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Leading Estate Planning Attorney David Russ Explains How Cryptocurrency And NFTs Are Treated During Probate – Durham, NC

Leading estate planning and probate attorney David Russ, founder of DSR Legal, is shedding light on one of the newest and most misunderstood areas in modern estate administration: how cryptocurrency and non-fungible tokens (NFTs) are managed, valued, and distributed after death. As digital asset ownership continues to grow in the United States, Russ urges individuals and families to ensure these assets are accounted for in their estate planning to avoid irreversible losses during probate. For more information please visit  https://dsrlegal.com “Digital assets exist outside the traditional banking system, and that makes them both powerful and risky when it comes to estate administration,” said Russ. “If loved ones don’t know these assets exist—or don’t have the private keys—they may be lost forever. A solid estate plan is the only reliable way to preserve them.” Cryptocurrency, NFTs, and other blockchain-based holdings are treated as part of a person’s taxable estate, but they present unique challenges during probate. Because these assets are decentralized, executors cannot typically locate or access them without the appropriate private credentials and authentication information. In addition, dramatic market fluctuations can make valuation and equitable distribution among heirs significantly more complex, requiring detailed documentation and sometimes professional appraisal. To minimize difficulties, Russ advises individuals to maintain a secure but accessible inventory of digital assets, wallet locations, and access instructions. Estate planning documents can reference this inventory, while sensitive credentials should be stored in a separate, secure digital asset memorandum or vault to avoid unnecessary risk and probate delays. Many states, including North Carolina, have implemented fiduciary access laws—such as the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA)—to clarify how executors and trustees may legally manage online accounts and digital property. However, variations in state adoption mean that families with assets spread across multiple jurisdictions must proceed carefully. “Probate doesn’t yet have a universal approach to digital assets,” Russ noted. “Planning ahead ensures the law works for your family—not against it.” Russ recommends reviewing and updating estate planning documents regularly to reflect changing regulations and evolving technology. “Digital wealth is real wealth,” he added. “An estate plan that overlooks cryptocurrency or NFTs leaves families vulnerable to loss, legal disputes, and unnecessary hardship.” For more information about estate planning strategies for cryptocurrency, NFTs, and other digital assets, individuals are encouraged to consult an estate planning attorney experienced in probate and digital asset law. Source: http://RecommendedExperts.biz