Digital Asset Management Flashcards
7 cards from real CEA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Digital Asset Management flashcards as text
A client owns a domain name generating passive income. Which document should specifically address its transfer to heirs?
Answer: A specific bequest in the will or trust naming the domain
Domain names are transferable property that should be specifically bequeathed in a will or trust to ensure clear title passes to the intended heir.
Which of the following best describes a 'digital asset inventory' in the context of estate planning?
Answer: A comprehensive record of digital accounts, assets, and access credentials
A digital asset inventory documents all online accounts, cryptocurrencies, and digital property along with login credentials to enable fiduciary administration.
A client's Venmo account holds $3,000 at death. How does Venmo's Terms of Service typically affect estate administration?
Answer: Venmo may require proof of death and fiduciary authority before releasing funds
Payment platforms like Venmo require documentation of death and fiduciary authority (e.g., letters testamentary) before releasing funds to an estate.
Which scenario correctly illustrates an asset that is NOT a digital asset for estate planning purposes?
Answer: A physical gold coin stored in a safe
Physical gold is tangible personal property, not a digital asset, even if its price is tracked online.
When advising a client about naming a 'legacy contact' on Facebook, what limitation must the advisor communicate?
Answer: The legacy contact can only manage a memorialized profile, not access private messages
Facebook's legacy contact can post tributes and manage the memorialized account but cannot read the decedent's private messages or inherit the account.
A decedent held 5 ETH on a centralized exchange at death. What is the estate's first practical step to claim this asset?
Answer: Contact the exchange with a death certificate and letters testamentary
Centralized exchanges require official death documentation and fiduciary credentials before they will release or transfer crypto assets to the estate.
Which estate planning tool allows a client to store digital asset credentials securely while granting fiduciary access only upon incapacity or death?
Answer: A digital vault or password manager with emergency access protocol
Password managers like Bitwarden or LastPass offer emergency access features that grant designated contacts access after a set waiting period or upon death.