As CRS has preached for several years, put your “LIFE DOCUMENTS” together. Your family and your business will be prepared for when disruption, loss and disaster strikes. We can help with critical documents, home and business inventories and digital assets.
Digital Assets
These include:
- All online accounts requiring a username and password, including social media, shopping, entertainment, banking, brokerage and personal accounts.
- Domain names (some are quite valuable!)
- Cryptocurrencies: Digital currency that is used to buy goods and services that use virtual exchanges and don’t necessarily provide monthly statements.
- Non-Fungible Tokens (NFTs): These represent unique assets that cannot be replaced including art, collectibles, and real estate, with new items being continually added.
Without documentation, these are difficult assets to keep track of because of being “virtual.” They’re easy targets for fraudsters and can slip through the cracks, disappearing from an estate without your knowledge and without a trace.
Credit Cards and Other Financial Documents
These include contracts you sign, such as investments in a Private Equity or Real Estate fund. And of course, let’s not forget credit cards! While credit cards increase your purchasing power, they’re not assets; they’re actually liabilities. Items in this category are gateways to significant financial investments and holdings as well as liabilities that affect you and ultimately your estate.
Critical Documents (physical or digital)
These are documents that can have critical, significant financial value and that codify important life decisions and declarations about you and your wishes, including asset distributions to heirs. They include items such as birth certificates, social security cards, marriage/divorce documents, health directives and trusts.