As a general rule, all digital assets you own that are transferable will be included in your estate when you die. You can use your living will or trust to determine who will receive such digital assets. In many cases, it will be a matter of determining if any of the digital files will be of interest to family or friends, deleting those that are not, and closing online accounts as necessary. Unfortunately, the aspects that most people find attractive about this form of currency are the same characteristics that make it a difficult asset for trustees to manage.
In the worst case scenario, digital assets can be completely lost, because your loved ones never knew they existed in the first place. If the deceased person has not left instructions on how to log in or access digital assets, their personal representatives must follow the policies of each company where the deceased person had an account. Ensuring that their loved ones have access to their digital assets after their death is the only way they can reap the benefits of their investments. The law in this area is changing, so make sure you have a succession plan that includes your digital assets. Let's discuss what digital assets are, what happens to them after you die, and how you can set up a plan to ensure that their value endures.
But if you don't include your digital assets in your estate planning process, you lose control over what happens to them and you risk making a difficult time even more difficult for your loved ones. The law gives the executor or trustee the ability to manage digital assets such as websites, domain names and virtual currencies, while protecting the privacy of the deceased person. But the most important thing for today's debate is that, with Kubera, your loved ones don't have to worry about tracking the accounts and information of the most unknown digital assets during a difficult time. Unless you have informed your trustee that you own a virtual currency and the means by which you can access your “wallet”, your virtual assets will not be claimed.
When an executor evaluates the extent and value of an estate, they will need to consider digital assets. In addition, trustees have no means of accessing information about whether an estate holds this type of asset because virtual currency, unlike its traditional counterparts, cannot be traced. In addition, you can designate a beneficiary to access your digital accounts, assets and important documents when you can no longer manage them. Personal representatives should be able to access digital assets to access them and distribute them to beneficiaries.
If the provider has a plan for your digital assets after your death, it's best to comply with those procedures to ensure that you're achieving your particular goal with that particular account.
