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Estate planning for cryptocurrency

Estate planning is not just for the traditional wills and trusts. Estate planning is a process that is constantly evolving with new items that need to be included. One such topic is a new form of currency called cryptocurrency.

Including cryptocurrency is an estate plan is something many Kent area residents need to do. Digital wealth can be complicated, and it is important to have a plan for it when an owner passes away. It is no longer the norm to have a will on a piece of paper filed in a safety deposit box. Cryptocurrency and other digital assets have made estate planning more complicated. As always, it is important to let heirs know about all assets, their locations, and how to access them. A record of all assets needs to be made and shared with trusted people. Those who are active traders should update their lists weekly, while less active traders can update the lists once a year.

Digital assets are an important part of many people's estate. Planning for digital assets is something an attorney who is skilled in estate planning can help their client accomplish. An attorney understands the laws surrounding digital assets and regular assets and can make sure their client has the proper documents in place to protect all of their assets. Estate planning is a way to make sure all assets are passed to their intended heirs in an efficient manner.

No one knows when their time will come, which is why planning is so important. Leaving assets for a family to deal with after a person's death can be a mess and especially with digital assets, assets can be missed. A thorough plan can ensure assets are accounted for and families can focus on more important issues.

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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