Bitcoin or Bust: Can One Really “Trust” One’s Digital Assets?
Noonan, Aubrey K.
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Twenty-first century estate planning will require consideration and protection of digital assets and currencies. Attorneys and investors should consider bitcoin and other forms of digital currencies for estate planning purposes because digital assets may form a substantial part of one's estate. However, significant issues will likely arise because no government entity has established definite standards for bitcoin regulation and taxation. Addresses the technological composition of Bitcoin and estate planning for digital assets. It provides information about how investors use and collect bitcoins as digital currency, and how such accumulation of digital wealth will necessarily lead to a transition into estate planning objectives. Primarily focuses on Texas trust law regarding the creation and maintenance of a trust with regards to digital assets. Discusses background information, the IRS and digital currency, cost-benefit analysis of such currencies, estate planning options for digital assets, the future of Bitcoins, and the potential pitfalls in digital currency estate planning. Finally, proposes changes that wallet storage companies and estate planning attorneys should make in order to help bitcoin users achieve a sound estate planning objective.