Are There Digital Assets In Your Estate?

There have been problems in the past when there were. Mostly to do with stored pictures and videos, and a few with things like Apple iTunes tracks.

Most people have ignored the problem.

Pictures for example have little monetary value so people often don’t think much about them. It might be time to give it some more thought. It is not that there is a money loss, it is different. Emotional. It is not such a big deal to download them to a device you control. I recall from computer science the idea a file that exists without several copies, is a file you don’t care much about. If you have digital assets you care about, you should do something about it.

How is it changing?

When digital pictures and downloaded music were the sum of your problem, the solution is straightforward and the defense easy enough. That is not how the world works any more and the problem is growing.

Think about Bitcoin. How hard would it be to lose control of those?

What do you know about NFT? Many people don’t know about them and fewer still own them. That is going to change. An NFT is a non-fungible token. It is a form of asset where you have unique ownership and yet there is no physical item you can put in a vault. Your entitlement is captured, like BitCoin, in the block chain.

NFTs can have significant value. Millions, even excluding BitCoin. Expensive NFTS

What should you do about it?

  1. Start with communicate. Make sure your executor knows about these assets and how to access them. Who else knows the access codes. If anyone. Quite possibly you don’t know them yourself. They are tokens on you hard drive.
  2. Who can sign on to your computers other than you? If no one, how will they gain access?
  3. Think ahead. If you don’t have any now, will you have any in the future? Almost certainly yes.
  4. Would your current preparations in communication and in your will, deal with digital assets? You might not be able to amend your wills or powers of attorney, in the future. Be aware.
  5. Pay attention. The world is changing quickly. It is not benign necessarily. You have a duty of care.

Why it matters.

You can influence the future by anticipating the future. Surprises are what harms your expectations.

You can minimize surprises by active effort.

Results often depend on effort.

I help people have more income and larger, more liquid estates.

Call or email in Canada 705-927-4770

One Comment on “Are There Digital Assets In Your Estate?

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