Cryptocurrency and its place in estate planning

On Behalf of | Aug 19, 2020 | Probate And Estate Administration

In a digital era, assets such as cryptocurrencies continue to become more and more important to individuals of various walks of life. While cryptocurrencies such as bitcoin may go up and down in value over time, talks of digitizing currency may only act to further substantiate their value. However, when it comes to estate planning, many individuals in Nevada might feel unsure of the available options to help safeguard the value of such possessions.

One of the first topics to address concerning cryptocurrency may involve finding ways to preserve the benefits of these types of assets. Experts indicate that practically anyone who has the proper key or seed phrase can gain access to such possessions. As such, finding ways to secure this information and seeking out ways to properly document an otherwise untraceable assets could both be vital to safeguarding one’s interests.

Experts also assert that knowing the risks of cryptocurrency could also prove vital to preventing unfortunate scenarios such as scams or theft. There are also certain stipulations regarding one’s ability to place such assets within a trust. In addition, cryptocurrency is taxed as property instead of currency, and planning for similar issues could be vital to preventing an unexpected outcome.

Those who turn to estate planning to forge a strategy for their futures may wish to take advantage of all their available options, including those pertaining to items such as cryptocurrency. Although protecting certain possessions can seem a complex process, there may be a variety of estate planning tools to help a person achieve such goals. Fortunately, there are attorneys in Nevada who can address all a person’s questions and concerns and assist in creating an estate plan that centers around his or her wishes.