Securing Your Legacy: Estate Planning For Digital Assets In The Digital Age

The term estate planning refers to the preparation of tasks that serve to manage an individual's financial situation in the event of their incapacitation or death.

However, when we think of estate planning, certain assets come to mind. We typically think of real estate, vehicles, jewelry, and other tangible personal property. We might also think of financial assets, such as cash, stocks, and bonds. Those assets may have value—from both an economic and tax perspective.

In recent years, many of our properties have been replaced by digital assets. Our photographs, music collections, and written correspondence have been replaced by digital pictures, online music collections, and emails, respectively. Other assets that still exist in traditional form are now controlled through a digital format. For example, we are now maintaining bank accounts on the Internet. We are even investing in financial assets that exist only in their electronic form, such as cryptocurrencies. ¹