Planning for digital assets is important for several reasons. First, without a plan, digital assets may get lost in the Internet ether and not pass to your loved ones after your death due to the simple fact that their existence is unknown. Second, planning now means your family will not have to worry about hunting for these items upon your death while also grieving a beloved family member.
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. You should ensure that they are included in your estate plan so you can preserve them for your heirs.
If you do decide on a trust, you can avoid a lengthy probate process. Another frequently underrated reason is the added privacy a trust offers.
My spouse has died, do I need to file an estate tax return? California does not have any estate or inheritance taxes at a state level.
When you use a trust, you bypass probate, a lengthy legal process that validates your…
