Digital assets are showing up in more Florida estate plans, and they’re not just Bitcoin. Non-fungible tokens (NFTs), virtual land, in-game items, and other collectibles stored on blockchain platforms now hold real value. These assets can be traded, taxed, and lost, just like physical property.
But if they aren’t included in your estate plan, they may disappear for good. Florida residents who own crypto-collectibles need to treat them like any other inheritance, just with a few more steps.
NFTs represent digital ownership. That could mean a piece of artwork, a digital avatar, or property in a virtual world. In Florida, these are considered assets under state law. That means they can be passed through a trust, will, or beneficiary designation. But here’s the problem: If no one knows they exist or can’t access the wallet, they can’t be transferred.
Digital property often gets stuck behind passwords, private keys, or locked accounts. If it’s listed in a will, that will becomes public, and so do your keys. Florida attorneys now recommend securing private keys offline and giving access instructions through a trust or separate document.
The IRS recently said it may treat NFTs linked to art or other tangible-like assets as collectibles. This bumps the long-term capital gains tax from 15% to 28%. That can make a big difference for heirs, especially if the asset grew in value before it was sold or transferred.
Crypto trades, sales, and gifts must all be reported on federal tax forms. If digital assets are part of your estate, your trustee will need help figuring out the tax impact. That’s one more reason to put these assets in a trust with someone who understands what they’re handling.
Having a will doesn’t mean Apple, Meta, or OpenSea will hand over your digital assets. Most platforms restrict access unless heirs follow strict procedures, and some refuse access altogether.
At Schnauss Naugle Law, we help Florida clients plan for digital property, including NFTs, Metaverse real estate, cryptocurrency, and more. We’ll help you secure access, handle taxes, and make sure your heirs can actually use what you’ve left behind. Contact us to get started.
