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The Top 10 Reasons Not To Have A Digital Asset Plan (+20 more to get you thinking)

Everyone likes to make new resolutions in honor of the new year.

In honor of that tradition, I thought it would be a good idea to review some of the top reasons why you shouldn’t bother with a digital asset plan in 2017. If you don’t see yourself or any of your clients fitting in to this list, then a digital asset plan definitely needs to be on your agendas for 2017:

So without further adieu:

Top 10 Reasons Not To Have A Digital Asset Plan

  1. You’ve got 250 + online accounts and applications and every single one has a different username and password
  2. You use a premium version of an online password locker that automatically synchronizes your username and password information across every single phone, computer, and tablet that you own
  3. You’ve selected an emergency contact person who knows about and can access your online password manager
  4. You know exactly where to find the terms of service and privacy policies of every single online service and application that you use
  5. You have read and actually understand all of your terms of service and privacy policies
  6. You have a digital asset inventory of every single online account and service that you use in a protected spreadsheet, stored on your computer, in the cloud, on a storage device, in a safe deposit box, and with your lawyer
  7. Your digital inventory specifies what can and can’t be accessed by whom, and under what circumstances
  8. You have the necessary language in some or all of the following documents specifying your directions for management of your digital assets: a Will, a Power of Attorney, a Trust, a letter of direction/consent form
  9. You have selected a digital executor or given digital authority to your “regular” executor
  10. You know the difference between an executor and a digital executor and why they should not necessarily be the same person

 20 More Reasons Not To Have A Digital Asset Plan

  1. You know the latest definition of a digital asset so you know exactly what to list in your inventory
  2. All of your passwords are at least 15 characters in length and contain letters, numbers, and symbols
  3. You routinely change all of your passwords
  4. You change your master password on a regular basis
  5. All of your password information is in a safe place
  6. All of your passwords and usernames are accessible to your designated person
  7. You know which accounts allow you to share your passwords and which ones don’t
  8. You have copies of your passwords on a list with your attorney
  9. You have NOT listed any usernames and passwords in your Will
  10. You don’t store your passwords on a piece of paper
  11. You stopped using a written list/word document for your passwords a decade ago. Maybe not a decade, but you don’t do this any longer!
  12. You know what State laws will apply to you in the event of any issue or dispute with your online account providers
  13. You are familiar with the criminal laws in your State covering unauthorized computer access
  14. You are familiar with Federal law covering unauthorized computer access
  15. You know exactly what your terms of service say about access to third parties
  16. You know exactly what your terms of service say about what happens to your digital data in the event of your death;
  17. If your terms of service say nothing about what happens to your data when you die, you have a plan in place to make sure your information is accessible
  18. You know which of your accounts permit by third-party access and which don’t
  19. You are aware of and have opted in to any and all applicable “online tools”
  20. You know which accounts allow you to share your stuff and which ones don’t

Contact me if you’d like to know more about how you can create a digital asset plan, or how you can learn more about protecting your digital legacy.

Photo courtesy of Pixabay
2017-01-13T12:32:42+00:00 December 29th, 2016|Digital Assets, Digital Security, Estate Planning|