(WTNH) — We live in a digital age, which is why it is becoming more popular for people to protect their digital assets. Financial consultant John Caserta helps you plan.
What are digital assets?
Digital assets include information stored online, which can have both a sentimental value and a monetary value.
They can be both personal and business in nature.
Personal assets include things such as blogs, vlogs, or even digital photos and videos such as those stored on Facebook, Instagram, or other social media outlets. They can also include assets whose monetary value can be more easily measured, such as frequent flier miles, credit card reward points, or even crpytocurrency.
Business assets can include client information, accounts, and other information used to conduct business.
What are some of the challenges in protecting digital assets?
The law. Until recently, the law really had not caught up to technology and our digital assets. Most rules about the ownership and transfer-ability of these assets was buried in those long customer agreements.
Laws are starting to evolve in which one can grant access to these digital assets to a fiduciary or power of attorney in their legal documents.
Usernames, passwords, and multi-step authentication. With all the login steps for some accounts, accessing them can be difficult even for the owner.
The number of accounts. Whether it is banks, credit cards, shopping, or social media, managing the number of sites that have our information can be difficult.
How do you protect digital assets?
Work with an attorney.
Ask your attorney about including access to digital accounts as one of the powers for a power of attorney.
And provide your attorney and other advisors with a complete accounting of your assets.
Create a list of all accounts and how to access them and update it regularly.
Account for the monetary value of these assets in your net worth.
Don’t store credit card info online.
The convenience of having credit card info pre-filled on our favorite shopping sites can be tempting. But digital theft is a concern both while you’re alive and even when you pass away.