One of the goals of creating a long-term legal and financial strategy is the ability to control what happens to personal property after passing. This includes real estate, physical assets and even cryptocurrency. However, many Florida adults overlook the importance of considering their digital assets in the terms of their estate plans. Failure to include these assets in a plan it could lead to complications for heirs and beneficiaries.
Tips for addressing digital assets in an estate plan
When considering digital currency in an estate plan, it is important to consider the long-term implications of any decisions made. In order to effectively address cryptocurrency in the terms of an estate planning strategy, the following steps will be helpful:
- Know where the currency is, whether it is with an institution or self-custody.
- Provide the appropriate access to the currency in the estate plan.
- Consider the tax implications of all decisions regarding the transfer of ownership.
Self-ownership of cryptocurrency can be risky, and it is critical to plan thoughtfully and thoroughly for the access and appropriate transfer of these assets. It is also important to be careful in the way one gives access to those accounts.
Creating the right estate plan
There is no single estate plan that will work for every Florida adult. When addressing cryptocurrency in terms of a long-term legal and financial strategy, it may be helpful to seek the guidance of an experienced estate planning attorney. With professional guidance, one can create a comprehensive estate plan that allows him or her to face the future with confidence.