In the digital age, estate planning has become more complex due to the increasing digital asset presence that needs to be included. Digital asset estate planning refers to cryptocurrency, stablecoins, and central bank digital currency. These assets also encompass a wide range of items, including online accounts, social media profiles, digital photos and videos, intellectual property, and more.
It is important to recognize that the value of digital assets can be both financial and sentimental. When you work with your experienced Florida estate planning attorney you can include provisions for the management, distribution, or preservation of these assets through digital currency estate planning to ensure that your digital legacy is properly created. Due to their unique nature, digital assets may require more strategic planning which your experienced estate planning attorney may assist you with.
As digital assets continue to become both more complex and more prevalent, let us share a few evolving tips for managing digital assets that we share with many of our clients today.
Begin by creating an inventory of all your digital assets. This includes listing the platforms, accounts, and any associated login credentials. Keep this inventory updated and stored securely.
This is a constantly evolving area and can be subject to change at any time, typically at the sole discretion of the company that created the digital asset. Familiarize yourself with the terms of service and user agreements of the platforms where your digital assets reside. Some platforms have specific provisions regarding the transfer or management of accounts upon the user’s death or incapacity although this is not the norm.
You want to ensure each of these three individuals, or one individual depending on the nature of your estate plan, has the specific written authority to manage and dispose of your digital assets.
Consider using password manager applications to securely store and manage your login credentials. Under the guidance of your estate planning attorney you may want to go a step further and provide your future decision maker with the necessary access credentials to this central password manager account. While this will include usernames and passwords, it may also include two-factor authentication methods.
Work with your experienced estate planning attorney to clearly outline your wishes for the distribution or disposal of specific digital assets in your estate plan. This can include transferring ownership, deleting accounts, or preserving certain assets for sentimental or historical purposes.
Digital assets and online platforms evolve rapidly as opposed to the ownership and access to more traditional assets such as real property. Regularly review and update your estate plan to reflect any changes in your digital asset inventory, platforms, or preferences.
By incorporating these evolving digital currency estate planning tips, you can better manage and protect your digital assets, ensuring that your digital legacy is handled according to your wishes. Remember, working with your experienced Florida estate planning attorney in this area is critical to remain up-to-date with changing laws and technologies that could impact your goals for your digital assets.
Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480
Written by: John Mangan, JD, MBA