This article remains one of the best primers on estate planning for digital assets. Originally published March 29, 2022, Professor Gerry W. Beyer (Texas Tech University School of Law) and Kerri G. Nipp (Bessemer Trust) wrote the article specifically for estate planning professionals. The authors hoped to increase awareness of the complexity of transferring digital assets and the importance of including a detailed plan for digital assets when preparing client estates.
Some highlights from the article:
- Long before the Web3 boom, a 2011 McAfee survey found that “the average perceived value of digital assets for a person living in the U.S. is $54,722”
- A history of the laws and regulations impacting digital assets, including early state laws, early attempts and uniform acts, and RUFADAA
- An expansive view of digital assets, along with a detailed accounting of virtual currency and non-fungible tokens
- Concrete suggestions and advice for estate planning professionals
For practitioners, the most valuable parts of this article might be in the appendices. The authors share their recommended tools for fiduciaries, including sample language for estate planning documents, a sample request letter to digital asset custodians, and a primer for probate judges that litigators can reference.