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Photo of Professionals at Ezell Law Firm, LLC
More Than 40 Years Of Legal Service To The Baton Rouge Region

Estate planning for digital investments

On Behalf of | Jul 25, 2021 | Estate Planning |

Baton Rouge Legal Blog

When creating a strategy to protect their interests, many individuals in Louisiana and elsewhere may find that one of their primary concerns might involve knowing every topic to address in the process. With the recent surge of popularity of digital assets such as cryptocurrency, there may be many who feel it vital to include such possessions in their estate planning goals. Knowing the importance of taking similar measures could be vital to helping a person better prepare to take the necessary steps to achieve such a goal. 

Digital investment concerns 

While those who invest in digital assets such as bitcoin might be aware of the possible benefits involved, they might not fully understand the role these assets could play in the estate planning process. For instance, the process of passing such assets along to loved ones after passing on might not be a simple task, and without a strategy in place, the subsequent process could prove somewhat complex in nature. With estate planning, one may retain the option of providing information on how the process of asset distribution will go and of including information that could be vital to this process such as passwords and key codes. 

Experts also indicate that some of the possible benefits of cryptocurrency could also carry potential downsides without the proper precautions in place. As there is no centralized party to oversee such assets, such as a bank, the laws that govern how to handle these possessions can be somewhat more complex in nature. As such, those who possess cryptocurrency may find it vital to gain awareness of the possible benefits of including such assets in estate planning goals. 

Creating a strategy 

Individuals who possess digital assets may wish to take every possible step to protect their interests, but they might not always know how best to make use of the available estate planning options. When facing similar circumstances, a person in Louisiana could find it helpful to consult with an experienced attorney for assistance in addressing all the available options.  An attorney can work with a client in developing an estate plan that best aligns with his or her preferences and needs and provide advice on the steps to take should it become necessary to revisit the plan in the future and make modifications.