Cryptocurrency has become a new phenomenon that everyone is curious about. As more people get to know about this digital currency, they are becoming more interested in trading, investing, and storing such a currency. There are various cryptocurrencies in the market, and many people have started trading in them. This has also turned the cryptocurrency market into a huge business. To read more about cryptocurrency and its usage go url.
Since the use of cryptocurrency has become so widespread now, there are also instances where people wish to transfer their cryptocurrencies to their family or friends after passing away. This way, the cryptocurrency that they have earned and stored all their lives could help their near ones. Cryptocurrency is a great asset to put in your will. It is bound to reap great benefits in the coming future.
Below is a comprehensive list of steps that you need to follow to include cryptocurrency in your will:
1. Get a lawyer experienced in the field
While making a will, it is important for you to have a lawyer to make the process easier. A lawyer can help you in making your will by following all the necessary procedures and formalities. To include cryptocurrency assets in your will, it is advisable for you to have a lawyer who has experience in dealing with cryptocurrency assets. Such an attorney will be of much help and can guide you on how to include cryptocurrency in your will.
You might also wonder about the information that you need to include in your will in case you wish to leave your cryptocurrency to the beneficiaries. Some important information to include in such a will are the beneficiary’s name, the cryptocurrencies you want to leave behind, information about where to access the digital currency from, and how to access it.
2. List your cryptocurrency assets in your will
If you want to include cryptocurrency in your will, then it is obviously important for you to include a list of all the crypto assets that you want to pass down. It is important that you are careful while listing down your cryptocurrency information. You need to be precise and clear while doing so and add details about the cryptocurrency. In the will, you need to mention details about your cryptocurrency and from where they can be accessed.
3. Mention a list of your digital wallets in your will
Cryptocurrency is stored in digital wallets from where it can be accessed anytime. There are various digital wallet platforms available in the market currently. This can confuse the beneficiary if they do not know which digital wallet you have stored your cryptocurrency in.
Hence, it becomes very important that you specifically mention all your digital wallets so that the beneficiaries can look for your cryptocurrency in the right place. There are cases in which your cryptocurrency can only be accessed via a certain device like a mobile phone, a computer, etc. Hence you need to make sure that you mention these devices in your will. You should also try to keep backups in case of any malfunction.
4. Create a separate memorandum with your will to store sensitive details like IDs and passwords
Wills are legal documents that are checked by many people and stored in public records. Thus, they are not completely secure, and it is not a good idea to store sensitive details about your cryptocurrency in them. To overcome this issue, you can attach a separate memorandum with your will that can include sensitive details related to your cryptocurrency and digital wallet.
These sensitive details like passwords and PINs can be mentioned in that memorandum which can be made available to your beneficiaries at the time of accessing the cryptocurrency. A memorandum attached to the will will not become a part of public records and thus is a safer option to include such sensitive and private information.
Also in case you decide to change your passwords, your memorandum can be updated likewise without needing any extra changes in your will. This will save your time as you won’t have to go through the whole formalities of making changes to your will.
To have a memorandum that can comprehensively include details about your cryptocurrency, you can add the following information in it:
- A list of the types of digital wallets that you store your cryptocurrency in.
- List of devices in which you have stored your cryptocurrency. For example mobile phones, personal computers, or any other digital device.
- The ID and password are needed to access your cryptocurrency.
- Any other links or sources where you have stored your cryptocurrency.
5. Design a cryptocurrency access guide for the beneficiaries
As cryptocurrency is a relatively new form of digital currency in the market, not many people are aware of how to access and use it. Although you might have experience and knowledge about how to use and work with cryptocurrency, that might not be the case with everyone.
In cases, where the beneficiary does not have knowledge about cryptocurrency and its usage, it can become difficult for them to reap its benefits. Thus while adding your cryptocurrencies to your will, it is advisable to include a cryptocurrency guide that can be referred to by the beneficiary. This guide can be made as a separate document or can also be included with the memorandum attached to the will.
A cryptocurrency access guide can include step-by-step details about how to access your cryptocurrency. The access guide should be in simple language that can be understood by anyone and include precise instructions which can be easily followed through.
Think of the guide as a blog for someone who has no idea about cryptocurrency, this will help you in simplifying the explanation. You can also try to follow through with your own guide once you have written it to make sure that it is comprehensive and you have not missed out on any important point.
These five simple but significant steps will help you in setting up a comprehensive will to leave behind your cryptocurrencies.
