Digital Assets and Crypto Currency After Death
In today’s climate, maintaining a social media presence and possessing digital assets are important to many people. We post our photographs, thoughts, hopes, and wishes on social media platforms. In a way, our digital footprint is a part of our legacy. A great deal of information about who we are is also stored in our emails, iTunes libraries, and other digital realms.
Organizations such as Facebook, Google, Yahoo, and their affiliates have their own unique privacy policies and terms of service set in place to protect their users. This considered, it is wiser to disclose your digital information to avoid any issues that your loved ones may have with accessing your online accounts after your passing or incapacity. Here at MacLean Chung Law, our Burbank estate planning attorney can include specific language in your estate planning documents that allow your loved ones to legally have the right to bequeath the contents from your digital accounts to your beneficiaries. In addition to this, you can also provide your friends and family with instructions detailing exactly what you want them to do with your digital contents. For example, many individuals want their social media profiles to be preserved through a memorialized account. Also, having all your online accounts and passwords listed will make it more convenient for your Power of Attorney agent, successor trustee, or executor to access them.
Cryptocurrency (digital money intended for use in internet transactions) has also become a popular asset that many people possess. Cryptocurrencies such as Bitcoin, Litecoin, Ethereum must be accounted for and properly protected in your estate plan. Since cryptocurrencies are not conventional assets with a deed, certificates of title, etc., it is crucial that your cryptocurrencies are properly disclosed in your estate planning documents. This is necessary to avoid the asset being lost or (even worse) being subject to the Probate Court process. We can include language in your will and/or trust that provides for this disclosure, and allows for a smooth and organized transfer of your assets to your successor trustee or executor for administration according to your desires. Contact our office to schedule a free consultation.