Bitcoin owners will benefit from certain estate planning tools

May 02, 2022

The intent of estate planning is to provide individuals with the ability to protect their assets and control what happens to them in the future. There are estate planning tools available for the protection of all types of assets, including digital property, such as Bitcoin. In fact, Florida owners of Bitcoin and other types of currency will find it beneficial to consider these assets in their estate plans as well.

The protection of intangible assets

It is easy to delay estate planning for various reasons, but digital assets, like physical assets, should be accounted for in an estate plan. Bitcoin and other types of intangible assets could be lost, or the distribution of these assets could be left to the discretion of a court. One way to both protect and control these types of assets is through a digital asset protection trust.

There are different types of digital asset protection trusts, and the right choice depends on the individual’s goals and objectives for his or her estate. With these options, one can determine what will happen in case of death or disability. Protecting Bitcoin in a trust also shields privacy as these assets do not have to go through probate.

Creating confidence in the future

The creation of an estate plan is prudent for every Florida adult, especially those with digital assets. With the right estate planning tools in place, one can have confidence for the future and peace of mind knowing his or her interests are secure. It may be beneficial to speak with an experienced attorney regarding the specific tools one may need for a complete plan.

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