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Digital Assets & Older Adults — The Basics

By Michael Bihari, MD

Published January 2025

My New Year’s Resolution: Aside from resolving to do the usual, such as eating better and stop using my treadmill as a towel rack, I have promised myself that in the New Year I will figure out how to manage my digital assets.

Digital assets, which include a wide range of items from online banking accounts and social media profiles to digital photos and documents, can greatly simplify daily tasks and improve the quality of life for older adults. In fact, digital assets are a key component to help all of us age in place.


Digital Assets refers to personal information that you store electronically on either a computer or an online “cloud” server account. If you use e-mail, have a password protected smart phone, use social media, make online purchases, stream a movie from Netflix, or pay bills or bank online, you have digital assets. The following is a list of some of the digital assets often owned by older adults:


Electronic Devices: Gadgets such as smartphones, tablets, laptops, desktops, and external hard drives that are password protected.

Email Accounts: Including Gmail, AOL, Outlook, Hotmail, Apple Mail, and work email accounts, among others.

Health-Related: Including health insurance, medical records, health facility portals and online wellness programs.

Financial Accounts: Includes bank accounts, retirement savings, credit cards, PayPal, Social Security, digital wallets like Apple Pay and access to home, auto and life insurance. Also covers online tax services such as TurboTax and H&R Block.

Online Shopping: Accounts for online purchases from sites like Amazon, eBay, Etsy, Zappos, and Walmart.

Social Media: Online platforms that enable you to create and share content and participate in social networking, including Facebook, Instagram, TikTok, LinkedIn, and Pinterest.

Publications & Subscriptions: Online subscriptions to newspapers, news services, magazines, streaming services, podcasts and learning platforms.

Photo & Music Storage: Platforms for saving photos, such as iCloud, Google Photos, Amazon Photos and Flickr. Music sites that provide access to music libraries and personalized playlists, including Apple Music, Amazon Music, YouTube Music and Spotify.


Additionally, there are numerous other categories of digital assets that may have monetary or personal value. These include organization/club membership; airline, hotel and retailer reward programs; online document storage (Google Drive, Dropbox, iCloud and others); and, digital currencies with real-world value, such as Bitcoin.


Digital Assets Benefit Older Adults

Digital assets offer numerous benefits for older adults, helping to make life more convenient, connected, and organized. You can manage your finances and pay bills without visiting physical locations, access entertainment like movies, books, and music from home, and safely store important documents without physical clutter. Digital tools also foster connection by enabling you to stay in touch with family and friends through video calls and social media; join online communities for hobbies or support groups; and, share memories using cloud-based photo albums. Additionally, digital assets help preserve family photos and videos for future generations and provide a platform for writing and saving personal stories, recipes, or memoirs.


Challenges of Managing Digital Assets

Despite their advantages, managing digital assets can present challenges. A common obstacle is the learning curve, as some older adults may find it difficult to navigate new technologies or use non-intuitive interfaces. Security risks are another concern, as older adults are often targeted by phishing scams and identity theft, while weak or reused passwords can compromise accounts. Access issues can arise if you forget passwords, potentially locking you out of vital services. And importantly, without proper planning, family members may face difficulties accessing your digital assets if you become incapacitated or die.


Tips for Managing Digital Assets

To address these challenges, you can take steps to simplify and secure your digital life. Use a password manager (such as 1Password) to store login information securely, and maintain a written backup in a safe location. And, for better security, enable two-factor authentication (2FA) and regularly update your passwords with strong, unique ones. Planning for the future is crucial; to assure a smooth transition, create a digital estate plan that documents account details and assigns a trusted person to manage them.


Setting Up a Digital Estate Plan

A digital estate plan ensures that your digital assets are accessible and secure if you become incapacitated or after you pass away. Here are some steps you can take to get started:

Inventory Your Digital Assets: Make a list of your digital accounts Including access details such as usernames, email addresses, passwords and answers to security questions. You can access a digital assets worksheet here


Choose a Digital Executor: Appoint a trusted family member, friend, or legal representative to manage your digital assets. Provide clear instructions on how to handle each asset (e.g., close, transfer, memorialize). The executor can be the same person you selected for your will or power of attorney.


Share Access Securely: Use a password manager with a “sharing” feature to allow your executor easy access to accounts.


Legal Preparation: Update your will and power of attorney to include a statement about digital assets.


As part of my New Year’s resolution to get a handle on my digital assets, I recently updated my will to include appropriate language to assure that my executor (my son!) will be able to access and and make decisions, based on my wishes, about what happens to my assets when I die. I have also included similar language in my Power of Attorney document that allows my wife and/or son to manage my assets if I become incapacitated. To make the process easier I use a password manager (1Password) with family sharing. It will be a lot of work. At last count I have 4 password protected devices and more than 200 password protected accounts. I resolve to review the list, delete accounts that I don’t use or need and make sure the accounts that I continue to use are secure!

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Neighborhood Falmouth is a non-profit organization that helps our members age in place. Our mission is to provide the support and services that older Falmouth adults need to live independently and comfortably. Contact us to learn more about our services and how you can get involved.

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