NFTs are becoming more and more popular and many of these Non-Fungible-Tokens aren’t cheap. Some NFTs have sold for millions of dollars. Sounds like something that should be protected under your living trust. Let’s see if we can actually include it.
My grandson is about to turn thirteen. I cannot consider him a child anymore. My daughter Kim knows how I feel about 13th birthdays. I consider them very special, as I did with her and her brother. I asked her what I should get him as a gift, and for it to be special. Kim indicated he has been talking about wanting a Steph Curry NFT for a while. He is a huge basketball fan of today’s game and a student of the old days, including Magic Johnson’s Lakers, the “Bad Boy” Pistons, and especially Michael Jordan’s Bulls. Kim told me he has been saving up money from cutting neighbors’ lawns to buy one, but it will take him some time as they are not cheap. After discussing this for a few minutes, I had to finally ask, “What the heck is an NFT?”
My daughter smiled and said that it stands for Non-Fungible Tokens. Basically, it is like a painting or a work of art, in digital form. When you buy it, it comes with a unique identification code held by a “blockchain” affirming you own it. You can resell it, license it, etc. Still not understanding, she went on to explain it is similar to my signed autograph picture from Sandy Kofax, but in digital form. The only difference is that you do not have a physical copy of the picture. It is kept digitally, just like buying and downloading a song from the Apple Music Store. I don’t physically have the song, but I own it in digital form and can play it on my cell phone or computer anytime I want.
Ah, thank god my daughter is a science teacher. That explanation helped me understand it. I told Kim I would get it for my grandson. When I went online to buy it, I saw an NFT of “The Catch”. It’s a famous play from the 1981 NFC championship game whereby Joe Montana threw a game-winning touchdown pass to Dwight Clark. It launched the San Francisco 49ers into their very first Super Bowl. I was at that game and had to have it. It wasn’t cheap, not at all.
When I told my wife I bought something that expensive without talking to her first, she was not happy with me. But, she knew how special that game was to me and our marriage continued to survive. I then casually mentioned that it’s something I can give to my grandson as a gift when I pass. My wife, just as causally, asked “How are you going to do that? How do you give it to him since it is nothing you can hold?” I then realized I didn’t know either but dropped the conversation at that time.
A few months later my best friend’s son was about to get married. I was invited to the bachelor party, which started off with a golf outing. Jake, a person in our golf foursome, just happened to start talking about “The Catch”. Upon hearing that, I got excited and started talking about the NFT I just bought. I mentioned I eventually wanted my grandson to have it but had not yet figured out how to leave an NFT as an inheritance.
Well, it turned out Jake just happens to be a lawyer and simply said that it is not hard at all. He told me that a living trust can simply be amended and a description of the NFT can be added to the assignment of personal property page. After that, I just needed to make sure I write down instructions for my grandson on how to access the NFT in the “digit wallet”. I panicked after hearing about the wallet. I didn’t have a digital wallet. Jake then asked when I bought it, where did I save the information showing the NFT purchase? I said on a flash drive. He then smiled and said, “Your flash drive is your digital wallet”. He said just make sure the successor trustee has access to your flash drive and the password to open the NFT, so they can give it to your grandson. So, I now know what I have to do first thing Monday, and it seems to be much easier to get done than playing this darn par five.
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This area of the website is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of the author, not of the National Association of Family Services, and have not been evaluated by the National Association of Family Services for accuracy, completeness, or changes in the law.
