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Accounting for intangible assets during estate planning

by | Jun 6, 2022 | Estate Planning

Adequate planning for the future includes ensuring that all assets are accounted for as part of a complete estate plan. Most Nevada adults understand the need to identify all their assets and determine what should happen to them after they pass, but there are certain types of property they would be wise not to overlook. Accounting for digital assets should be a critical component of any estate plan.

Intangible but important

It is easy to overlook intangible assets during estate planning, but as more people secure different types of digital property, this should be a part of any estate plan. In fact, people may own valuable digital property and not realize how important it is for them to plan for what should happen to it in the future. This can include online accounts, social media platforms, profitable blogs, digital currency and more.

Digital assets can also include sentimental assets, such as online photos and videos. Planning effectively for intangible assets should be more than simply passing login information to loved ones. Certain types of trusts and other tools allow one to maintain control over his or her digital property and decide what happens to it long-term.

Effective planning starts now

To effectively plan for the future, one should account for all property, even if it is intangible. Certain estate planning tools allow one to decide what happens to all digital assets, from a Facebook page to bitcoin. An assessment of the individual estate can help a Nevada adult see what steps are most beneficial for his or her unique case.