01/21/2014

What's In Your Cyber Wallet?

First things first, what is a digital asset?

Digital assets can be text, images, multimedia information, or personal property property stored in a digital format. Digital assets can be stored on a computer, server, smart phone, tablet or other electronic device.

When we think about digital assets, I am sure that many of us can name at least ten to twenty different types of online accounts that we have. When thinking about your digital assets, there are many different types of categories:

* Personal

Personal assets may be e-mails, photographs, videos, music and videos stored on a file sharing website, or they can be items stored on a computer, smart phone, or tablet.

* Social Media

These include such websites as Facebook, Twitter, Pinterest, and LinkedIn. These websites may contain photos, videos and other electronic files.

* Financial Accounts

These may include sites where you pay bills online or where you access your banking and investment records.

* Domain Names or Blogs

Ownership to a domain name can be valuable if it is marketable or it may have significant value to your particular business.

This list is not meant to be exhaustive; however, this is a starting point for you to begin thinking about what's in your cyber wallet. In subsequent newsletters, I will address various issues related to digital assets. As part of an effective estate plan, it is prudent to organize your digital assets and address what you would like to happen to them after your demise.