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Digital Assets Questionnaire/Inventory

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Citizenship by Investment

Digital Assets Questionnaire/Inventory

This questionnaire was culled from the Society of Trust and Estate Practitioners (STEP)

Do not include passwords, security question answers or PIN numbers on the Inventory.

SECTION 1: DIGITAL ASSETS INVENTORY
EMAIL PROVIDERS
Email Tip – Password sharing is prohibited for most if not all online accounts. Refer to the terms of service of a specific account and/or jurisdictional specific laws. Look for and/or ask for provider pre-planning options. For example, Google’s Inactive Account Manager (search in settings or help). If you select a person other than your fiduciary as your Inactive Account Manager, let the fiduciary know.
SOCIAL MEDIA PLATFORMS
Social Media Tip – Look for and/or ask for provider pre-planning options. For example, Facebook Legacy Contact has the option to select either memorialise or delete an account (search in setting or help). If you select a person other than your fiduciary as Legacy Contact, let the fiduciary know.
COMMUNICATION & COLLABORATION PLATFORMS and SERVICES (including instant messaging/chat services often associated with a particular social media platform).
Communication Platform Tip – If the content you create, post or share in a social media platform is important, consider downloading, backing up and providing access or copies to appropriate individuals, the fiduciary, or entities in addition to selecting platform pre-planning options.
HOUSEHOLD IT AND COMMUNICATION MANAGEMENT ONLINE ACCOUNTS
Managing IT Tips
1) Management of Information Technology (IT) at home often involves internet access, networks, printers, and other connected devices referred to as the Internet of Things (IOT).
2) Management of your home IT may be delegated to a family member, friend or outsourced to a third-party provider. Have you provided adequate authorisation and documentation for your fiduciary to deal with this?
PASSWORD MANAGERS and ONLINE ASSET INVENTORY MANAGEMENT APPS/ACCOUNTS
1) Password Manager Tip – Online password managers are often used to store complex passwords for each online account, including provisions for family sharing. This is a challenging area as password sharing often violates provider individual terms of service and jurisdictional law. Use of a password manager does not guarantee that the fiduciary will have legal access to the appropriate information at the right time. Review terms of service, jurisdictional laws, and seek appropriate advice specific to your estate situation.
2) Inventory Management Tip – Online Inventory Applications and Services are emerging tech solutions to manage the equivalent of a paper-based inventory system such as this one and often come with other features and functions to support the fiduciary role in estate administration. When, how and your risk tolerance for their use in your specific estate planning situation is something to discuss and assess with your estate advisors.
CLOUD-BASED APPLICATIONS, PLATFORMS and DATA STORAGE PROVIDERS
Cloud Account Tip – With hard-drive space shrinking, you might find that your data, including photos and documents, is stored on a cloud-based service associated with the device hardware. If the data is important, you’ll want to review the terms of service regarding your fiduciary’s ability to access the cloud-based storage after incapacity and/or death.
Online Account Tips
1) Review IT best practices on a regular basis for how to back up and secure important data and assets.
2) Cloud and data storage providers are often set up as subscription services with automatic payments. A fiduciary will need to be aware of these accounts to make other payment arrangements if the data is to be retained or transferred.
DIGITAL PHOTOS, VIDEO PROVIDERS and SERVICES
Digital Photo Tip – Given photos have gone online, consider backing up, family sharing or printing keepsake photos periodically.
FUNERAL and LEGACY PRE-PLANNING ACCOUNTS and SERVICES (e.g. Pre-planning Options, Legacy and Memorialisation Applications, Genealogy Accounts, Historical Record Accounts).
Pre-Planning Tip – Arranging a funeral is the first thought after death for your family and the fiduciary. If they are unware of your wishes and pre-planning, your wishes and preferences may be lost; effort and cost may be duplicated.
BLOCKCHAIN ASSETS, CRYPTOASSETS and OTHER VIRTUAL-ONLY DIGITAL ASSETS (including Web Domains and Websites).
Virtual Asset Tip – Blockchain assets, cryptoassets and other virtual-only digital assets of value are an emerging field. Identifying and securing these assets is complex to meet the evolving innovation in this space as well as the cyber security environments and threats. Given these types of assets and their access are typically managed by the user (e.g. with a private key), securing the access information while meeting the requirements of the future requirements of the fiduciary is a complicated area in estate planning. Seek appropriate technical, legal, tax and specialised advice that is appropriate to your situation.
DIGITAL ASSETS AND/OR ONLINE ACCOUNTS ASSOCIATED with a HOBBY, EDUCATION, VOLUNTEER, CHARITY or HOME-BASED BUSINESS
Online Account Tips
1) Many of us have outside interests that leverage online accounts and virtual platforms.
2) If your home-based activities including hobbies have expanded into a business interest, such as buying, selling or trading services, merchandise, digital assets or online assets, seek appropriate technical, legal, tax and specialised advice that is appropriate to your situation. Business continuity, business succession and transition planning may also be required.
YOUR TOP THREE (3) MOST IMPORTANT DIGITAL ASSETS OF VALUE
Tip – Although it is recommended to keep your digital asset inventory current, this can be a daunting task. At a minimum, identify the top three digital assets that you feel would be the biggest loss if your wishes or preferences for them were not realised by your fiduciary. These may have financial and/or sentimental value such as your digital photos, cryptocurrencies, web domain, hobby accounts, blogs or loyalty points. This information can help ensure your fiduciary safeguards your most valued digital assets. Yes, you can have more than three..
BLANK WORKSHEET FOR OTHER DIGITAL ASSETS
SECTION 2: DIGITAL DEVICES INVENTORY
HARDWARE (Computers/Tablets/Smartphones).
Hardware Tip – Details include: make, model, serial number, locations, locators for the device, applications on device, cloud back-ups, contracts/leases to support ownership.
SOFTWARE INSTALLED ON HARDWARE
Hardware Tips
1) Details include: Location of licence details, devices installed on, verification information, purchase agreements to support ownership.
2) Highlight the software platforms used to create and/or hold content or data, here or in the applicable digital assets section. Review the terms of service for data/content transfer for incapacity and/or death.
FILE STORAGE DEVICES INCLUDING BACKUP DEVICES
File Storage Tip – Details include: make, model and capacity of storage device, contracts/purchase agreements to support ownership.
SECTION 3: DIGITAL ACCOUNTS INVENTORY
ONLINE ACCOUNTS PROVIDING ACCESS TO UNDERLYING FINANCIAL ASSETS or INSURANCE
Examples: Bank Accounts, Financial Institution Accounts, Insurance Policies and/or Accounts, Financial or Wealth Planning Accounts, Securities Trading Accounts, Commodity Accounts, Employee/ Private /Government Pensions, Investment Accounts.

Online Account Tips
1) Password sharing is prohibited for most if not all online accounts. Refer to the terms of service and/or jurisdictional specific laws. Contact each institution to determine if any advance planning or registration is available, such as registering the fiduciary or providing separate secure and compliant access. Ask what information can be shared in advance with the fiduciary.
2) Keep detailed information in this inventory to a minimum to protect confidentiality and privacy of account holdings. No need to provide account value. Simply note the institution name, contact person, web link, physical address of institution and type of account.
3) If you have gone online to track tax information such as the purchase price or cost base of an asset, you might want to let your fiduciary know where to get this information and/or your tax advisor.
ONLINE ACCOUNTS PROVIDING ACCESS TO UNDERLYING DEBT and LIABILITIES
(e.g. credit cards, debt instruments, loans, mortgages).

Online Account Tip - Keep detailed information in this inventory to a minimum to protect confidentiality and privacy of account holdings. Simply note the institution name, physical address, weblink, contact person and type of debt. Identify if liability account or debt instrument has insurance coverage for incapacity and/or death and where to find this additional information.
ONLINE ACCOUNTS PROVIDING ACCESS TO UNDERLYING GOVERNMENT, PUBLIC or PRIVATE SERVICES AND PROGRAMS
(e.g. Health Services, Administrative Services, Taxes, Property, Pensions, Registries, Registrations).

Online Account Tip - With little paper trail in today’s home office, given online to access services and receive statements, it will be difficult for the fiduciary to know what government agencies, programmes or private services you deal with and/or are entitled to. Do you deal with multiple agencies or various levels of government for programmes and services?
ONLINE ACCOUNTS PROVIDING ACCESS TO ONLINE OR THIRD-PARTY PAYMENT PROVIDERS AND SERVICES

Online Account Tip - Keep detailed information in this inventory to a minimum to protect confidentiality and privacy of account holdings. Simply note institution name, physical address, web link and type of payment provider. Reach out to the payment provider to determine if there are pre-planning options for legally identified individuals to access and/or what documentation the fiduciary will need to provide on incapacity and/or death.
ONLINE ENTERTAINMENT, CONTENT SUBSCRIPTION SERVICES and ACCOUNTS
(e.g. music, ebooks, streaming services, gaming accounts, casino/betting accounts, video services).

Online Account Tip - With subscription services often set up with automatic payments, a fiduciary will need to be aware of these accounts to close them down to reduce expenses to the estate.
ONLINE SHOPPING, MERCHANT and TRAVEL ACCOUNTS

Online Account Tip - Delete all online accounts you no longer use to reduce your digital and personal information footprint.
LOYALTY, REWARD and FREQUENT FLYER ACCOUNTS

Reward Tip - If you have accumulated rewards or points, review the terms of service for expiry information as well as conditions and restrictions related to transferring to family members or others upon incapacity and/or death.
ONLINE HOUSEHOLD or PROPERTY MANAGEMENT ACCOUNTS

Online Account Tips
1) Many of the services you procure to support your household may now be managed online. Without a paper trail, it will be difficult for your fiduciary to determine what you use. If you occupy secondary properties, you may want to complete a separate page for the additional location.
2) If you’ve rented a storage locker, safety deposit box, lock box or use other property holding services, you might want to add them to the list so the fiduciary can relieve the contents when required.
3) Have you added your fiduciary to your home security system and/or advised the provider of their name and role, and updated what permissions or tasks they are authorised to perform?

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