The non-fungible tokens are a new type of investment asset growing in popularity. The thing is that NFTs are much more than just the photo of a monkey which some famous people like Paris Hilton and jimmy Fallon are using as their status symbol in the digital world. Even artists are using NFTs to fund their artwork. The non-fungible token is a virtual token that is a unique digital identifier, and it is impossible to copy, subdivide or substitute the information recorded on the blockchain. The blockchain helps certify the genuineness and ownership of the NFT app.
Now the question that comes to mind is, what happens to your NFTs after you die? Well, it is undoubtedly the best way to write the will before you die. It is because the will helps decide who will get your wealth after death. So, while creating your will, it’s essential to know what you will have to write in it.
NFTs after your death!
You have complete control over your non-fungible tokens when you live your life. However, what will happen to your NFTs after death will depend on many factors. First, you should know that dealing with NFTs is not easy, especially when you cannot make a plan for your non-fungible tokens. You should know that if anybody doesn’t know that you own NFTs, then there are no possible ways to identify your NFTs after you pass away, which means they will be lost forever. Moreover, even if the NFTs get identified, it is impossible to access them without private keys. So in such cases, if you fail to make a plan for your non-fungible token, nothing will happen to them. When your NFTs are possible to access and known but are not mentioned in the estate plan, the court will decide how they will be divided. One sure thing is that access to the private keys is needed to prove the ownership of the non-fungible tokens.
How to make a plan for NFTs before dying?
The best way of protecting your NFTs after you die is to create a plan for them in advance. When you think of creating the will, you should ensure that you include the NFTs in your will. Unfortunately, the information is accessible to the public means that you cannot include all the info about your NFT in your will. However, following the steps listed below can help you make a plan for your non-fungible tokens.
Consult an attorney
The most crucial step is consulting an attorney working with NFTs and other digital assets. While drafting the will, you can also mention the digital executor’s and regular executor’s names. They assist in assessing your digital assets after you die.
Identification of your NFTs
The attorney will ask you about your NFTs, which is why the identification of NFTs is necessary. The most straightforward way of identifying the NFTs is by creating a document in which you can list your NFTs. You can also include the information about your non-fungible token and where you can find them. The purchase price of NFTs is required to mention in this document.
Provide your intentions regarding NFTs
After identifying the NFTs, the next step is to decide what will happen to your NFTs when you die. It will become the part of your will where you can list who will get those NFTs. You must know that the will is not the single way of disposing of NFTs. You can also find other options for transferring your NFTs too.
Protection of your NFTs
For accessing your NFTs, a person must know where they can find your NFT and how they can access them. It’s also vital for you to protect your password. Moreover, it is also essential that the ideal person should also know how they can access your key after death. It’s essential to secure this information in a safe place, and the chosen person knows how to access all this data.
Maintain your info
When the time passes, you should complete all the transaction details about NFT n the NFT list. You might also change the password over the period, so make sure you inform your executor.