For most people, entering the realm of estate planning can feel a bit like traveling as a tourist into another culture. Because the language itself is unfamiliar, asking a question can result in an answer that is equally confusing.
Administration of a decedent’s estate may involve investment accounts (with stocks and bonds) held in the decedent’s name or trust.
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
Deborah Placet had no idea how to access her husband’s cryptocurrency and other digital accounts after his unexpected death at age 52.
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
However, in a world where more and more of our personal information is stored online, it’s also imperative to make a digital estate plan, so your loved ones can access your digital property.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
