What seemed to be a completely foreign concept just a few years ago, is now a reality for most investors. Cryptocurrency is a virtual form of money that is protected by indestructible Cryptography which makes it a secure way to store wealth and investments. Cryptocurrencies are unique in the sense that their blockchain technology is revolutionary in the modern day and age.
However, this also creates the risk that when the owner of the said Cryptocurrency dies, the digital fortune will be lost forever if not stored and transferred safely to your next of kin, children or heirs.
Understandably, this could be a major problem for the heirs of tech-savvy individuals who have invested in this market. So, how can you ensure that your Cryptocurrency is transferred to your selected heirs when you pass away?
Cryptocurrency is not physical money and is sent and received completely electronically. This makes it a hard concept to picture in terms of a physical asset in an estate. The value thereof also changes constantly in a similar way as the value of stocks change based on bidding. The value will be constantly remeasured as the market fluctuates.
Even though you stay on top of market fluctuations, trade well and keep your wallet safe with encryption, if you not pass this security information on to a trusted friend, executor of your estate or your heirs, no one will be able to benefit from your investment.
Ensure that your chosen executor of your estate has a copy of your private wallet key. This should be written down in your will or saved on a memory drive and kept with your will or entrusted to your executor.