This content was published prior to the combination of Dentons Sirote. Learn more about Dentons Sirote. 

The last couple of months have reinforced the fact that technology is essential for getting things done these days. It affects both our business lives (Zoom meetings) and our personal lives (Facebook). While you may not realize it, your accounts, passwords, usernames, and the like are all assets you own, just like your real estate, businesses, cars, etc.

Our business and personal assets require proper planning to make sure they are preserved, and our digital assets are no different. If you don’t make sure that the proper people have access to your digital assets in the event of an emergency such as your incapacity, then you are putting those assets at risk for inability to access, cybertheft, and other risks. Thankfully, there are easy ways to protect your digital assets.

First, write down all of your accounts, usernames, passwords, etc., and store this inventory in a place of safekeeping safe from fire and other hazards. We have a form designed for this, and I am happy to provide it to you if you will email me and request it.

Second, make sure your durable power of attorney is granting access to your digital assets to the appropriate individual or individuals in the event of your incapacity. Let the appointed individuals know about your wishes so that they will know to act if you do become incapacitated. You may want a key employee to have access to your business digital assets and a family member to have access to your personal digital assets. Since most durable powers of attorney typically only grant such access to a single person, generally a family member, you may need to prepare a separate durable power of attorney just for your digital assets. This can prevent a key employee who needs access to your business digital assets for business reasons from being locked out.

You can provide your appointed individuals with full access to the appropriate digital assets, or you can provide them with partial access to only perform certain tasks. Once you have your inventory and durable power of attorney in place, please regularly review and update them.