Leaving cryptocurrency in a Will can be a little tricky when compared to traditional types of assets. That’s because cryptocurrencies are protected by private keys, which are typically 64 characters in length. Because you don’t want to compromise your security by sharing your private key directly, it takes some planning and creativity. As a part of your estate planning, we at AasaanWill highly recommend that you create a cryptocurrency access guide for your loved ones, so that they’ll know exactly how to benefit from the gifts that they’ve received.
First and foremost, know that you should never share your private key directly. This presents a risk in which the key falls into the wrong hands, leaving your cryptocurrency exposed for the taking. Just as you would never share your personal email username and password, don’t share your private key.
Instead, we recommend creating a cryptocurrency access guide. This may require some creativity on your part, to come up with a way for your beneficiary to obtain the key.
- First, you’ll need to include information for locating your online digital wallet accounts and usernames.
- Second, you’ll need to include instructions on how to obtain the private key itself.
Some might choose to write down the key on a piece of paper, and store it in a bank vault or safe-deposit box.
Others might choose to use a service, such as a cryptocurrency bank or multi-signature wallet that allows loved ones to access an account in the case of a death.
Regardless of how you decide to go about it, write your access guide as if your beneficiary has no idea what cryptocurrency is, or that you even owned any of it. The more details and instructions you provide, the more helpful it will be to them one day.
Our experienced team at AasaanWill is here to help! Schedule an appointment with one of our experienced estate planning attorneys in your state, who will help walk you through the process. Not sure how to get started? Chat with one of our support representatives today! AasaanWill. Zaroori Hai!