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?
What Is a Digital Asset Inventory?
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.
Other Names for Digital Asset Inventory
Depending on your state, you may also know a Digital Asset Inventory as:
- Digital Estate Plan
- Inventory of Digital Assets
- Digital Asset Inventory Checklist
- Digital Asset Inventory Worksheet
Who Needs a Digital Asset Inventory?
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.
Why Use 360 Legal Forms for Your Digital Asset Inventory?
Customized for you, by you
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Digital Asset Inventory.
Specific to Your Jurisdiction
Laws vary by location. Each document on 360 Legal Forms is customized for your state.
Fast and easy
All you have to do is fill out a simple questionnaire, print it, and sign. No printer? No worries. You and other parties can even sign online.
How to Create a Digital Asset Inventory With 360 Legal Forms
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.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once completed, simply download your form as a PDF or Word document from your secure online account.
What Information Will I Need to Create My Digital Asset Inventory?
To create your document, please provide:
- Asset Holder Details: The full legal name, date of birth, address, and contact information of the asset holder
- Digital Executor Details: The full legal name and contact information of the executor
- Smart Devices: A list holder's smart devices
- Hardware: A list of hardware, including computers and external hard drives
- Software: Accounts such as Microsoft Office, Windows, Apple iOS, etc.
- Social Media Accounts: A list of usernames associated with all social media accounts the holder uses
- Online Merchant Accounts: A list of websites where the asset holder shops
- Email Accounts: A list of email accounts used by the asset holder
- Gaming Accounts: A complete list of gaming accounts the holder may have
Digital Asset Inventory Terms
- Digital Assets: Everything that exists in digital form for personal use
- Digital Executor: A person in charge of managing the digital assets of another person after their death
- Last Will and Testament: A legal document outlining a person's wishes regarding their property after death
- Power of Attorney: A legal authorization to act on behalf of another person in legal or financial matters
- Estate Planning: A process of arranging all assets in the event of death or disability
Digital Asset Inventory Signing Requirements
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.
What to Do with Your Digital Asset Inventory
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.
