3 Ways to Plan for Your Digital Assets

By Solid Serenity Legal Solutions

As technology advances, so do estate planning strategies. With the rise of cryptocurrency, there is now the risk of some of your digital assets being lost in the case of your passing, even if you have already done traditional estate planning. Because of the complexity that comes with digital assets, there are a few ways to ensure that your digital assets go where you wnat when you die.

(1) Declare Assets

Because cryptocurrencies are almost untraceable, it is important to declare what digital assets you hold and where you hold it in your will. If cryptocurrency is not declared, it will lie dormant and will not go to, nor benefit, your heirs in any way. Declaring your digital assets in your will is the best way to make sure that these assets are known and decide how they will be disbursed to your heirs.

(2) Include Necessary Information

Just declaring the digital assets in your will isn’t enough, though. To guarantee your heirs receive your digital assets, you will need to include all the necessary information you have for them to retrieve those assets.

All the crypto keys, accounts, and security codes needed to make the currency accessible needs to be written down so it can be given to your heirs. One way to do this is to leave your information in a safe for your heirs to retrieve and give the information for the safe in the will. This way you can still protect your digital asset information.

(3) Distribute Your Digital Assets

Like other types of assets, its important to be specific in how you would like your digital assets to be distributed to your heirs. The distribution of digital assets can lead to legal disputes if they are not specifically worded in your estate plan.

Talking to an experienced estate planning attorney is the best way to ensure that everything will be distributed the way you want after your death, including your cryptocurrency and any other digital assets.

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