When creating an estate plan, each Texas adult should consider what is needed for long-term protection and security. This is a personal and individual process, and the specific tools implemented in one’s plan should match his or her needs, goals, wealth and other factors. For those with digital investments, such as cryptocurrency, it is also important to plan for these types of intangible assets as well.
A new type of wealth
It is now common for average investors to successfully build additional wealth through cryptocurrency transactions. Like other type of assets, this wealth should be protected through a long-term planning strategy. Failure to consider digital assets in an estate plan could leave these assets completely inaccessible for heirs and beneficiaries in the event of an unexpected death or incapacitation.
There are different types of cryptocurrency and digital wealth. Regardless of the type of digital wealth, there are many benefits to including these assets in an estate plan. It can save loved ones from a complex probate process, saving them time and money. It also gives one control over what happens to his or her money, ensuring it goes to the right people and places after death.
Adjusting existing plans
If one has accumulated wealth through digital currency, he or she should account for those assets in an estate plan. If there is an existing plan, adjustments may be necessary to ensure full protection. A Texas adult may benefit from speaking with an estate planning attorney to understand exactly how cryptocurrency should factor into a long-term planning strategy.