How Do NFTs Fit into Your Estate Plan?

NFTs are unique digital collectible items. They’re based on the concept “I own this.” It doesn’t matter what “this” is, just that it’s valuable or may gain value someday. That’s why various digital collectible assets can be characterized as NFTs, including:

●      Digital artwork

●      Video clips

●      Social media posts

●      Memes

●      Gaming tokens

●      Digital real estate

 

Learn more about how cryptocurrency and NFTs fit into your estate plan here.

 

Get Started Today: Schedule Your Consultation!

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

Preserving Cryptocurrency: Now and Later

Cryptocurrency, which is digital money, is exhibiting stability as part of the global financial landscape, even though the value of individual coins (units of cryptocurrency) has been notoriously volatile. The overall market hit $3 trillion in value in 2021, only to lose $2 trillion in value so far in 2022. Emerging from the ashes of the 2008 financial disaster, cryptocurrency is likely to retain its status as an investment option because its holders enjoy freedom from government and bank control. 

This advantage can become a drawback when it comes to preserving cryptocurrency. Before you consider including cryptocurrency in your estate plan, it’s imperative that you hold onto your digital cash on a day-to-day basis. This involves preserving the passwords and digital wallets (storage units) connected to your cryptocurrency.

 

Learn more about how cryptocurrency and NFTs fit into your estate plan here.

 

Get Started Today: Schedule Your Consultation!

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

Already Have a Power of Attorney? Chances Are It’s Outdated.

An FPA can become “obsolete” in a one year. This is because many institutions don’t rely on stale, outdated documents. Depending on your circumstances, a stale, obsolete power of attorney may not be able to help you and your family with insurance contracts, retirement plans, banking and investment accounts, online personal accounts such as email, Facebook, Instagram and LinkedIn, and elder care and special needs planning.

If it’s been more than a year or two since you’ve signed your power of attorney, it might be time for a fresh one. Contact the estate planning attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, P.C. to help setup your power of attorney. We can help make sure you and your family are fully protected by helping you determine:

 

●      Who would be the best choice for this responsibility,

●      How much authority you should give your financial agent, and

●      When to make your power of attorney become effective.

 

Learn more about how you can protect your finances from Coronavirus complications here.

 
Get Started Today: Schedule Your Consultation!

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

What is Financial Power of Attorney?

A Financial Power of Attorney (FPA) allows you to select a trusted family member or friend who will be responsible for managing your money and other property if you become mentally incapacitated (unable to make your own decisions) due to illness or injury. Without this document, your bills won’t get paid, tax returns won’t be filed, bank and investment accounts held in your name will become inaccessible, retirement distributions can’t be requested, and property can’t be bought, sold, or managed.

Learn more about how you can protect your finances from Coronavirus complications here.

 

Get Started Today: Schedule Your Consultation!

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

Why Is It Important to Plan for Digital Assets?

Planning for digital assets is important for several reasons. Without a plan digital assets may get lost in the Internet and fail to pass your loved ones after your death. Planning now means your family will not have to worry about hunting for these items upon your death while grieving a beloved family member. If, like most adults (roughly 70 percent of them), you want certain aspects of your digital life to remain private, and you don’t create a plan, your loved ones may learn things that you wish to keep secret. Making a plan now can minimize the risk of identity theft, which happens to 2.4 million deceased Americans each year. 

Find out everything you need to know about protecting your digital assets after you pass here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

What Are Digital Assets?

Instead of existing in photo albums and on videotapes and DVDs, most of our family photos and videos digital. Even if they lack commercial value, they certainly have sentimental value that you want to preserve for your family and friends. Social media accounts containing your photos and videos can also have value to your loved ones when you’re gone. For example, a Facebook account can serve as a memorial after you pass away. When you consider all of the other accounts that you log into (more than 130 on average), the list becomes quite lengthy. 

Digital assets that you may own include:

• Social media accounts (e.g., Facebook, Twitter, LinkedIn)
• Financial accounts at brick-and-mortar and online institutions
• Business documents and other files stored in the cloud
• Cryptocurrency
• NFTs
• Databases
• Device backups
• Internet domain names and uniform resource locators (URLs)
• Streaming service accounts (e.g., Netflix, Peacock, Hulu)
• Merchant accounts (e.g., Amazon, Etsy, eBay)
• Gaming tokens
• Virtual avatars
• Points-based loyalty programs (e.g., for groceries, gas stations, airlines, and hotels)
• Rights to intellectual property, artwork, and literature
• Online betting accounts
• Monetized video content

Find out everything you need to know about protecting your digital assets after you pass here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

Things to Do Before You Die

You may already know the importance of funding a trust as a part of preparing for your death. It’s also important to know other things you should be preparing for before you die.

These things include:

1. Inventory: there’s more to estate planning than writing a will or trust. You should create a list of your assets to make it easier on your family. An estate planning attorney can help you prepare a spreadsheet listing your assets and placing it in your estate planning binder.
2. Retirement/Life Insurance/Annuities: beneficiary designations of your retirement, life insurance and annuities take precedent over your trust. It’s important to coordinate beneficiary designations with your overall estate plan.
3. Bank Account - you can designate a beneficiary for your bank accounts through a “payable on death” (“POD”) designation. Again, it’s important to coordinate these POD designations with your overall estate plan. 

Find out the other things you should be preparing for before you die here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.