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It may be time to update your estate plan

On Behalf of | Mar 7, 2022 | Estate Planning |

Digital assets are playing an increasing role in our lives. Whether it is a cryptocurrency like Bitcoin or a valuable digital library of music or movies, our digital assets have become real assets. Indeed, one’s crypto-wallet could be the most valuable thing one owns. This is why it may be time to update the estate plan.

Does the estate plan include one’s digital assets?

If an estate plan was done years or decades ago, it is likely that there is no mention of any digital asset. This means that an update is needed.

Has the value or number increased since the estate plan was drafted?

For buy and hold investors, they may not check their crypto-wallets often, but it should be checked at least once a year. As those investments grow, an estate plan may need to be updated. This could be a simple changing of a split interest, or adding charities. But, as the value of an estate raises, the estate plan should change as well.

It is not just about those items that have a discernable value

Smart drafters may already include those digital assets that have a discernable value, like music and movie collections, cryptocurrencies, etc. However, those digital assets are not one’s entire digital life. Every social media account is also a digital asset. These can be made into memorials after we pass. Even grandfathered rates streaming accounts could have value to a family member currently paying more. But, even that algorithm of our preferences could have value to our loved ones. Any website that we use a username and password to access should be included in our estate plan.

Periodic updates

Cincinnati, Ohio, estate plans should be updated periodically, but at least looked at once a year, especially for those with guardian designations. And, remember, even those with just a will, that still should be updated periodically. The key is that our estate plans are living documents, and they change as we change.