5 Types of Digital Assets and Their Importance

Types of Digital Assets and why are they Important

Today, most people have some form of digital assets. From email accounts, social media profiles, cloud storage services, and eBooks to online shopping and magazine subscriptions, digital assets are all around us.

Thus, understanding Digital Assets and their importance play a major role in planning your Digital Estate and leaving behind a Digital Legacy.

Digital Assets And Their Importance

A Digital Asset can have sentimental or financial value. It can include personal media, music, payment receipts, subscriptions accounts, bank accounts, cryptocurrency, passwords, and devices used to access them. Let us understand the different types of Digital Assets and their significance in one’s life. 

1. Online Banking Assets

Most of us use online banking or digital payment apps. All these online banking accounts can be a part of your Digital Assets. Think about everything you need to handle an online payment account like your user ids and passwords are also counted under your Online Banking Assets. Even your Digital wallets come under Online Banking Assets.

Thus, these Digital Assets have financial value that needs to be taken care of even after your death. Think about it, if something were to happen to you, who would manage your payment apps? Thus, managing your digital banking assets is crucial. Additionally, it is one of the most important steps of Digital Estate planning.

2. Digital Memories

Almost everyone is active on different social media platforms. We share so many memories via photos and videos through these platforms. We even store hundreds of photos in our cloud storage. Those photos, videos, or documents in cloud storage are also a part of your Digital Assets.

However, these digital memories became vulnerable to online fraud or data leaks after one’s demise. This is why it’s important to make provisions for retrieving the photos, videos, and other important documents stored from the cloud storage.

These photos and videos can be of sentimental value to your loved ones. Most social media platforms allow your designated beneficiaries to manage your account after your demise. Learn about the Legacy Policies of different social media platforms and make use of them.

3. Online Purchases

We often think of passing on our physical possessions like musical instruments, real estate, and other goods to our future generations. So Why not do the same with our Digital Assets?

Make sure you create a Digital Estate plan to pass on your ebooks, music collections, and subscriptions to your family members. Your ebook collection or any other subscriptions are important investments so make sure your family has access to them even after your death.

4. Digital resources

These resources include websites, domain names, etc and they are part of your Digital Assets too. Moreover, Digital Assets like trademarks and logos also have a lot of significance. Thus, it’s important to think about what happens to them after your demise. All of these are part of your Digital Estate, and you need someone trustworthy to inherit them and manage them as per your wish. 

5. Devices

This category includes laptops, computers, smartphones, and other devices that contain your digital data. People often save their passwords on one particular device, which is why it is crucial to keep your devices secure even after your demise. Think about how much data is there in your hard drives, and CDs.

People have recorded several instances of finding cameras full of photos at a vintage store. Many people have lost the memories of their loved ones because they did not have access to the stored pictures. Thus, it’s important to mention any and all devices in your Digital Estate Plan to ensure your Digital Assets are secure.

Digital Assets are an important part of one’s life which is why one must safeguard them. One of the best things to do for your Digital Assets is to create a Digital Estate Plan. And, we at Clocr can help you with that. So sign up with Clocr to create a Digital Estate Plan and secure your Digital Assets.