Have you ever wondered what becomes of your digital treasures in the crypto world once you pass away? In the crypto realm, there's no automatic passing down of your assets as with traditional inheritance laws. Unlike physical assets, your cryptocurrency won't automatically find its way into the hands of your loved ones. It stays right where it is, snug in your digital wallet, and your family could lose all your crypto assets if you donât have a specific plan in place.
HOW CAN YOU PROTECT YOUR CRYPTOS?
Include them in your estate plan and have an executor carry out that plan. List the following in your estate plan:
All crypto assets;
Where they are stored;
Seed phrases for each and instructions on how to access them;
Name beneficiaries and specify who should receive what.
The seed phrases are your passwords to access everything. Donât lose these!
Name a digital executor who can protect and preserve your cryptos, and understand how to transfer your assets to your beneficiaries.
CONCLUSION
If you have money invested in cryptos, itâs worth your time to plan how to ensure your loved ones inherit your digital coins. Without proper planning, your family may lose all your hard-earned coins.