When you are adding NFTs or cryptocurrencies to your estate planning, security is a very unique challenge. As your will gets admitted to probate, this means it becomes a part of the public record where you live.
You do not want to include significant details about crypto currency and other digital assets because this could create a security issue. A memorandum that goes with your will should be included along with your other estate planning documents.
This means that you do not need to list anything sensitive in the will directly because a memorandum is a separate document that is referenced within your will but is not filed with the official paperwork. Your memorandum should provide important details to your chosen beneficiaries, including:
- The current type of digital wallets you own
- Any devices like smartphones or computers on which you’ve stored your cryptocurrency
- Website links required for anyone to access those details
- Password and login information for every account, website and digital wallet
Your memorandum can be stored on a safe location with other estate planning tools, such as your power of attorney. It is very important that the executor of your estate be able to find this information quickly after you have passed away because it will be essential to protect these assets. To learn more about including crypto currency and other digital assets inside your estate plan, set aside a time to speak with an experienced lawyer.
Although cryptocurrency estate planning is fairly new, it’s helpful to have a lawyer on your side to guide you through the process.