Preparing for the end of life is an uncomfortable topic for most. However, ensuring that one’s estate plan is secure in a legally sound fashion is critical. Not only can it ensure that one’s assets are distributed in accordance with his or her wishes upon death, but it can also protect those assets from the oftentimes aggressive reach of creditors and the federal government. Some may feel that estate planning is a rather simple task that can be completed in a moment’s notice. This, unfortunately, simply is not true.
One reason is that estate plans often need to be modified occasionally to fit with our ever-changing world and our needs. To see just one example of how this occurs, one need only look at the emerging cryptocurrency market. These currencies, such as Bitcoin, can be extremely valuable. However, perhaps on account of their digital nature, many fail to include these currencies in their estate plans. When this happens, beneficiaries may either be unaware of the assets’ existence, or they may be unable to access them, as these cryptocurrencies have extensive security measures when it comes to accessing and utilizing them.
Therefore, those who possess cryptocurrencies should make sure that they include them in their wills, trusts and other estate planning tools. These individuals should also write down any passwords or other security processes that are necessary to access these cryptocurrencies and store them in a safe place. This will allow beneficiaries to access the assets in the event of one’s death.
Of course, this is just one example of how our changing world can affect the ways in which we plan for our estates’ passing. To ensure that one is up-to-date with regard to protecting their assets and their beneficiaries, Illinois and Indiana residents should carefully consider discussing their vision of the future with an experienced estate planning attorney.