy locker
  • Do you want a physical locker ?
  • Prepare your data flows today
  • Write out instructions for each package
  • The Poor Man solution
  • Get to know more

V. Bye

  • Beware !
  • Thanks!
  • Long live the King (or Queen)
  • BONUS
  • A service checklist

List of services // digital legacy tools 

Death policies of your the different services you may use