In today’s digital age, our wealth isn’t just limited to physical assets like money or property. Many of us have valuable digital assets like cryptocurrency and Non-Fungible Tokens (NFTs), which can hold significant value. But what happens to these digital treasures when we’re no longer around? Just like you’d make arrangements for your house or savings, it’s essential to consider how to include digital assets in Florida wills.

Whether you’re a long-time crypto investor or just starting to learn about digital collectibles, understanding the importance of incorporating these assets into your estate plan is crucial.

Cryptocurrency is a kind of digital or virtual money . You can’t hold it in your hand like physical money. It works using a technology called blockchain, which is like a digital ledger or record book. Some popular cryptocurrencies include:

But unlike regular money that’s controlled by governments or banks, cryptocurrency is decentralized. This means no one person or institution controls it. Instead, it operates on a decentralized network of computers. This makes transactions more secure and transparent. Understanding the basics of cryptocurrency is essential for anyone considering investing in or using digital currencies.

Non-fungible tokens (NFTs) are like digital certificates of ownership for unique items. Unlike regular cryptocurrencies, which are interchangeable and have the same value, each NFT represents something one-of-a-kind.

Each NFT is unique and can’t be replicated, making it special and valuable to its owner. People use cryptocurrency to purchase NFTs in online marketplaces called NFT platforms. NFTs can represent all sorts of digital assets, such as the following:

A will is a legal document that says what you want to happen to your assets after you pass away. Your assets can be anything you own, like money, a house, a car, or even digital things like cryptocurrency or digital art. A will is like a letter to make sure your wishes are followed when you’re not here anymore. 

Having a will is important because it lets you decide who gets your hard-earned assets when you’re gone. Without a will, the law decides who gets what. Your entire estate is distributed according to the laws of intestate succession.

In our modern world, money isn’t just paper bills or coins anymore. Many of us also have digital money, like cryptocurrency, and unique digital items, like NFTs. When we talk about what happens to our assets after we pass away, it’s essential to think about these digital things too. Here’s why including them in your will is a smart move:

Your will is like a set of instructions for what happens to your assets when you’re not here anymore. By including your cryptocurrency and NFTs in your will, you can make sure they go to the people you want them to go to.

For instance, if your beneficiaries are unaware of your Bitcoin, they might never even know of its existence if it’s not mentioned in your will. To avoid this issue, clearly describe your cryptocurrency in your will.

If you don’t say anything about your digital assets in your will, it can lead to confusion and arguments among your family members. Adding digital assets to your will helps avoid these problems by making it clear who gets what .

Cryptocurrency and NFTs can be valuable, and you want to make sure they’re taken care of after you’re gone. By including them in your will, you can say exactly how you want them to be handled and who should get them.

Without instructions in your will, your digital assets could get lost or handled the wrong way. Including them in your last will and testament ensures that someone you trust knows how to handle them properly, so they don’t get lost or end up in the wrong hands.

Leaving cryptocurrency and NFTs to your loved ones after your death requires more planning than traditional assets. With a little work now, you can simplify the estate planning process for your beneficiaries and ensure that they inherit your digital assets. By listing them in your will, you make sure they go to the right people and avoid confusion or disputes among your loved ones. 

Consulting with our Maitland FL estate planning lawyer at Veliz Katz Law who understands digital assets can help you navigate the process and ensure your will accurately reflects your intentions. We know all about laws and rules related to estates and digital assets. We can help you understand the value of your cryptocurrency and NFTs and how they should be handled after you’re gone.

Our estate planning law firm can provide you with the legal support you need to include cryptocurrency and NFTs in your Florida will. With our help, you can have peace of mind knowing that your digital assets will be taken care of according to your wishes. If you’re ready to start planning your estate, contact us today to schedule a free consultation.