Digital assets – are they covered in your current Will?
According to various surveys more than half of all American adults don’t even have a Will. So by default, most people haven’t planned for their digital assets.
If you have a Will, you need it to specify that your executor can control your digital assets. It means accessing, managing, storing and retrieving them.
We usually think of digital assets in terms of email and social media accounts. Those are important, but it also pertains to cryptocurrency.
If you have any Cryptocurrency, (think Bitcoin or Ethereum, or any of the many others), you need someone to be able to access those accounts when you die. You need your Executor to be able to do that, or you could just lose those investments, and that would be terrible. Also, your Executor needs to be able to access your other digital assets and those might include other types of currencies.
Again, make sure that you have a Will in the first place, and that when you have a Will, you give your Executor power over your digital assets so they can do what they need to. Everything is digital these days, you can’t die without it.
My name is Mike Garry, and my company is Yardley Wealth Management. We are a fiduciary, fee-only financial planning, and wealth management firm in Newtown, Pennsylvania. (That’s in Bucks County). Our law firm is Yardley Estate Planning, LLC and is in the same place. We only do Estate Planning work and I am licensed in Pennsylvania and New Jersey.
If you’d like to talk about this or anything else, please reach out: 267-573-1019, [email protected] or @michaeljgarry
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