Here are some definitions from https://entrustet.com
Digital assets are electronic assets that are stored on your computer or are stored on the Internet on a website. Digital assets include: entertainment files (e.g. music downloads), personal memories (e.g. photographs), personal communications (e.g. emails), personal records (e.g. health, financial, insurance), and career information (e.g. resumes, portfolios, cover letters, contacts), as well as any creative projects or hobbies involving digital files. They include things like Facebook profiles, business documents, family photos, domain names, websites and online businesses. We could broaden this definition to include things such as email accounts, internet banking details, software serial numbers/key, software disks etc. For a business this could include forms, procedures, reports and other data assets.
If your PC crashes or is hacked and your data is not properly backed up, how devastated will you be? Whether for personal use or for business, chances are you have a collection of documents, music, and photos that, if compromised, would almost feel as if your house and all your belongings had been burned up in a fire.
A recent survey found that 60% of respondents own at least three digital devices per household, while 25% own at least five. (Digital devices are mainly desktop or laptop computers, tablets, and smartphones).
As many as 41% of those surveyed spend more than 20 hours per week using a digital device for personal use.
Photographs and similar memorabilia are the main digital asset that most people (73%) consider irreplaceable, should they be lost without having been backed up. Respondents valued personal memories at an average of $18,919, compared to $6,956 for personal records, $3,798 for career information, $2,848 for hobbies and projects, $2,825 for personal communications, and $2,092 for entertainment files.
DIGITAL PERSONAL PROPERTY
Digital Personal Property refers to one’s digital assets. Digital assets span almost everything on a person’s computer, Internet-based accounts and memberships, and digital material like photos, videos, blogs and more. (Financial and investment accounts are exceptions, based on estate law.)
A Digital Executor is a trusted friend or family member assigned to manage the responsibilities for digital assets after death. While the executor can also manage these duties, Entrustet highly recommends the digital executor you select be reasonably technology-savvy; identifying a separate Digital Executor also divides the amount of work related to finalizing the estate.
DIGITAL PERSONAL PROPERTY LIST (DPP)
A Digital Personal Property (DPP) list is similar to a Tangible Personal Property (TPP) list, but covers digital assets such as photos, videos, accounts and memberships, domain names and more. A DPP lists your assets, with instructions for each such as url access address, user name and password.
- In a new word document Add a heading “Digital Personal Property List” format it with the heading style 1.
- Below this heading create your own or a businesses Digital Personal Property List (We will work out together the best structure for this document but some sort of table I think will be best). If you do not have a computer or any Personal Digital Property create one for a typical business.
- Some column heading for it would be Asset, Type, how accessed transmitted and/or stored, Threats, Value if lost.
- Below it add a heading “Digital Executors” formatted with a heading 1 below that add a bulleted list of you potential Digital Executors.