BERMUDA SHORTS – TECH TALKS S01 E13
In our latest "Tech Talks" podcast, Appleby Bermuda partners Jerome Wilson (Head of Technology & Innovation), Vanessa Schrum (Head of Private Client & Trusts) and Hannah Tildesley (Head of Trusts Disputes) dive into the world of digital assets as they relate to trusts.
The trio look at digital assets from two angles – first from the consumer perspective and how you can estate plan if you hold crypto or have other digital assets. What are some of the things you need to keep in mind as you plan for your estate and want to have succession of the assets.
Second, they discuss from a trustee perspective, both as trustee as an individual, and as a trustee that is a professional services company. What things do you need to keep in mind as you provide services to the trust.
When it comes to digital assets, it's important to understand what they are, where they are and how they can be accessed. Although bitcoin is the most well-known digital asset, there's numerous types of digital assets that have monetary value – such as airmiles, loyalty points, PayPal, online businesses, gaming accounts and many others. There are also digital assets that have sentimental value – such as blogs and social media accounts. It's important to understand and plan in advance what is going to happen with all these assets, and not just to your crypto. That's where digital estate planning comes in.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.