How Do Estate Planning Attorneys Assist Clients With Digital Asset Estate Tax Planning?
“Incorporate Digital Access in Estate Documents
Digital assets are important to plan for in a client’s estate plan. Without planning, loved ones managing the estate may not have the ability to access all of the decedent’s accounts. During our review process, we always make sure our clients’ Last Will and Testament and Financial Power of Attorney contain a provision giving their Executor or Agent authorization to access digital assets. Additionally, with respect to online accounts, we recommend to our clients that they keep track of usernames and passwords via an online password management system with dual authentication. Finally, if a client is the owner of virtual currency, we recommend that the client avoid storing keys and passwords digitally and include detailed instructions on how to access such currency with estate planning documents.“