When Bitcoin was first introduced in 2009, the idea may have seemed far-fetched and futuristic. However, today, there has been a significant increase in the popularity and variety of cryptocurrency with at least 10% of people in the United States owning some. It is now incredibly common to have crypto as a part of one’s investment portfolio.
With that, in terms of estate planning, it is easiest if you hold cryptocurrency in a coin-based account. The benefit of a coin-based account is that it enables the owner to name a pay on death beneficiary, much like banks and other financial institutions. Some crypto accounts, like coinbase.com now allow you to hold a title to your account in your trust, something that was not previously enabled.
In any event, I recommend keeping an asset inventory and documenting where passwords can be found. This can help ensure that crypto-assets are not lost at death of the original owner.
At Britton Law Group, I make sure that no matter how markets or financial systems change, our client’s assets and legacies are always protected.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship. Brittany Britton is licensed to practice law in the state of California only.