Assets such as cryptos have recovery seeds and ensure that you put these seeds in a place where they can be easily found by your kins for inheritance purposes. One should also do proper research on digital wills.
Planning is a skill humans we try to perfect during their entire life. It starts in the childhood phase when you have to remember the small tasks you have to do and this continues to adulthood where we plan for more complex matters about life such as personal finance, about family and also security for your kin in case anything has to happen to you.
Inheritance is a term commonly used to refer to the amount of assets that are passed down to a kin or a beneficiary that has been listed as the rightful heir to these properties. More often when we hear about this term, it does not elicit digital possessions and this is wrong and it should matter.
Advancement of technology has resulted in growing automation of what was traditionally considered as real assets. Take, for example, the cryptocurrency, a few decades ago, nobody would have imagined that such a technology would exist. Fiat money, gold and oil standards were some of the most common forms of payments. Fast forward to today where the share of bitcoin as payment is estimated to be in trillions of dollars. This means that a lot of assets are being held digitally and more often than not, they can go unrecovered in case the owner dies without sharing details of this wealth.
What is the way forward for digital inheritance?
It is important to pass your digital assets to your next of kins, after all you worked for it. This means that you should explore ways in which to ensure that all your assets can be recovered in case of demise.
Assets such as cryptos have recovery seeds and ensure that you put these seeds in a place where they can be easily found by your kins for inheritance purposes. One should also do proper research on digital wills.
For most people, social media email and video services are what they need, but for a more technical person, they may have websites, trading sites they have subscribed for, other services they have enlisted for online and for a normal Joe, they may not understand. It is therefore important to leave guides on how to access such platforms as some may have a monetary value that would be important.
In conclusion, do more research on the pros and cons of digital wills. Ensure that you draft your will and planned well enough on how your kids will receive these payments and resources that you digitally own. This is very important and will further ensure that you next of kins are well-taken care off and will have you to thank for that.
