What Would Happen To Your Crypto Assets When You Are No More?
Did you get cryptocurrency from your parents? How about your kids? Your kids can inherit crypto. Many people invest in crypto assets and things are changing. Your loved ones will get cryptocurrency from you. What would happen to your crypto assets when you are no more?
We usually do not prefer to talk about that part. But the fact is, we cannot live forever. Now you work hard to invest in crypto and grow your wealth. You hold your crypto assets securely and do not want to compromise their safety and security.
You want your loved ones to get your crypto assets when you are no more. But if your private keys disappear with you, your kids will not have access to your crypto assets. Again if you tell more people about crypto holdings and private keys, you lower the security of your cryptocurrency.
It is not difficult to make an arrangement for other assets so that your loved ones get that. When you think about crypto inheritance, there are challenges and complexity. Crypto laws and regulations may not be clear. What you think is okay today can be an unregistered security in the future.
The lack of clear regulatory guidelines adds an extra layer of complexity. You may not face this in other assets class. You cannot say how crypto regulations will change and how they will impact your crypto holdings in the future.
You should decide what you would do so that your loved ones can get your crypto assets. It is better to teach your loved ones about how to handle crypto assets. Otherwise, even if they get access to your crypto assets, they might fail to handle that.
You can give them clear instructions about what to do to get access to your cryptocurrency when you are not there to guide them. You add an extra layer of security and do not keep your all eggs in one basket, aka, you can hold your crypto in different wallets. In case something happens to one wallet, your crypto assets in other wallets remain safe.
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It's a tough decision to make but I agree with leaving clear instructions. Letting your cryptos go to waste would suck.
Yes, that's a tough decision. You want your family to get your crypto assets. And this is something they need to learn how to handle it. Having clear instructions can help them to inherit crypto assets.