Gold is having a moment. Prices have soared as global and economic instability shape current events. But investing in gold isn’t new. Gold is one of the oldest assets we humans have ever used, and people have been passing it down to loved ones ever since we decided it was valuable.

But if you already own gold (or you are thinking about buying it), there’s a second question that matters just as much: how will your gold be handled if you become incapacitated or when you pass away?

Gold, bullion, coins, and jewelry can be meaningful assets. So can gold ETFs and other types of digitally-backed gold. These assets can also create confusion, family tension, and administrative headaches if your estate plan does not clearly address what you own, where it is, and who should receive it.

Gold Is “Property,” But It’s Not Always Easy to Transfer

From an estate-planning standpoint, physical gold is personal property, similar to jewelry, collectibles, or valuable household items. The challenge is that it does not transfer with the click of a button like a bank account. 

Unlike accounts with named beneficiaries, physical assets usually require someone to:

• locate the gold,
• prove ownership,
• secure it,
• value it, and
• distribute it correctly.

If your plan is silent or vague, your family may be stuck guessing, and that’s when disputes start. That’s also when the probate process can become much more challenging.

Step One: Inventory What You Own and Where It Is

A surprisingly common estate problem is not “who gets the gold after I die”, it is “does anyone even know the gold exists?”

If you own precious metals, make a clear inventory that includes:

• what you own (coins, bars, jewelry, etc.)
• approximate quantity and identifying details (mint, year, purity, serial numbers if applicable – yes, talking to you, coin collectors)
• where it’s stored (home safe, bank safe deposit box, vault service, etc.)
• any supporting documents (purchase receipts, appraisals, certificates)

This doesn’t need to be fancy. It does need to be findable.

Step Two: Use a Property Memorandum for Specific Items

A property memorandum is essentially a written list of personal items and who should receive them. Think: jewelry, gold, collectibles, art, sentimental items. A property memorandum (sometimes called a personal property memorandum) is a flexible and convenient document that works alongside your main estate plan (will or trust). It allows you to create a separate, written list of specific personal property items, like jewelry, gold, collectibles, art, or furniture, and designate who should receive them. The pro tip is that this saves you from rewriting your entire will or trust every time you want to update who gets which specific item, as long as your main estate plan references the memorandum.

Why people like it:

• It’s simple.
• It’s flexible.
• You can update it as you buy, sell, or change your mind.

Not every state treats these memoranda the same way, and your plan has to be drafted to support it properly. But as a planning tool, it’s one of the best ways to reduce ambiguity around personal property like gold and jewelry.

Step Three: Decide Whether Gold Should Go Through a Will or a Trust

Gold can be handled through a will, but depending on your goals, a trust may be a better fit.

A will-based plan can work well if:

• the value is modest,
• distribution is straightforward, and
• there’s no need for ongoing management.

You can work with an attorney to establish a solid will that includes your gold. You can always trust AI or some forms that autofill online, but come on. This is your gold we’re talking about here. Treat it right. Let an attorney handle the will writing.

A trust-based plan, which can be established as either a Revocable Living Trust (allowing changes during your lifetime) or an Irrevocable Trust (generally fixed after creation), may be especially helpful if:

• the collection is valuable,
• you want privacy,
• you have multiple beneficiaries and want clear rules,
• you want someone to manage or sell metals over time, or
• you want smoother administration without court involvement (where applicable).

The right answer depends on the full picture of your assets, family dynamics, and the state-specific process.

Step Four: Think About Practical Access and Security

Gold’s value is tied to one unglamorous issue: access.

A few common pitfalls:

• Safe deposit boxes: If no one can access the box quickly, your family can end up in a frustrating legal process just to open it.
• Home safes: If only you know the combination, you’ve created a “treasure hunt” during a stressful time.
• Third-party vaults: If your account requires specific authorization steps, your agent or trustee needs the paperwork lined up.

Your plan should identify who is allowed to access the gold, and how

Step Five: Plan for Valuation, Taxes, and Equalization

Even if your goal is “just give the gold to my kids”, there are some real-world planning issues to consider:

• Valuation: Gold prices move. What feels “fair” today may not be fair later.
• Equalization: If one child receives gold and another receives cash or other assets, your plan may need language to keep distributions balanced.
• Taxes: The tax treatment depends on the situation (and can vary based on how the assets are held and transferred). Estate planning is the right time to flag potential issues and avoid surprises.

Holding Gold “Digitally” (ETFs, Funds, and Gold-Backed Tokens)

Not all gold owners keep coins or bars in a safe. A lot of people get gold exposure digitally, meaning they own a security or digital token that tracks gold’s price (and sometimes is backed by gold) without personally holding the metal. From an estate-planning angle, digital gold usually behaves more like an investment account asset than a personal item like jewelry.

Here are the most common versions and how they typically pass at death.

1.  Gold ETFs and Gold Trusts (Most common)

Gold ETFs and similar products (like SPDR Gold Shares and iShares Gold Trust) trade like a stock inside a brokerage account. Many are “physically backed,” meaning the fund holds gold bullion in custody, but shareholders generally do not have a right to redeem their shares for physical gold. Redemption for bullion is typically limited to large institutional players called Authorized Participants (see the SPDR disclosure about this).

Estate planning impact: because ETFs are held inside a brokerage account, they typically pass according to the account’s beneficiary designation (often called Transfer on Death, or TOD), not according to your will.

So if your estate plan says “split everything equally,” but your brokerage account beneficiary form says something else, the beneficiary form usually controls that account.

What to do:

• Confirm your brokerage account has the right beneficiary(ies) listed (and contingent beneficiaries too).
• Make sure the beneficiaries on the account align with what your will or trust is trying to accomplish (don’t leave on your ex’s and such).
• If you want the ETF managed for someone (minor child, spendthrift beneficiary, special needs planning), consider whether the beneficiary should be a trust (this is very situation-dependent and should be coordinated with your plan).

2. Gold futures ETFs, ETNs, and other “paper gold”

Some products track gold through derivatives (like futures) or through an issuer’s promise to pay (ETNs). These can behave differently than physically backed ETFs in terms of risk and tax treatment, but the estate-planning mechanics are usually the same: they’re held in a brokerage account and pass through the beneficiary designation/TOD if one is on file.

What to do: Treat them like other brokerage-held investments for inheritance purposes: beneficiaries first, then the estate plan.

3. “Digital gold” accounts and vault platforms

Some platforms let you buy fractional interests in vaulted gold (you see a balance online, and the provider stores metal in a vault). The details matter a lot: sometimes you have a direct interest in allocated metal; sometimes it’s an unsecured claim on the provider.

Estate planning impact: these accounts often don’t transfer as smoothly as a brokerage account with a TOD form. Your executor or trustee may need to work with the provider’s process, and access can become an issue if nobody knows the account exists or how to log in.

What to do:

• Keep an inventory: provider name, account ID, and where instructions are stored (securely).
• Coordinate access and authority: who can manage or liquidate it if you’re incapacitated?

4.  Gold-backed tokens (blockchain), sometimes redeemable

Gold-backed tokens (like Paxos Gold, PAXG) are another form of digital gold exposure. Some are marketed as being backed by physical gold and may be redeemable for physical gold or cash, but redemption rules vary and can have minimums and location limits.

Estate planning impact: these can be the trickiest from an administration standpoint. If heirs can’t access the wallet/private keys, the asset can be effectively lost even if everyone “knows” it exists. Beneficiary designations are not always built into the way they are with brokerage accounts.

What to do:

• Document what exists and how it can be accessed (without putting private keys in your will).
• Make a plan for fiduciary access and secure handoff instructions.

5.  What About a Gold IRA?

A “Gold IRA” is usually a type of self-directed IRA that holds IRS-approved precious metals through a custodian. In other words, it’s a retirement account that owns gold, rather than you personally owning the bars or coins in a safe at home.

Most of the time, a Gold IRA transfers at death based on the beneficiary designation on the IRA, not what your will says. Inherited IRAs come with required distribution rules. If you have a Gold IRA, make sure the beneficiary designations (primary and contingent) match what your estate plan is trying to do.

A common misconception is that you can buy IRA gold and then store it at home “for safekeeping.” Generally, precious metals owned inside a self-directed IRA must be held by a qualified custodian/depository, and personally holding the metals can create tax problems.
That means your executor or trustee may need to work with the custodian’s process to value the account and distribute it correctly.

Distributions and taxes can be different than “regular” gold

Because it is an IRA, what your beneficiaries can do after you pass depends on the type of IRA (traditional vs. Roth), who the beneficiary is (spouse vs. non-spouse), and the required distribution rules for inherited IRAs.

This is one of those areas where “we’ll figure it out later” can accidentally turn into avoidable taxes or messy timing.

Don’t Let a “Simple” Asset Create a Complicated Estate

Gold can be a smart component of a broader financial plan. It can also become a stressful loose end if it is not addressed in your estate plan.

A good estate plan helps your family answer three questions without guessing:

1. What do you own?
2. Where is it?
3. What do you want done with it?

If you own precious metals (or are thinking about investing), it’s a great time to make sure your plan is built to handle it.

Plan Forward Legal can help you build an estate plan that accounts for real-life assets like gold, jewelry, and other personal property, with clear instructions that make administration easier for the people you love. If we operate an office in your location, we’d love to get in touch! We want to help you protect your gold investments.