INVENTORIES – DIGITAL ASSETS
Inventories (Residential or Business)
What is an Inventory? It is a list of your possessions and the VALUE of the possessions. At home: everything from your pots and pans to your computer or car. In business: Everything from your equipment & supplies to your inventory.
What is it’s purpose? Proof of ownership.
What have you got to lose without one? In the case of fires, flood, tornadoes or damage of possessions in transport, or theft? Plenty!
A Residential or business inventory helps you in 4 ways.
Solid Claims: It helps to substantiate your claim. If you claim you have a “TV” – there is a serious reimbursement difference between a 22″ TV from 1985 or a brand new 70″ flat screen TV with all the bells and whistles. Does your home have extensive customizations?
Getting it right: Many underestimate the volume or value of their belongings – only considering expensive furniture, electronics or jewelry. The day to day items quickly add up… like replacing 50 pairs of shoes 🙂 You may discover that you are seriously uninsured or need a different type of insurance once you assess the content, volume or value. It’s not an easy or pleasant task having to think about and trying to recall & document things you USED to own, once they are gone.
Time Savings: Insurance claims, police reports, relocation forms, creation of wills.
Tracking: Maintenance, depreciation, location, volume.
Someday Organizing can help you to:
Determine an inventory solution to meet your needs and what is important to you (written with photographs, video, computer program, or app and specific features).
Perform the inventory: Document & photograph.
Gather the supporting information & determine the value.
Prepare a home or business inventory now to avoid lengthy delays, battles with your insurance company for the FULL value of your belongings, and for ultimate peace of mind when you need it!
DIGITAL ASSET & ESTATES
What are Digital Assets?
Digital property, or assets is any information about you or created by you that exists in digital form. It may be online, or on an storage device. It also includes the information regarding how to access the assets.
All of your known digital property combined is known as your digital estate. When you die is is also known as Digital Afterlife. According to a McAffee survey, the average digital estate is valued at $54,000.00.
- Personal Digital Information: such as online accounts for correspondence, social media accounts, shopping, photo & video sharing, legacy, gaming or music, online data storage, websites and blogs, loyalty programs, college funds, bitcoin and more!
- Digital Business Property: Property you own as a business, assets of an online store you manage, or where you sell things. Client information, history or lists, Intellectual property, accounts payable systems and more!
- Hardware & Contents: They contain digital information about you or that you created. Computers, tablets, phones, music players, cameras, e-readers, external drives. Your photos, videos, texts, emails and personal medical information – is your digital property.
The younger you are – the more digital assets you likely have!
- Born 1946-1961 Estate is likely larger, but less digitally inclined, particularly regarding finances.
- Born 1965-1979 There was no world wide web yet, but have transitioned to online business and likely use social media and sharing sites for photos, legacy etc.
- Born 1980-2000. Have grown up with computers. Most social life and personal information (photos, music, blogs) and financial life are online.
- Born 2000. Digital Natives. Don’t know a world without digital access. Personal, social, financial, business life will be online.
Unfortunately more and more parents mourn over the fact that they have no access to the information needed to handle what needs to be taken care of, or that they have no “record” of or can’t get access to their child’s life (photos, stories) after they are expectantly lost.
What is a Digital Estate Plan (DEP) ?
It is the process of identifying and organizing your digital property and assets, then documenting arrangements for what should happen to it in the event of death, or in case of emergency! A DEP would also supersede a site’s “terms of service” which most people have never read. What happens to your account or content once you die? Who can access it, who owns it?
This is not your mothers estate! Historically an Estate dealt with paper documentation, and consisted of wills, trusts, power of attorney, insurance policies and listed any property or financial assets. The documentation would typically be found in a file cabinet or a safe where they could easily be found.
Today, many records pertaining to a person’s estate are in digital form, and very few individuals have documented or organized that information.
This leads to the inability for family members or business partners to locate or even have access to this critical information – which can result in delaying or prohibiting someone else’s ability to manage matters in the event of unexpected circumstances. In the event of death, it may also lead to delaying the distribution of assets, or that the assets are totally unaccounted for and lost.
In short, a DEP can help with:
- Location of online accounts and assets
- Access to the information within
- Determination of value
- Avoidance of potential identify theft
- Save money. Stop auto payments quickly, avoid auto renewals.
Someday organizing can guide and assist you with
- Making a list of all of your digital assets and how to access each one
- Decide on what should be done with the assets (beneficiary or action)
- Deciding on a digital executor
- Safely store this information
- Doing everything possible to make it legally binding (there is NO national policy yet for digital estates) but you highly increase your success in facilitating, and having authorization.
PERSONAL or BUSINESS RECORDS
- Do you know what to keep and what is ok to toss and when?
- Can you or others readily find your vital documents pertaining to insurance, legal, medical, financial, heirlooms & valuables, personal papers, property, contracts, digital accounts, or estate planning?
- Does your organizing system for your records reflect your unique life and your personal needs; death in family, divorce, children, inheritances, legal, marriage/merging households , aging, or other special circumstances?
Let Someday Organizing help you sort through the files or stacks of paper and information, determine the best way to organize based on your goals and purposes, set up a system and solution, and finally – ensure it is securely stored or backed up!