Untouchable Treasures: On Protecting Your Digital Assets

You can protect precious jewels by putting them in a safe, but what about those untouchable treasures that defy traditional storage solutions? 

Consider, for example, that growing cache of digital family photos that has become far more valuable to you than the finest rubies. How do you secure them? 

If you answer “I don’t know,” you’re not alone. 

Suppose securing digital assets sounds like something only tech-savvy people can do effectively; think again. Yes, you may struggle to keep tabs on all your login and password information, but that just means you’re human. 

Don’t let being human stop you from protecting your digital assets. They are too valuable—and too important—to neglect. 

A strong estate plan includes directions for dealing with digital assets, too. With clear instructions, your loved ones can manage your digital legacy responsibly after you pass away, and they can honor you as they do so. 

With the following recommendations, we hope to help you take the steps necessary to protect your digital assets, ensuring that they remain accessible and secure for the future.

Identify Your Digital Assets

Before you can protect your digital assets, you first need to identify them. This can be challenging if you're not sure what qualifies as a digital asset!

That said, here are some examples of digital assets to get you started:

• Cloud Storage Accounts
• Credit Card Accounts
• Cryptocurrency Holdings
• Data from Your Smartphone, Tablet, or Computer
• Digital Collectibles like NFTs (Non-Fungible Tokens)
• Digital Photo/Video Storage Accounts
• Digital Media (Your Collection of Digital Films, Audiobooks, Ebooks, and Music)
• Email Accounts 
• Online Banking and Financial Accounts
• Online Shopping Accounts
• Personal or Professional Websites You Manage
• Social Media Accounts
• Software Licenses or Subscriptions
• Streaming and Other Subscription Services

Now that the wheels in your brain are turning, create a comprehensive list of your digital assets in a document or spreadsheet. For each asset, include details about its location (such as a specific device, cloud platform, or financial institution). 

Refrain from including sensitive information like usernames and passwords. You will want to keep this information hush-hush—but more on that later.

Now that you have listed your digital assets, it’s time to secure them! 

Store and Safeguard Your Digital Assets

To protect your digital assets, consider using one or more of the following options:

A Password Manager: If you struggle to recall the passwords needed to access your digital assets, a password manager will give your brain a much-needed break and prevent unwanted parties from accessing your accounts, too. 

Options like BitWarden, 1Password, and LastPass securely store passwords and offer to autofill login credentials across your devices, saving you time and frustration. 

Many password managers also empower users to grant access to emergency contacts. Thanks to this feature, a loved one of your choosing can access your digital assets in the event of your passing. 

A Digital Vault: Store your assets in a digital vault that uses multi-factor authentication and end-to-end encryption to keep them safe and secure.

Digital vault services like Presidio, Trustworthy, and Everplans provide strong protection at affordable prices, along with easy-to-use apps that allow you to manage and retrieve your assets. 

As with the password managers above, these services permit you to offer access to trusted people so they can manage your assets if you pass away. 

A Safe or Safety Deposit Box: Some digital assets like documents, photos, videos, and music can be loaded onto external hard drives and stored in a safe at home or a safe deposit box at a bank. 

Remember that digital asset list you made earlier? Store a physical copy of it, too. If a loved one has permission to open your safe or safe deposit box, this list will help them—and your estate’s executor—locate and manage your digital assets after your passing.

Enlist an Estate Planning Attorney: You may have already engaged an estate planning attorney to secure your legacy, but did you talk about your digital legacy? If not, now is a good time to discuss your digital assets and how you want them to be distributed and/or dealt with once you pass away. 

Your Estate Plan: Register for One of Our Workshops

If you haven’t looked into estate planning yet, that’s okay. 

While you’re thinking about your digital assets, however, you may want to consider the larger legacy you want to leave for your loved ones. 

Register for one of our estate planning workshops to learn how an estate plan can benefit you and the people you care about most.

If you attend and decide you want help with your estate plan—including guidance regarding your digital assets—we are all ears. It’s our pleasure to help you discover the peace of mind that comes with preparing for tomorrow. We hope to see you at one of our workshops soon!