What Happens to My Crypto When I Die

Watcher.Guru
Crypto
Source: forbes

As death is inevitable, we can never be sure on the day of our demise, hence the need to plan ahead. We have seen cryptocurrency gaining momentum over the past years and many people are investing in it.

With this increase, the thought of what would happen if one passes on becomes more and more worrying. The Crypto inheritance process resembles that of other traditional assets. It, however, necessitates more than a will and an estate lawyer who is familiar with your assets.

In order to inherit your crypto assets after your death, the beneficiary should be able to access private keys and recovery phrases. You must plan ahead of time to accomplish this.

Fortunately, multiple crypto inheritance services, such as Safe Haven, Casa, and TrustVerse, offer products that securely transfer your crypto wealth to any family member Below we will be discussing the importance of planning ahead for cryptocurrency inheritance.

Who Can Get a Hold of Your Crypto?

One of the most significant advantages of having a crypto wallet while still alive is that no one can access it. When you’re dead, this isn’t so great.

you require A private key to access a crypto account. A private key is an unchangeable password that is generated when a new cryptocurrency wallet is created.

As an address for sending and receiving cryptocurrency, each wallet employs a string of random characters known as a public key visible to anyone. A separate private key grants the owner access to the contents of the wallet.

So, after you die, the process should be straightforward – simply ensure that someone obtains a copy of the private key. In practice, it’s straightforward, but it’s not always safe or viable.

How to Transfer Cryptocurrency in the Event of Death

Safe Haven Inherit

Safe Haven is a digital asset management platform that created Inherit, the first completely decentralized digital asset inheritance service. This solution encrypts critical data like private keys and recovery phrases and stores it on a decentralized storage system.

You can then choose who you want the data to be disclosed to in the event of your death. The beneficiary can then share the necessary legal documents to release the keys and recovery phrase, allowing access to your crypto assets.

Casa’s Convention

Casa’s Covenant is a Bitcoin inheritance service with integration of Diamond crypto custody service. The service secures your Bitcoin using a three-of-five multisig standard. You can also choose to have a sixth key to share with your estate lawyer.

Upon your death, Casa assumes responsibility for guiding the beneficiary of your choice and transferring your Bitcoin to them while ensuring that all processes are legal.

Plan Ahead

Whatever option you select, you must ensure that your will contains specific instructions. This not only ensures that your final wishes are followed but also keeps important information in one place. Furthermore, it may enable your heirs to avoid probate, which could significantly delay their ability to inherit your assets.