Millions of dollars have been lost in estate plans because heirs weren’t aware of digital assets.

Despite the fact that virtual or digital currencies have grown very popular with billions of dollars owned worldwide, a problem has arisen because most people have little or no knowledge of the currencies or how they work.

Most digital currencies are held anonymously with the owner holding unique passkeys stored online in central databases or stored offline on computer drives, according to Lexology in “Every Day is Bitcoin Pizza Day: What Clients and Estate Planners Need to Know about Virtual Currencies.”

So, what does this actually mean?

People who use virtual currencies need to be sure they talk to an estate planning attorney about their holdings.

It needs to be clear in an estate plan what currencies are held and where to find the passkeys.

It should also be clear who is to inherit the crypto currency holdings.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances, which may include virtual or digital assets.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
Join The Conversation
blockchain training in hyderabad 12/04/2020 05:52 AM
good article about blockchain has given it is very nice thank you for sharing. blockchain training in hyderabad blockchain course in hyderabad blockchain coaching in hyderabad blockchain training institute in hyderabad blockchain institute in hyderabad
Post A Reply
Deepti Waghmare 02/19/2021 12:19 AM
Hello Philip.. Thank you for sharing problems of cryptocurrency for estate plans
Post A Reply
Reits 05/11/2021 05:54 AM
Nice information, thanks for sharing with us.
Post A Reply
moetaz 03/15/2022 07:26 PM
Thank you for sharing the crypto problem cause to much people are only sharing the good side of it
Post A Reply
moetaz 03/15/2022 07:30 PM
Thank you for sharing the crypto problem cause to much people are only sharing the good side of it and to learn more about crypto check
Post A Reply
Post A Comment