Cryptocurrency has changed the nature of what can be considered an asset, and that’s affected estate planning, too, the process of allocating your assets to your heirs on your death.
Cryptocurrency has become a new wrinkle in the development of an estate plan.
Huge amounts of crypto are lost not just from a lack of legacy provision, but when passwords and private keys are mislaid.
At any given time, the average American maintains between 30 and 50 online accounts. These may be with banks, financial institutions, utility companies, email providers, social media outlets, commercial shopping or travel sites and accounts unique to technology, such as an account to purchase apps for a smartphone.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
People who have had a serious case of COVID-19 are 66% more likely to engage in estate planning, and 32% of adults under 35 said they wrote a will because of the pandemic.
…Ajemian’s account became the source of a nearly decade long legal battle that raised a salient question: Who can access your digital accounts after your death?
The rapid rise in circulation and growing popularity of cryptocurrencies is prompting attorneys and estate planners to adjust, as digital assets are inherited through wills, trusts and estates, according to experts who warn of the danger of lost or misappropriated assets.
Deborah Placet had no idea how to access her husband’s cryptocurrency and other digital accounts after his unexpected death at age 52.
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.