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I talked to a lawyer about how to properly transfer my crypto after I die, and this is what they said

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by COINS NEWS 179 Views

So I've been looking into this for a while now and talked to a few lawyers. Keep in mind I'm in the USA, so the laws in your area should be looked at (EVEN WITHIN THE USA SINCE LAWS CAN CHANGE).

Exchanges (Beneficiary)

Not all exchanges allows for this yet, but the ones that do look for beneficiary. In short, beneficiary in many places DOES override the will unless if you mark your estate as your beneficiary.

Now with this being said, some exchanges don't allow for this yet so the answer there is to simply look at their policies. One option is to have login info protected but given when you die. Lastpass does have ways to do this btw. But from there they can transfer the assets out of the account to their account. If you take this option, it is suggested that you talk to a lawyer about this so they can make sure you setup your will right for this. Like so a single person gets your login info and it is their job to transfer your assets out to the proper people at proper amounts.

Hardware wallets

This can be apart of your normal will, but you should leave detail instructions on how to use it or recover the info. This allowing the person getting the crypto from the hardware wallet access to it, for them to be able to know what to do with it, and so on.

A major thing that can be done is to have it where a trusted person has access to the hardware wallet, and they give the proper amount to whomever.

Software wallets

It is important to mark this in your will because people might sell off or do whatever to your computer, phone, etc. This means anything in them will be lost unless if the recovery keys are in proper places. But since most aren't the best with things, it is best to note this within the will. That away on a off chance the devices ended up in someone who isn't trustworthy and knows what they are looking at. They don't deplete the accounts before someone uses the recovery key.

Basically it should be extremely expected that family will try to go through your devices (computers and what not. Much of this is to find photos or other things that could be lost forever).

Writing wills

Some places it has to go through lawyers, some you can write them. It's almost always suggested that you get a lawyer to help you, but what some of the lawyers recommend is don't explain why you are leaving things to whomever in the will.

Media makes it out to be they gather the family in a room and do a reading. What is said in reality is lawyers aren't train to stop physical fights so this never really happens. And if you do want to give a given message to someone or explain things. A completely separate document should be used.

What is interesting is one thing that was said by some of the lawyers is in some places you might not need a will at all. Like if your giving things to your next of kin, then by law it will go to them anyways. BUT the person should look at their local laws on what is next of kin. Some places legally define it differently.

What is said is for those going for that, it is best to just give a basic instructions to whomever so they know what to do with whatever. Like how to log into your exchanges or whatever.

Important

Some areas have laws like if your account isn't used in x amount of time then all your assets gets dissolved and turned over to the state. So what is said is if you use a will or expect next of kin laws to help. You should always leave instructions on where to go, how to move assets, and what to do with the assets. Along with explanations on why, why they need to be dealt with sooner than later, and other factors you feel they need to know.

But again, that shouldn't be in the will, it should be a separate document.


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