– Bitcoin and other cryptocurrencies are becoming more mainstream and are being addressed by corporations, the media, and politicians.
– Altcoins, or cryptocurrencies other than Bitcoin, are growing in popularity, leading to an increase in investing in cryptocurrency.
– Estate planning lawyers are seeing cryptocurrency more commonly listed in asset lists when working with clients.
– To include cryptocurrency in an estate plan, it is important to ensure that estate planning documents are up to date and contain the correct language pertaining to digital assets.
– The Florida Fiduciaries Access to Digital Assets Act applies to fiduciaries in estate administrations and gives them the authority to manage digital assets, including cryptocurrencies, if granted by the testator, settlor, or principal in their estate planning documents. 1. Florida Statute can override a tech company’s Terms of Service, allowing the company to communicate with a fiduciary and remove liability under federal privacy laws.
2. Florida has laws that make it easier for fiduciaries to access online accounts and digital assets.
3. The FFADAA grants fiduciaries the right to access the decedents’ digital accounts and carry out their estate plan.
4. There are subtle differences between a will and trust in estate planning.
https://www.henlaw.com/news-insights/cryptocurrency-counselors-estate-planning-for-digital-assets/
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