You need to think carefully about how you will give beneficiaries a way to access your digital wallets. Giving someone you trust or a group of people a way to access your digital wallet when you pass away is essential for making sure they get these assets. Your NFTs or cryptocurrency that you’ve spent time, energy, and money investing into are worthless unless someone knows that you own them to begin with.
Not only that but your chosen beneficiaries or trusted family members should know where they exist and the private keys required to access them, otherwise, these investments could lose their value or simply be unnoticed by your family members. It’s also a good idea to include very specific instructions about how your loved ones can access these materials.
Do not count on them to be able to find them on their own or understand how to use them. Some beneficiaries may not be comfortable owning these assets directly, so you need to think carefully about who you leave them behind to and whether or not certain family members or friends are better suited to receive these kinds of digital assets than others. Overall, the support of an experienced and knowledgeable lawyer will be able to help you with the entire estate planning process.
Don’t forget other non-physical assets in your plan, either.
Most people begin an estate planning inventory with some of the physical assets they can own. These are often easier to see because they are things like a piece of real estate, or a collection you have accumulated over many years. However, non-physical assets, even those that do not pass through probate should also be incorporated in your overall estate planning process.
They will help you determine who gets what and to balance who is receiving probate assets with non-probate assets. Non-physical assets include life insurance policies, bank accounts, 401(k) plans, IRAs, disability and health insurance policies and any other accounts, such as online accounts, royalties that you may be owed for publishing materials and other similar items.
For more information about how to make sure you don’t miss anything when creating your estate planning inventory, contact an experienced estate planning attorney today.