Nobody really wants to think about death – let alone plan for it – but if you don’t plan properly, your hard-earned Bitcoin and other cryptos could be lost in the ether. There are a handful of dilemmas that you have to overcome when leaving cryptos behind for loved ones and family, but with a little bit of smart planning you can be sure to leave your loved ones the crypto fortune they deserve.
Add Cryptos to Your Will
If you don’t have a will, everything will go to your next of kin by default. This could be your brother, sister, mom, dad, aunt, uncle, or cousins – depending on who qualifies as surviving family. Make sure you leave your cryptos to the people you want to have it the most, and the best way to do this is with a will. It only takes a few hours with a lawyer to create a legally binding will and you can change it at any time. Get your lawyer to include who gets your crypto upon your death, as without this important information included, those you love most might miss out on your holdings.
Storing Your Private Keys Safely
Any smart crypto hodler will tell you that you should have a few copies of your private keys and seed phrase close by. Now, this can create something of dilemma, due to the fact anyone could gain access to your will and poach that crypto – especially if the person you left it to doesn’t change this information. The best thing to do is store a copy of your private keys and seed phrases in a safety deposit box at a bank and leave the keys to it in the will.
This will help to mitigate any risks of people hacking documents, fires, or natural disasters destroying these keys and seed phrases along with your crypto. It’s also worth noting that you should only use a well-trusted bank, as this ensures increased security.
Don’t Tell Everyone About Your Crypto
One of the most important rules about crypto, is never talk about your crypto. When people find out how much crypto you have, you instantly become a target for hackers and thieves. Unfortunately for one crypto enthusiast, he announced to the world he had crypto and he was stabbed in the street for his digital currency stash. It’s fine to talk about crypto and how it’s performing, just never let anyone know how much you have, it could change your life forever – and not in a good way.
If you’re just getting started in the crypto trading world, you’re not alone. We have put together a helpful guide to get you through your first few trades – while it might be worth adding a link in your will in case your crypto recipient has no idea what to do with a digital currency inheritance. If you don’t leave your crypto to anyone, there is a good chance it could just become lost forever, adding to the huge sum of lost crypto that can never be brought back. Do the smart thing, make sure you factor your cryptocurrency into your last will and testament.