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Putting cryptocurrency in wills is only part of an estate plan

On Behalf of | Feb 26, 2019 | Firm News, Wills |

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.

Since this kind of currency is very new, laws are still being created to manage it. In the meantime, the first step anyone with cryptocurrency should take is to make a list of all digital assets. Whether this list is handwritten or on a spreadsheet, it should also include the locations of anything that might be needed to access the assets. Getting the input of a financial expert or a legal professional is also a good idea. Some digital assets are nontransferable and professional assistance can help determine how to manage each kind.

Cryptocurrency owners will also need to create their digital estate the same way that they would for more traditional assets. A technology adviser could be appointed or a power of attorney could be granted to manage the digital assets. Also, just as with more common estate plans, experts recommend that people look over their estate plan about every three years, or whenever a major life change occurs.

Cryptocurrency is likely here to stay. People here in Georgia who have concerns about any of their digital assets may find the advice of legal counsel beneficial. An attorney who is well-versed in creating wills and all aspects of estate planning can offer peace of mind in a changing world.