Feb 5, 2021

(+) Inheritance Planning for your CryptoCurrency

The following is a Plus Edition article written by and copyright by Dick Eastman. 

Disclaimer: This article was written by an experienced genealogist who is not an attorney and has no other legal qualifications. Nothing in this article should ever be interpreted as legal advice. Instead, it is published for educational purposes only, based upon the experiences of the author as a long-time genealogist.

Introduction: If you do not own or do not plan to own any cryptocurrency, feel free to skip this article unless you have curiosity about the topic. However, if you do own cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, Chainlink, or any of the other 2,000+ “altcoins”), I will suggest you need to be familiar with this information.

Article: If you have owned any cryptocurrencies for a while, all I can say is “Congratulations!” on your planning and actions. You have undoubtedly benefited from the increase in value of cryptocurrencies over the past few years, especially if you have been holding Bitcoins. In fact, many people who have held (or “HODL’ed) their cryptocurrencies are now millionaires or even multi-millionaires. You are to be congratulated.

NOTE: “HODL” and many other buzzwords that are unique to cryptocurrency investments will not be explained in this article for one simple reason: there are already dozens of online articles that explain the terms in depth. I see no reason to duplicate explanations that already are available in many other places. To find an explanation of HODL or any other term in this article that is new to you, go to your favorite search engine and search for that word or phrase. Undoubtedly, you will find many online articles that will explain the word or phrase in depth.

Genealogists usually have experience in reading last wills and testaments written by their own ancestors and other relatives over the past few centuries. I would hope the same genealogists also learned to appreciate the need to write such documents at some time before their own death. However, due to the privacy issues inherent with cryptocurrencies, you probably have an even greater need to write your own last will and testament and to keep it confidential during your own lifetime than do many other people.

In case of your sudden and unexpected demise, will your heirs be able to recover your crypto assets?

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