There is a common myth that wills are for the elderly generation. This could not be further from the truth.
With the ever growing popularity of cryptocurrency among the younger generation it is important that succession planning is considered at all ages to ensure that the accounts, wallets or platforms where assets are held can be accessed by family members.
Unlike banks, cryptocurrencies are not centralised which can make access to the place where the cryptocurrencies are stored after death extremely difficult.
Unless family members are aware that the deceased individual owns cryptocurrencies, the place where these are stored and how to access them, the death of the account holder could result in these assets being lost forever.
It is therefore vital to advise a trusted family member of where account details and passwords are stored, or, to ensure that all the assets finds its way to the correct people, draft a will!
...a survey of crypto investors revealed that 40 percent of respondents did not have a plan in place for how to pass on their cryptocurrency assets.