Has your estate gotten more complicated as you’ve undertaken new online accounts, investments in cryptocurrency or other digital assets? If so, you need to incorporate these digital assets into your existing estate plan, preferably with the help of a knowledgeable attorney who can ensure that you have crafted appropriate strategies to pass these on.
It is very important to include digital assets in your estate plan including cryptocurrency, books, music and social media accounts you own. Start by taken an inventory of your digital assets so that you have a comprehensive list of what’s included. For more complicated assets like cryptocurrency, you’ll want to keep clear records because there’s no paper trails to easily identify this.
You’ll also want to provide instructions for your executors or other chosen person to step in and find these details, such as digital keys and passwords which could be necessary to find and use digital assets. Each digital asset or company may have its own specific rules. You might wish to speak with your estate planning lawyer about the digital assets that you don’t know how to handle. Incorporating these into your existing estate plan can make things that much easier for your executor and your heirs.
Remember that as you add new accounts, you need to update your digital plans, too. One challenge for many people with a lot of online collections, accounts, or access points is that your loved ones won’t know everything you have set up if something happens to you. This involves a guessing game for family members and your estate administrator. Failing to close some of the accounts could expose them to hacking or other problems.
When you work with a Pasadena estate planning law firm, you can create a custom plan that considers all of the most important issues for you.