With 11% of holders in 2023 (according to the latest study by KPMG), the cryptocurrencies stand out among all other types of non-conventional assets. The most popular currencies today are BitcoinEthereum, BNB (Binance Coin), Tether, Solana.
In this article, we will see how to pass on a bitcoin estate upon death. (You can apply this method for all other types of cryptos). ✅
How to ensure the proper transfer of your bitcoins upon your death?
Digital money, or electronic money, is the exchange of "money" via the Internet.
A cryptocurrency is a digital currency that is not subject to any centralized authority and uses cryptography (encryption technology) to secure transactions and avoid counterfeiting problems.
The Internet has given us the ability to transfer information instantly, and cryptocurrencies, via blockchain technology, allow for the instant transfer of value.
➡️ Isn't that what banks do in the end? Not quite, the difference between the two is decentralization.
By relying on banks to hold our money, we give them the power to control how much money is printed and put into circulation.
👉 With cryptocurrencies, owners can "take back control" of their money (the principle of decentralization), while making so-called "safer and more profitable" transactions.
On the other hand, what happens to your cryptocurrencies when you die ?
Since the fundamental principle of cryptocurrency is indeed to be a protected asset and difficult to discover. When cryptocurrency holders die, there is no process to transfer these assets.
If the estate planning for cryptocurrencies is therefore not done correctly, it is likely that you will lose your money forever. 😱
1️⃣ Incorporate your bitcoins into your will
This factor may seem obvious, but it needs to be taken into account. When drawing up a will or planning an estate, we think about who will inherit our great-grandmother's house, or the antique vase that has been passed down for generations, or how to divide up the bank accounts.
👉 The bitcoins and others cryptocurrencies should receive the same treatment!
Think about who you want to leave them with after your death.
Should they be divided among your beneficiaries or transferred to a charity?
By placing this considerable asset in your will, you can ensure that it won't be lost forever in the confines of the blockchain.
Difficult as this task may be, drawing up a will is a necessary step to avoid any problems at succession time.
2️⃣ Tell your heirs the location of your passwords
We do not recommend that you rate your private key on paper 📃 or send it by e-mail. 💌
However, you absolutely must find a way for the beneficiary to retrieve your key and a place to store it.
➡️ Some carry it on a USB stick, others keep it safe at home or in a bank safe-deposit box (a world full of contradictions!), a little illogical when you start from the premise that the bitcoin was created precisely to avoid banks.
Except that some things simply have to be kept in a safe place, and what could be safer than a bank safe? Legapass 👋) ?
When you sign up for an account with Legapass, you can save all your digital data, passwords, seed phrase...
👉 They will be automatically transmitted under bailiff's control to the beneficiary of your choice in the event of death or claim.
Your data is stored in offline safes and in different geographical areasThis way, they are protected from any intrusion attempt.
3️⃣ Keep track of all your transactions
- Date of the transactions,
- Transaction record of your purchases/sales of cryptos for your tax return (cuckoo Waltio 👋),
- The value of the cryptocurrency at the time of the transaction,
- Records of your portfolios and addresses of cryptocurrency.
Did you know ?
The solution Waltio can make your tax returns very easy
✅ Provides an intuitive and accessible tool with crystal clear interface
✅ Offers transparent and competitive pricing: annual subscription - only transactions from the current fiscal year are considered
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Think of Legapass for the transmission of your legacy in bitcoin!
By keeping proper records of your transactions, your executor will have all the information he or she needs in order to complete the final paperwork and taxes. ✅
Digital technology has become a part of our lives and new ways of doing things have been crypto currencies arrive every month. Their values can be huge!
This is how billion dollars of bitcoins at the present time are lost on the blockchainas a result of the death of their holders! 😱
The question of the transmission of these digital assets is a topic that is gaining a lot of momentum.
➡️ Do not hesitate to send us a message via the chat, we will be happy to answer your questions.
The digital will is a tool for sharing important information about their property or wishes after their death. This includes everything that belongs to a person: bank accounts, internet profiles, contracts, photos, etc.
With this type of will, we can give our beneficiary specific instructions on what to do after our death. ✅
It is much less time consuming than a notary, more secure and easier! It will only take you 5 minutes and everything is done online !
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