As the digital world fills more and more facets of modern life, many people in Georgia have made the choice to purchase cryptocurrency to include in their assets. People who own and use cryptocurrency might not have realized that this type of asset should be included in an estate plan. However, doing so might not be as simple as just writing out their wishes in their wills. The recent death of a billionaire who owned the digital marketplace QuadrigaCX shows just how important it is to ensure that cryptocurrency can be accessed by those who inherit it. Experts have a few suggestions on making that easier.
Putting cryptocurrency in wills is only part of an estate plan
Wills: A trust can protect an adult child living at home
Recent reports say that the number of multi-generational households has grown by 30 percent in the last two decades. There are many reasons for this, including divorce, losing a job or a parent needing care from an adult child. Here in Georgia, if one child lives with his or her parents for an extended amount of time, the parents may wish to leave their home to that child. Though leaving a home to all children in an equal share seems fair, it can leave the child who was living at home without a place to live once the parents pass on. Experts say that the way to avoid this problem is for families to create a trust as part the provisions of their wills.
Care planning: AARP advocates legal measures to protect elders
As the population ages, more and more families will want to consider how to care for the older adults in their lives. Some may have concerns that older adults will not be properly protected by any professional caregivers that are entrusted with the task. Nursing home abuse is a sad circumstance for far too many families who may struggle with care planning. This is why Georgia lawmakers are considering a bill that would allow surveillance cameras in rooms of health facilities.
Don't forget digital assets when creating wills, other documents
Creating estate plans is a step that many Georgia residents have already taken. However, if older individuals created their plans years ago, they may have become lax on keeping their plans updated. If so, now may be an important time to review wills and other planning documents.
