Q & A:
Q: How should I include my cryptocurrency in my estate plan?
A: Dear Digital:
Just like any other property you want to pass on, detail in your estate plan who you want to inherit your cryptocurrency, and then include specific instructions in your will or trust how you’d like the accounts managed in the future. But do NOT include passwords or security keys in your planning documents, where they can be read by others. This is especially true for your will, which becomes public record upon your death. Instead, keep this information in a separate, secure location, and provide your fiduciary with instructions about how to access it. Consider using digital account-management services to help streamline this process.
Given the complex and highly encrypted nature of cryptocurrency, consider including provisions in your plan allowing your fiduciary to hire an IT consultant to deal with any technical challenges that might come up.
As your Personal Family Lawyer®, we can help you update your estate plan to include not only your physical wealth and property, but all of your digital assets like cryptocurrency, too.