Digital Assets Inventory Template

Why You Need a Digital Assets Inventory

In today's digital world, we all have a growing collection of online accounts and assets. From financial accounts to social media profiles, these digital assets are an important part of our lives and legacies. But what happens to them if something happens to us?

This is where a digital assets inventory comes in. It's a central place to list all your digital assets and provide instructions on how to access them. Think of it like a map for your loved ones to navigate your digital world if you're no longer able to.

Without an inventory, important assets could be lost, or your loved ones could struggle to access accounts and close them properly. Taking the time to create an inventory now can save a lot of stress and confusion later.

Remember, your digital assets are a part of the legacy you leave behind. An inventory helps ensure that legacy is handled according to your wishes.

Types of Digital Assets to Include

When listing your digital assets, you'll want to cast a wide net. Some common categories to consider:

• Financial accounts: Bank accounts, retirement plans, investment portfolios, PayPal, Venmo, etc.
• Social media profiles: Facebook, Instagram, Twitter, LinkedIn, etc.
• Email accounts: Personal and work emails
• Cloud storage: Google Drive, Dropbox, iCloud, OneDrive, etc.
• Digital files: Photos, videos, music, documents stored on your devices
• Websites and blogs you own
• Cryptocurrency wallets
• Online subscription services: Netflix, Spotify, Amazon Prime, etc.
• Loyalty program accounts: Frequent flyer miles, hotel points, retail rewards
• Gaming accounts and virtual assets

Don't forget about any digital assets related to your work, side hustles, or businesses you own.

When in doubt, include it. It's better to be thorough than to leave something out. You can always add or remove assets as needed in the future.

Organizing Your Digital Assets

With so many digital assets to account for, organization is key. How you organize your inventory is up to you, but here are some suggestions:

• Categorize assets by type: Have sections for financial assets, social media, email, etc. This makes specific assets easy to find.

• Prioritize by importance: You may want to list your most crucial assets (like primary bank accounts) first.

• Use a clear naming system: For each asset, start with the name of the service or institution. "Bank of America Checking Account" is clearer than just "Checking."

• Keep related assets together: If you have multiple accounts with one service (like two Bank of America accounts), list them together.

• Use tables or a spreadsheet: This can make your inventory easier to read and update than a simple list.

Remember, the goal is to make your inventory as clear and user-friendly as possible. Choose an organizational system that makes sense to you and will be easy for your loved ones to navigate.

Information to Include for Each Asset

For each asset in your inventory, you'll want to include key information that your loved ones will need for access. This typically includes:

• Name of the asset/account
• Website URL or app name
• Username or login email
• Password
• Answers to security questions if applicable
• Additional instructions for access

For financial assets, you may also want to include:

• Account numbers
• PIN numbers
• Associated email accounts
• Customer service phone numbers

If you're uncomfortable including sensitive information like passwords directly in your inventory document, you can use a password manager and include the master password in a secure location.

Err on the side of providing too much information rather than too little. You want to give your loved ones everything they'll need to access and manage each asset.

Providing Clear Access Instructions

In addition to the basic login information, your inventory should include clear instructions for accessing and managing each asset. This is especially important for assets that may be less familiar or have a more complex process for gaining access.

Some examples of instructions to include:

• Steps for resetting the password if needed
• Guidance on where to find key information or documents within the account
• Instructions for closing the account if that's your wish
• Contact information for a financial advisor or attorney who can assist
• Your wishes for what should be done with the asset (e.g., "Please close this account and distribute the funds according to my will")

Remember, the person accessing your assets may not be as tech-savvy as you. Provide step-by-step guidance and avoid assuming knowledge.

If the process is complex, consider creating a separate detailed instruction sheet and referencing it in your inventory. Video instructions can also be helpful.

The clearer your instructions, the easier it will be for your loved ones to carry out your wishes and minimize stress during an already difficult time.

Keeping Your Inventory Secure

Given the sensitive nature of the information in your digital assets inventory, it's crucial to keep it secure. A few key tips:

• Encrypt the document or spreadsheet. Many apps offer this feature, which requires a password to open the file.

• Store the document in a secure location. Options include an encrypted USB drive in a safe deposit box or with your attorney. Avoid emailing it or storing in the cloud without encryption.

• Use a password manager and only include the master password in your inventory. This lets you securely share logins without exposing passwords.

• Keep a hard copy in a locked safe or file cabinet, and let your loved ones know how to access it.

• If you include your inventory in your estate plan, let your attorney guide you on how to securely store and share it.

• Update passwords regularly and keep your inventory updated to match.

Remember, the goal is to make the information accessible to the right people while still protecting it. Always prioritize security, as a breach could be devastating.

Best Practices for Maintaining Your Inventory

Your digital assets inventory is only useful if it's up to date. To ensure it stays current:

• Update it immediately anytime you open a new account, close an account, or change a password. Make updating your inventory a regular habit.

• Review your entire inventory at least once a year. Verify all information is current and make any needed changes.

• Communicate with your loved ones. Make sure they know the inventory exists, how to access it, and why it's important. Consider reviewing it with them periodically.

• Think through different scenarios. Have you provided all info needed if you're incapacitated? Deceased? What if your primary person is also unavailable? Plan ahead.

• If you're married, decide whether to maintain separate or joint inventories. Separate may be best if you have many individual assets.

• As you close accounts over time, remove them from your inventory. Aim to keep it clutter-free and current.

• Back up your inventory regularly, especially if you maintain a hard copy. You don't want to lose this crucial information.

Maintaining your inventory requires some effort, but it's well worth it. Think of it as a gift to your future self and your loved ones.

Using the Digital Assets Inventory Template

To make creating your inventory easier, we've created a Digital Assets Inventory Template. Here's how to use it:

1. Make a copy of the template for your personal use.

2. Begin filling out the template, starting with your most important assets.

3. For each asset, provide as much information as possible in the designated fields. Refer back to the "Information to Include" section for guidance.

4. Write out clear instructions for accessing and managing each asset. The more detailed, the better.

5. Once you've included all your assets, double-check that all information is accurate and up to date.

6. Encrypt the completed template or move the information to an encrypted file. Follow the best practices for secure storage.

7. Let your loved ones know where to find your inventory and how to access it if needed. Consider giving access to your spouse, adult children, or estate executor.

8. Whenever you have an update to make (new account, changed password, etc.), do so immediately. Set a reminder to review the entire inventory annually.

Remember, using the template is just the start. Maintaining your inventory over time is what will make it a valuable resource for your loved ones.

Your Digital Legacy - Why This Matters

As we wrap up, let's revisit why creating and maintaining a digital assets inventory is so important. Ultimately, it's about controlling your digital legacy.

Our digital assets are a significant part of our lives. They can hold financial value, sentimental value, or be crucial to wrapping up our affairs after we're gone. An inventory ensures these assets are handled the way we want.

Without an inventory, you risk important assets being lost or inaccessible to loved ones. This can lead to financial losses, precious memories being lost, and added stress for your family during an already difficult time.

But with a thorough inventory, you give your loved ones a roadmap. You empower them to manage your digital affairs with confidence and clarity. You minimize the risk of losses and confusion.

Ultimately, your digital assets inventory is a powerful tool for protecting your digital legacy. It's a way to extend your will and testament into the digital realm. And it's a final act of love and responsibility for those you leave behind.

So take the time now to create your inventory. Keep it updated as a regular habit. And communicate its importance to your loved ones. Your future self and your family will thank you for it.