Don’t leave digital assets out of an estate plan

May 28, 2022

Planning for the future is a process that often involves making medical plans in case of incapacitation, deciding what will happen to personal assets and more. When making these plans, Florida adults often consider their physical assets, but as more people own digital assets, these should be included in plans as well. Provisions for digital property is a critical aspect of any estate plan .

Types of digital assets and necessary security

Digital assets can include any type of property to which one has assigned a value. This often includes bitcoin, but it can also include certain types of online accounts, blogs, social media platforms and more. Whether it is addressing cryptocurrency in an estate plan or other types of online content, it is possible to name a beneficiary for this property. A clear designation of a recipient can reduce the chance of complications when settling the estate.

Technology and the rise of different types of digital assets has added a layer of complication to the estate planning process. A Florida adult may benefit from a careful assessment of his or her estate in order to know how to account for cryptocurrencies and other assets in a plan. It is critical to account for all property, even intangible assets.

An evaluation of estate planning needs

It may not always be immediately clear what one will need for a complete estate plan . It is helpful to speak with an experienced estate planning attorney to understand what steps are necessary for the full amount of security. When creating a plan, one would be wise not to overlook the inclusion of his or her digital assets.

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