Estate Planning
Digital Assets & Digital Estate Planning Attorney in Kyle & Austin, TX
Your estate may include far more than your home, bank accounts, and physical property. Today, valuable information and assets can exist entirely online. Cryptocurrency, cloud storage, online businesses, digital intellectual property, domain names, subscription accounts, photographs, and other electronic property can create difficult questions after death or incapacity if no plan exists for accessing or managing them.
Artie Pennington Law Offices helps individuals, families, entrepreneurs, and business owners incorporate digital assets into their estate planning strategy.
The Basics
What Are Digital Assets?
Digital assets may include:
Some assets have clear monetary value. Others have significant personal or business importance.
Planning Ahead
What Happens to Digital Assets When You Die?
The answer depends on the type of asset, how it is owned, contractual terms, access controls, and your estate planning documents.
Simply giving someone a password may not adequately address legal authority, security, ownership, or succession.
Your estate plan should instead consider who should have authority, what they should be able to access, and what should happen to each important digital asset.
Cryptocurrency Estate Planning
Cryptocurrency presents unique planning challenges. Access can depend on private keys, seed phrases, hardware wallets, exchanges, and other security mechanisms. If access information disappears, the asset itself can potentially become inaccessible.
At the same time, placing sensitive credentials directly into a publicly accessible estate planning document can create security concerns. Planning should balance accessibility with security.
For Business Owners
Digital Assets for Business Owners
Digital estate planning becomes even more important when digital property supports a business. Business owners may need to plan for:
These issues may overlap with business succession planning and intellectual property.
Common Questions
Frequently Asked Questions
Should passwords be included in my will?
Sensitive credentials generally require careful handling. Your attorney can help you consider ways to coordinate access without unnecessarily exposing confidential information.
Can cryptocurrency be inherited?
Digital assets such as cryptocurrency can potentially pass to beneficiaries, but practical access and proper planning are critical.
Does a power of attorney cover digital assets?
Authority concerning digital assets should be considered when preparing or reviewing a power of attorney rather than simply assumed.
Should I make a digital asset inventory?
Creating an inventory of important digital property can be a useful estate planning step. Sensitive credentials should be handled securely.
Build an Estate Plan for the Assets You Own Today
Modern estates increasingly include assets that did not exist a generation ago. Artie Pennington Law Offices helps clients in Kyle, Austin, and Central Texas create estate plans that address both traditional property and today's digital assets.
Contact Us
- Telephone: 512-596-0534
- Fax: 512-233-2699
Kyle Law Office
154 Elmhurst Drive, Suite B
Kyle, TX 78640