While cryptocurrency has become a popular source of digital currency, ensuring it is kept safe, during your lifetime and after you pass away, is important to protecting your Estate assets. Hence, your Will should outline how you want your Executor to distribute your digital assets.
This requires ensuring your Executor can obtain the private keys and details of your cryptocurrency accounts upon your death, whether by instructions of how to find these details or by providing these details in the Will. Additionally, your Will should provide a list of what cryptocurrency and digital assets accounts you hold, so that your Executor can readily identify these accounts.
To help you better understand this process, the team at Your Wills have outlined what happens to your digital assets when you pass and what you can do to protect them. Read on to find out more.
Protecting Your Cryptocurrency Assets
Protecting your cryptocurrency assets are just as crucial after death as during your life. Hence, you must leave clear instructions on how you want your digital assets handled and how they can be accessed by your Executor.
Using a Digital Wallet
While alive and delving into cryptocurrency, it is wise to store and hold your assets using a digital wallet. Your digital wallet is an app that contains many features, including a death-management process tool.
If you choose an appropriate digital wallet for your assets, the app should clearly outline everything your Executor or loved ones need to do to retrieve your digital assets once you have passed away. This is an excellent way of better securing your cryptocurrency both during life and after death.
It may be necessary to create a hardcopy and secure list of your account information – including account access information. You should never use an online password manager for this, as you may find yourself the victim of hacking. You can then ensure this list of accounts is made available to your executor only after your death.The Executor of your Will may need to work with the digital asset provider and supply them with necessary documents, such as a death certificate or grant of representation, to access your accounts.
Listing Your Financial Assets
Creating a list of all your financial assets can help ensure that your digital currency forms part of your Estate and ends up with the right people after you die. Ensure you give your Executor or family members access to this list so they are aware of all of your digital assets.
Additionally, we recommend reviewing your list annually or whenever you gain more financial assets. Hence, all your cryptocurrency can be distributed appropriately.
Update Your Will
Have you accounted for cryptocurrency in your Will? If you manage digital currencies, ensure it’s being taken care of after you pass. You wouldn’t want your money to be ceased by the state or sit there unbeknownst to your loved ones. Therefore, your Will should outline exactly where you want your digital assets to go.
At Your Wills, we can help you get started through our online platform. Create a Will that is legally recognised and cost-effective. If you’re dealing with cryptocurrency and want to protect your digital assets after you pass, talk to our experts at Your Wills today.
For more information on securing cryptocurrency and digital assets in your will, contact our team of experts at Your Wills today.
We’ll help you understand what happens to your digital currency after you die and how to make sure the proper beneficiaries receive your assets.