Digital assets are increasingly becoming a significant part of our lives. We store our photos, videos, music, and other personal data online. We also use digital assets for financial transactions, such as online banking and cryptocurrency.
As digital assets become more important, it is important to include them in your estate plan. This will ensure that your loved ones can access your digital assets were something to happen to you (I know, not the most fun subject to discuss). Here are some steps you can take to include digital assets in your estate plan and make sure those around you know how to access them:
- Inventory your digital assets. Make a list of all of your digital assets, including their usernames, passwords, and other access information.
- Choose a digital asset custodian. A digital asset custodian is someone who will be responsible for accessing and distributing your digital assets after you die. You can choose a family member, friend, or professional.
- Create a digital asset distribution plan. This plan should specify who will receive each of your digital assets.
- Update your estate plan. Once you have completed the previous steps, you should update your estate plan to include your digital assets.
It’s important to note that the laws regarding digital assets are still evolving. As a result, it is important to consult with an attorney who is familiar with digital estate planning and be prepared to make changes whenever necessary.
Here are some additional tips for including digital assets in your estate plan:
- Store your digital asset inventory in a safe place. If it’s stored online, make sure that storage is encrypted and in a location your trust. If it’s printed out or held physically, keep it in a safe and only let those you trust know its location.
- Keep your digital asset passwords and other access information up to date. Make sure that your loved ones have access to the most recent versions of your passwords and other access information.
- Consider using a digital asset management tool. A digital asset management tool can help you to organize and manage your digital assets. This can make it easier for your loved ones to access your digital assets were something to happen to you.
By following these steps, you can ensure that your digital assets are included in your estate plan and that your loved ones have access to them.
Prior to making an investment decision, please consult with your financial advisor about your individual situation. The prominent underlying risk of using bitcoin as a medium of exchange is that it is not authorized or regulated by any central bank. Bitcoin issuers are not registered with the SEC, and the bitcoin marketplace is currently unregulated. Bitcoin and other cryptocurrencies are a very speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience, and willingness to bear the risks of an investment, and a potential total loss of their investment.