Cryptocurrency investors in Georgia may want to look into their estate plans in order to make sure that they can effectively pass their digital wealth on to their beneficiaries. As the interest in cryptocurrencies like bitcoin and Ethereum and other digital assets has grown, people have needed to revise or provide additional information to accompany their wills in order to transfer these assets to their loved ones. Many individuals have created estate plans that are designed for physical assets like real estate or traditional bank accounts. However, people who are cryptocurrency investors will want to ensure that it is just as simple to transfer their online wallets.
Of course, the executor of a person’s will still needs to know what assets are involved and how to obtain access to them. The access question itself is more complex because cryptocurrency accounts are often highly secure and password-protected. In addition, they are often decentralized, and there is no authority to which to present a death certificate. Without key information like wallet addresses, passwords, PINs and other details, the currencies would simply be lost.
One strategy that people can use is to write their cryptocurrency information and leave it securely in a safe or safety deposit box. This would include the keys, wallet addresses, passwords and any other authentication material necessary to access the account. By providing this information securely and directly, people can help prevent lengthy delays and even abandoned assets.
It is important to take care of digital assets on a technical and legal level. An estate planning attorney can assist people with creating key documents like wills and trusts or updating existing documents in order to reflect their cryptocurrency investments and secured materials. These updates can give people peace of mind that they can successfully transfer their assets in the future.