CRYPTOCURRENCY AND WILLS — EITHER DON’T DIE, OR MAKE SURE YOUR CRYPTO IS ACCESSIBLE BY YOUR EXECUTOR

  1. Don’t die. If you have the solution to this one, please let us know; or
  2. Ensure that mechanisms are in place for your executor to have access to the hard-wallet passphrase, trading platform username and password, and if necessary 2-Factor Authentication (2FA).
  1. Do you want to leave specific holdings/crypto to others (e.g., I leave my 25 Bitcoin to Uncle Joe)? The default position, unless you specify otherwise, is that such holdings will not be given to a specific person but will instead likely form part of your residual estate, possibly be sold or disbursed to beneficiaries in accordance with your Will.
  2. Can your crypto be jointly held if it is left to two or more beneficiaries?
  3. In the case where you lose mental capacity, how is your attorney going to deal with your crypto? Where your EPA is applicable without the need for a loss of capacity, what authority will your attorney have to deal with your crypto?
  4. When is your executor to sell (liquidate) your holdings and distribute the proceeds? The volatility of the crypto market makes this an uneasy/difficult decision.
  5. Do you have any derivative or income earning investments in crypto (e.g., staking) in which your executor might be unable to access and sell the capital, or there might be a penalty in accessing it early? If the latter, how long are they to wait before accessing it and incurring the penalty, if at all?

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Aiden Dallas

Aiden Dallas

As a freelance copywriter I love the flexibility of working anywhere across the globe and all the opportunities that come with it.