Cryptocurrency has become a popular form of financial investment around the world over the past few years as investors are moving towards higher returns. However, even with this growth, many people are investing in crypto and demand that digital currencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple be followed at will. After passing, it should be delivered to the beneficiaries. On the other hand, when it comes to including crypto assets in a will, it is entirely possible, but it is not as easy as it is to include traditional assets in a will.
Difference between traditional assets and cryptocurrency assets
Here, as an asset, cryptocurrency is quite different from traditional assets that can be included by anyone in their estate planning or will. A traditional asset is a physical record of money like a bank account. For example, when you leave your will to a beneficiary in fiat money in a bank account, it is usually required for that person to offer the original death certificate and letter of testament. But if seen in the case of cryptocurrency, once you pass away, there is no need to show any kind of power of attorney or proof of death. Furthermore, only the passcode of the deceased is required to access and transfer cryptocurrency to the crypto account for estate management purposes.
Steps to Leave Crypto Currency in the Will
If you’re considering leaving crypto in your will, there are several important steps you’ll need to take, which are very different from the steps you’d take to renounce traditional assets in a will.
Step 1: Defense of the Lawyer
The first thing to consider is securing a permanent lawyer who has the knowledge and experience to include crypto in wills, estate plans, and the like. However, after death, crypto has emerged as a new type of asset that people want to transfer and protect. One such experienced lawyer is Blake Harris Regulation Lawyer, who can direct you through this procedure to guarantee that all of your conventional and crypto resources are protected.
Step 2: Choosing a good digital wallet
Owning a digital currency like BTC or LTC is not enough when it comes to cryptocurrency investing. To buy crypto, you will initially have to enroll your ledger with a digital money trade that acknowledges ACH bank shifting, including Robinhood, Coinbase, Revolt, Gemini, Paxful, and eToro. Once it is fully set up, then through the exchange you may be able to transfer fiat money or purchase crypto or digital currency like BTC or LTC using ACH bank transfers. Also, once you have bought digital currency, note that you should not keep it on the exchange for a long time, as it can be hacked at any time.
Hence, consider a digital wallet to avoid any kind of hacking or loss. You can also keep the digital wallet on your physical device, computer, or smartphone app. Normal digital wallets incorporate Samsung Pay, Google Pay, PayPal, Android Pay, Venmo, Alipay, Macintosh Pay, and Zelle. Nevertheless, it is important to list a digital wallet as a beneficiary in your will.
Step 3: Build a Crypto Currency Access Guide
You should build a crypto access guide so that there is no complication for your recipients. You can update the guide at any point and store it along with your memorandum. Because if seen, many people do not know how to use digital currency and are unfamiliar with it. Therefore, you should create a detailed guide on how to purchase or sell digital currency for fiat currency and easy access to your wallets, and exchanges, so that your beneficiaries will know about it after your passing and a bit about using digital assets.
