As more people invest in cryptocurrency and NFTs, it becomes critical to ensure someone will have the ability to navigate their digital wallets once they pass away. In addition to cryptocurrency and NFTs, digital assets also include balances held in digital accounts such as Venmo and CashApp.
Be sure to keep good records of your cryptocurrency and leave heirs instructions about how to access this information. Don’t store private keys—strings of letters and numbers that allow access to digital assets—on an old, offline computer, for instance, because the hardware could be inadvertently thrown out and the assets lost. Instead, consider using a special device known as a hardware wallet to manage your crypto assets, and make sure heirs know how to find and access the device.
Additionally, you should not include your passwords or private keys in a will itself, which becomes public through the probate process.
Contact Reid Council Law Firm to schedule your legacy building planning session for your estate planning needs. Visit http://www.reidcouncillaw.com or call (215) 258-4620 today.