Death is not the end. There remains the litigation over the estate.
Estate planning is a meaningful and everlasting gift you can give your family. And setting up a smooth inheritance isn't as complicated as you might think.
A few years ago, investing in virtual real estate sounded somewhat absurd, but today the story is very different. Currently, you can buy slots of virtual land in digital worlds like decentraland, and with the Metaverse on the horizon, investors are starting to pile in every day.
Crypto, Virtual estate, and NFTs have taken the world by storm, revolutionizing how we think about ownership and value. But as our digital lives become increasingly intertwined with our physical ones, it begs the question - can we create wills for our digital assets?
The answer is a resounding, Yes!
Unlocking Digital Wills
A digital will, also known as an e-will or online will, is a legal document that outlines an individual's wishes to distribute their digital assets after they pass away. Digital assets can include everything from online accounts and cryptocurrency to digital art and music.
Traditionally, the binding will have been stored in paper form. Still, with the increasing prevalence of digital assets, it has become essential to have a way to manage and transfer these assets after someone's death. This is where blockchain-based digital will come in. A blockchain is a decentralized and distributed ledger that records transactions across a network of computers. It allows for a secure and transparent way to store and verify the information. One of the main benefits of using a blockchain-based digital will is that it can help prevent disputes over digital asset distribution. The transparency of the blockchain ensures that the will can be easily accessed and verified, reducing the likelihood of any disputes.
The list goes on as digital will can be updated easily. If individuals want to change their will, they can simply update it on the blockchain. This is in contrast to a traditional will, which would require physical changes to be made to the document.
Crypto will allow you to designate a beneficiary for your cryptocurrency holdings, ensuring that your loved ones don't miss out on any potential value. On the other hand, a digital will covers a broader range of assets such as online accounts, digital files, and even social media profiles. And an NFT will specifically deal with the ownership of non-fungible tokens, the unique digital assets that are taking the art world to the heavens.
But why is it so important to have a will for your digital assets?
Consider all the valuable information and memories stored on your phone, computer, and social media accounts. These digital assets can be just as important as physical ones and should be passed on to your loved ones in the event of your passing.
The land you bought in decentraland may have more value in a couple of years than the land you purchased in Miami. Don't you want that your virtual estate should be inherited by your loved ones just like your physical estate?
For me, if it is possible, then why not?
Furthermore, digital assets can also have a significant monetary value. Cryptocurrency is a prime example, with Bitcoin alone reaching over $55,000 at the time of writing. But even your online accounts, such as your Amazon account, can be worth a significant amount of money. And don't forget about those one-of-a-kind NFTs - they can be worth millions!
Navigating the Digital Landscape
The latest big real estate market isn't on scenic coastlines or major cities. It's in the Metaverse, where many investment firms are spending millions to acquire digital property. Owning land in the Metaverse is like buying land in New York 250 years ago. Metaverse real estate isn't all that different from property in the real world. It just exists digitally in 3D cities where everyone can simulate and wander real-life pursuits, like shopping, playing games, or attending virtual concerts. A walk in the park on a Sunday morning, just like that. It's that real. The idea behind investing in digital land is that once you own it, you can make money by developing virtual property and leasing it out. Your property can be the next stop for Microsoft or google to hold their next Virtual event. Who knows, right?
Of course, digital real estate is still considered a precarious investment., so what exactly led to this virtual land boom? And what factors make it so valuable?
Right now, the Metaverse is an evolving space that comprises multiple digital worlds where users can interact with avatars. Many of these digital spaces appear cartoon-like, while others feel like virtual recreations of the real world. There are only a few platforms where investors can buy and sell real estate, each with unique cryptocurrencies.
Each platform has a limited number of parcels available for purchase, which is tracked using blockchain technology. As in the physical world, location is the primary factor to consider when buying digital land. For instance, in the areas that are busier or have more visitor traffic, like the downtown areas, the parcels of land that are for sale there would be worth more than those that might be in the suburbs. Once you have a parcel of land, you can use various programming tools to create things like an amusement park, a casino, or a museum; you can build literally anything you want.
According to a report, investors are betting that individuals and companies will spend money on virtual developments like homes and retail spaces, and as more people join these online worlds, the properties will increase in value.
Future of Inheritance
The world of inheritance and estate planning is undergoing a dramatic transformation thanks to the emergence of NFTs and cryptocurrency. These innovative technologies are not only revolutionizing the way we think about digital assets, but they are also providing new and exciting opportunities for individuals to plan for their future and secure the legacy of their loved ones.
With NFTs, for instance, individuals can now create unique digital assets that can be passed down to future generations, providing them with a tangible and valuable inheritance. Similarly, cryptocurrency is enabling people to store and transfer wealth in new and dynamic ways, providing a level of security and control that was previously unimaginable. But it's not just about the technical aspects of these technologies. It's also about the impact they are having on society as a whole.
Passing The Digital Torch: Legacy Suite
it's worth thinking about the potential future of digital assets and how they may be affected by emerging technologies. For example, with the advent of decentralized finance (DeFi) and the growing popularity of tokenization, it's possible that the way we think about ownership and value may change in the years to come. It's essential to consider these potential future developments when creating your will so that your digital assets are protected no matter what the future holds.
An important aspect to consider is privacy. Many people may not want to share the details of their digital assets with the general public, and that's completely understandable. That's why it's important to choose a platform like Legacy Suite that offers secure and private ways of creating and storing your will. Not only this, the legacy suite allows you to add and allot the chunks of cryptocurrencies and NFTs to your designated beneficiaries as per the monetary value so you can decide who will get the most or least percentage of your digital assets.
The game has changed, and the future of inheritance is now in the hands of those who are willing to embrace the power of cryptocurrencies, NFTs, and Virtual Real Estate. Will you be one of them?
