Solving The Huge Problem Of Digital Assets' Wealth Transfer-Part II

In our earlier blog, we specified the problem statement related to digital assets and their transfer to the next generation. Everybody has started investing a bit of their wealth in digital assets but merely anyone thinks about their successful transfer and access in case of their demise, which is a genuine concern.

In this blog post, we have covered how to transfer securities and cryptocurrencies and why you should include them in your Will.

‍Securities Transmission via Demat Accounts:

There are three possibilities with your Demat Account:

1. Nomination exists in singly held accounts:

If you have appointed a nominee, the process will be simple after your death. The nominee needs to submit-

• Transmission form
• Attested death certificate copy

2. No Nomination exists in singly held accounts:

In case you have not registered any nominee, after your death, securities will be transferred to your legal heirs on the order of the competent court. 

If the value of securities is less than Rs. 1 Lakh, then the legal heirs need to submit-

• Transmission form
• Attested death certificate copy
• Letter of indemnity
• Affidavit
• NOC from other legal heirs

3. Jointly held accounts:

On your death, the securities will be transferred to the surviving holders on submission of-

• Transmission form
• Attested death certificate copy

Access To Crypto Wallets:

1. Apps like PocketBits and ZebPay have added a nominee feature. PocketBits even notifies the owner and the nominee in case the account is dormant for over a period of 6 months.

2. Apps like Kraken and Coinbase don't have a nominee feature, but they help the heirs if they are notified of the crypto owner’s death.

‍COINBASE POLICY ON DEATH CLAIMS:

• The heirs/beneficiaries can contact in event of the death of their registered death.
• Minimal formality on the app.
• Once you contact them, they’ll ask for a few documents like a death certificate, probate docs, gov. issued photo etc. Documentation may differ from individual to individual.
• They also assure that they assist the heir(s) in collecting missing docs if they are unfamiliar with the digital currency.

3. Apps like WazirX, Binance and CoinDCX have not mentioned anything about the policy on death claims and don’t have a nominee feature. With million of users in India itself, if the crypto holder dies, nobody knows about his wallets only because they can not appoint a nominee.

‍Position of Nominee In General:

The nominee or survivor holder is only a custodian of these assets. They have no right to retain the assets. Hence, it is their primary responsibility to distribute these assets among the legal heirs.

The nominee only helps in providing access to these digital assets in the hands of the legal heirs. If you write a Will, your beneficiaries will know the whereabouts of your assets, which is very important so that the nominee can not ditch or cheat at the last moment and will fulfil his obligation.

‍How can AasaanWill help you?

1. Firstly, nowadays you can write a Will online, from the comfort of your home and eliminate all the hassle of going to a lawyer and spending a lot of money.

2. Secondly, you can mention your digital assets in the Will and we will provide a whole user guide for you and your beneficiaries about its storage and accessibility, respectively.

Digital assets planning is now made easy. Begin the Will writing process with us at www.aasaanwill.com. 

‍AasaanWill. Zaroori Hai!