Cryptocurrency investors find themselves in a unique position. They have wealth that is increasing (and decreasing) at an astounding rate. This wealth is, at present, unregulated and decentralized. That is the point after-all, isn’t it? The result is that this wealth is practically untraceable. So, what happens to your crypto-earnings if you die?
Cryptocurrency is unlike other types of investments in that Exchanges in their current form do not provide for beneficiary designations. Beneficiary designations come standard on most other forms of cash equivalent investment vehicles and it is simple to create a beneficiary designation for nearly everything else. This just isn’t the case for cryptocurrency.
As such, if your heirs do not have the information needed to access your coins on the exchange or held in a wallet, that is the end of that. Gone for good. So, ask yourself, where to you keep your private digital keys? Would anyone know what they are looking at if they found them?
Simply make sure that someone knows about your cryptocurrency investments and how to get access to your coins if you die isn’t enough. This is because, without proper planning your coins will be divided according to state law by a probate court. We can help make sure your wealth goes where you want it.
To make sure your virtual currency isn’t stranded in the ether, consult an Estate Planning Attorneys at MMPE LAW. We can help you to develop a system to safely transfer your wealth to your heirs. We provide cold storage options and advice (storage off the net) so that you can keep your information secure while making a plan for the future.
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