Russ Cook & Associates, PC
view our Practice areas

Addressing cryptocurrency in your estate plan

Increasingly, people are addressing and including digital or virtual assets in their estate plan, which can be critical. Overlooking these components can have costly, inconvenient consequences when the time comes to settle a person's affairs.

For instance, if you fail to disclose ownership of cryptocurrency in your estate plan, then it is possible that the money will remain undiscovered and essentially worthless.

Addressing cryptocurrency in your estate plan

Bitcoin, Ethereum and Litecoin are just a few of the virtual currencies gaining popularity, and if you own any of these or other types of cryptocurrency, you would be wise to disclose that information when creating your estate plan.

You will also want to make it possible for at least one person to access the currencies. A person needs to know what kind of currency it is, where to find it, and how to login to an account to manage the currency.

If you have specific goals for your cryptocurrency, you will also want to specify those in your estate plan. Should it be distributed to your heirs? Do you want it held in a trust? 

Things to consider

Before you make any decisions about cryptocurrency in your estate plan, you should consider at least a couple important issues.

First, cryptocurrency can be very confusing and intimidating to people unfamiliar with encrypted digital money. It may not be wise to leave management of it in the hands of someone who doesn't understand it. Instead, consider assigning the task to a tech-savvy person who is more likely to manage it properly.

Second, remember that the value of virtual currency is incredibly volatile. No one knows for sure if it will replace traditional money or if it is a bubble about to burst, and the currency you have now could be worth far more or far less in the future. This is something you will certainly want to keep in mind when deciding how to distribute it.

Securing real protection for digital assets

If you have virtual currency or any other digital assets, be sure that you discuss them with your attorney when you are creating or updating your estate plan. Doing so can help you decide what to do with these complicated assets and how to protect them in the future.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying About Us

  • Star

    “I recently moved to TN from MN and needed to re-do my trust documents, including a pet trust, to be compliant with TN law, and to find an entity able to act as my trustee. Russ and his staff were able to answer all of my questions quickly and efficiently, and I am comfortable and confident in Russ's representation and that my new documents will act as they are intended, when the time comes. They even put me in touch with a trustee who was involved in the process as well, which was so helpful. This was a big item on my move "to-do" list, and I am so pleased to have it completed!”

    - Kim J.
  • Star

    “We would definitely recommend Russ and any of his Associates. They are all very professional, efficient and well versed in Estate Planning.”

    - Cheryl H.
  • Star

    “Experienced, Knowledgeable, Friendly, Professionals all work here. I'm grateful my parents used this firm to create and maintain their Trust throughout the years. Working with the folks at Russ Cook & Associates, primarily Alex, Debby and Trina made the process comfortable working through Probate, Estate assets and Executing the Trust.”

    - Kemp S.
  • Star

    “Excellent work. They worked with us and never allowed us to miss a deadline. We definitely appreciated their help and would gladly recommend them to anyone seeking help with their estate planning.”

    - Mark S.
  • Star

    “Everyone we came in contact with was wonderful. The staff and Russ treated us like family at all times.”

    - June S.
  • Star

    “Being new to the area having moved from out of state, I was searching for an attorney to assist in elder estate planning for my mother. I was referred to Russ Cook & Associates and found the firm as a whole and Russ Cook himself to be very helpful and accommodating to my needs, as well as experienced and very knowledgeable on the matter I was seeking assistance. I would definitely recommend Russ Cook and Associates.”

    - Brad H.
  • Star

    “Mr. Cook and his staff were phenomenal to work with on my will. They are extremely professional and friendly and made the process seamless. They go above and beyond!”

    - Amber C.
  • Star

    “Russ took the time to answer my questions by email, so that I knew exactly what would take place when I visited his office and his time as well as mine was used efficiently. I appreciated his thoroughness and his professionalism, as well as that of his staff.”

    - JoAnn G.
  • Star

    “Overwhelmingly positive experience.”

    - Stephen W.
  • Star

    “I have been a client for many years. Russ and his staff listen to our concerns, come up with a plan and help us act on it with guidance and professionalism. I'd highly recommend Russ Cook and Associates.”

    - Dr. S. D'Amico
Email Us For A Response

Schedule An Initial Consultation Today

Contact us today to schedule a consultation by sending us an email or by calling 615-200-9117.
We assist clients throughout the Nashville area.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Brand Contact

5141 Virginia Way
Suite 220
Brentwood, TN 37027

Phone: 615-200-9117
Fax: 615-370-5938
Brentwood Law Office Map

Office Hours:
Monday: 8:00 AM – 4:30 PM
Tuesday: 8:00 AM – 4:30 PM
Wednesday: 8:00 AM – 4:30 PM
Thursday: 8:00 AM – 4:30 PM
Friday: 8:00 AM – 4:30 PM

Summer Hours Office:
8:00 AM - 1:00 PM on Fridays
May 24th Through August 30th

Map Image