New York City Estate Planning Lawyer Natalia Sishodia Explains The Challenge of Estate Planning With Digital Assets
New York City estate planning lawyer Natalia Sishodia releases a new article (https://sishodia.com/how-to-protect-digital-assets-after-death/) explaining the challenges of estate planning with digital assets. The lawyer mentions that high-net-worth individuals who own large portfolios of cryptocurrency have the right to be concerned about what could potentially happen to their assets when they pass away.
“This concern hit the news when thirty-year-old Gerald Cotten died from Crohn’s disease while traveling in India, leaving Quadriga, Canada’s biggest cryptocurrency exchange, unable to gain access to over $145 million in assets. When experts tracked down the digital wallets a month later, they were completely empty,” says the New York City estate planning lawyer.
The lawyer explains that having an experienced estate planning attorney in New York City may be able to help someone create a comprehensive plan to ensure that all of the assets are distributed according to the owner’s beneficiaries safely and easily.
Attorney Natalia Sishodia mentions that the very first step in protecting an individual’s digital assets is to make sure that their lawyer is always up to date on all information regarding your online and personal business accounts. This information includes web hosting and email, credit card, airline & hotel rewards programs, and cryptocurrencies.
In the article, attorney Sishodia says that it is very important to review the aforementioned assets with the estate planning lawyer. This is because state and federal laws sometimes prohibit access by third parties, even after death, to protect the privacy of the account holder.
According to attorney Natalia Sishodia, “Despite attempts to modernize federal and state laws to facilitate the transfer of digital assets to intended beneficiaries, most estate planning attorneys in New York City are not up to speed with how to handle estates for high-net-worth individuals with investments in cryptocurrency. Cryptocurrency uses blockchain technology to create an immutable, decentralized public ledger where individuals can earn, purchase and sell it through a network of independent computers that track it with complex algorithms.”
Lastly, the estate planning lawyer emphasizes the importance of having a skilled lawyer. Having an experienced estate planning attorney may be able to help the client ensure that their assets are protected and distributed according to their wishes in the event they pass away.
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