The internet has changed our lifestyles. One of the ways it has done so is through cryptocurrency. If you are a Louisiana resident and own cryptocurrency, you need to modify your existing estate plan or determine who to include it in the one you create.
Cyber assets can have significant value
You may not be able to touch them, but various cyber assets, including cryptocurrency, represent considerable wealth and should be part of your estate plan. Digital assets present unique problems when it comes to estate planning. For one, if you don’t tell anyone that you own them, they can be lost forever after you pass away. Digital assets include cryptocurrencies and concurrency blockchain tokens. Learning how to incorporate them when you can to transfer or gift your wealth can present significant challenges.
However, as with assets you can physically touch or bank and investment accounts, you should devise a plan to transfer your crypto wealth upon your death. That may not seem much for small-time investors of Bitcoin or other cryptos, but think of what those investments were in 2010. They were tiny, and for some investors, that initial sum has produced considerable wealth.
Protecting your crypto wealth
The critical thing to remember is to include your cryptocurrencies and other similar assets in your estate planning process. You don’t necessarily need to tell your hirs that you own cyber wealth, but if you have it, you need to plan on how you will pass it to them.
Take your time and discuss how and to whom you want to pass on cyber assets, even if the amount isn’t significant. It can end up being an important part of your legacy.