What is Crypto?

Cryptocurrency is, “a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.” Decentralized, meaning that it's an organization controlled by several offices or authorities, rather than one single office of authority.

How are Cryptocurrencies different from typical assets when it comes to estate planning?

People planning on how to best transfer their cryptocurrency and other crypto assets on to their heirs face particular challenges. These assets are not currently regulated by centralized authorities, which potentially makes it difficult for heirs to access them after the owner's death. Proper estate planning can ensure that digital assets are successfully transferred to loved ones and beneficiaries.

How an estate planning attorney can help you

So, what are some steps you can take to ensure that your Crypto assets are properly delegated to your heirs? Work closely with an attorney, and a financial manager, to organize and manage any cryptocurrency you may have. By doing so, there will be documentation on what Crypto you own, where it is held, and how to access it. In taking the proper precautions and steps to make sure your loved ones will know where your crypto is, it is far less likely that your crypto will be lost after your passing.

In working with an attorney to protect your crypto assets, you can create a will, or a trust, to secure where any crypto you may have will be bequeathed to. This can include your spouse, children, grandchildren, siblings, or even charities.

If you have any questions about cryptocurrency, and including those assets in your estate planning, call The Whipple Law Group today to set up a consultation with one of our attorneys.