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The Complexities of Digital Assets in Estate Planning

The Complexities of Digital Assets in Estate Planning

When you start exploring the process of estate planning, you may believe you’ve thought of all the assets you need to account for. However, thanks to technology taking on an ever-growing role in our day-to-day lives, the face of estate planning has evolved. Many people now have to account for digital assets and online properties that they own. Working with an Oklahoma City estate planning attorney can help you document and plan for all of your different types of assets.

One type of digital asset that has commandeered the headlines for years is cryptocurrency. As of 2022, the global cryptocurrency market was valued at $4.67 billion. Experts expect this to increase 12.5% by 2030. It wasn’t that long ago that people were giving away Bitcoin because of its relative worthlessness. Now, less than a decade later, those who held onto their free cryptocurrency are rich because of it.

The experienced estate planning attorneys at Entz Burton & Associates are here to help you, no matter how simple or complex your estate planning needs are. Call our estate planning lawyers at 405-773-9800 to schedule a consultation today.

Types of Digital Assets

The world of digital assets is constantly growing, and it’s important to discuss the extent of your online life with your estate planning lawyer. Digital assets aren’t necessarily just assets that only exist in an online space. Digital assets can also be sensitive information, such as login information required to access physical assets. Some types of digital assets include:

  • Financial accounts: Bank account login information must be discussed as part of your estate planning. Without these assets being discussed and included in your plan, it’s entirely possible for executors and beneficiaries to get locked out without access. Access is a crucial part of accessing and distributing assets.
  • Social media: For most people, social media accounts have only nostalgic value. That may still be worth addressing in your estate plan. If your social media accounts have any financial value, then they must be addressed in your documentation. People who work as influencers, run a family vlog, or use their Instagram to bring in affiliate income may all have social media accounts with significant financial value.
  • Websites: Websites may have personal or sentimental value in addition to having financial worth. If you have websites that bring in recurring income or serve as part of your business income, consider what you want to happen to them.
  • Digital media: Ebooks, song files, and videos are all common types of digital media. Ownership of this media may be something to discuss with your lawyer.
  • Cryptocurrency: The world of cryptocurrency has exploded in recent years, and if you’ve invested at all, you must account for your crypto investments in your estate plan. Don’t forget to include wallet information to allow beneficiaries to access their cryptocurrency.

Digital Asset Access and Security

Digital assets pose unique risks and challenges in the world of asset protection. While people have to make significant efforts and take real physical risks to steal physical property, the same isn’t true with digital assets. People can steal digital assets without ever revealing themselves or placing themselves in any danger. Throughout your life, you’ll need to ensure that you are taking proper security steps to preserve your digital assets. Password management, two-factor authentication, security protocols, and encryption are all important tools to utilize. You should also stay abreast of account recovery policies put in place by online platforms to ensure that your executor will be able to access your assets after your passing.

Estate Planning Strategies for Digital Assets

With the help of your attorney, you can include digital asset provisions in your will and other estate planning documents. It’s important to keep a full and up-to-date list of your digital assets and access methods. Consider using password management tools and other services that protect your personal information and allow your executor to access all of your accounts simultaneously after your passing.

Don’t forget to keep up with your digital assets over time. When you review your estate plan with your attorney, inform them of new assets, those you’ve sold off, or those you’ve moved to other platforms.

Begin Your Estate Plan with the Estate Planning Attorney’s at Entz Burton & Associates

An estate plan can seem intimidating, but that’s where we can help. Wherever you are in this process, let us learn more about your goals and come up with a plan that supports them. Call us at 405-773-9800 or fill out our online contact form to get started.

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