Passing On & Passing It On: How to Let Your Crypto Live On When You’re Gone
Life is short. The next 60 seconds is not guaranteed. Waking up tomorrow is not a certainty. We’ve heard people utter these grim expressions at some point in our lives, and for good reason. Life is unpredictable. There’s no telling what’s in store for us.
Your cryptocurrencies are intangible assets that could be worth millions one day. If that day happens after you’re gone, then you’ll probably want to make sure they’re passed on to your beneficiary of choice. Here are some suggestions to plan your crypto inheritance.
Dead Man’s Switch
Dead man’s switch programmes let you set up periodical emails or notifications to which you have to respond in a stipulated time. If there is inactivity for long periods, the programme could assume you’re either incapacitated or deceased, and your cryptos will then be transferred to your inheritor.
Some exchanges have provisions for transfer of ownership to ensure your cryptos go to the rightful heir, making the inheritance process hassle-free. Research the right exchange that provides this facility and you will be set.
A number of blockchain projects are here to help make inheriting your cryptos a lot less complicated. These projects provide services like safe and secure asset management, asset protection and transfer of keys.
Among the most popular projects include:
- TrustVerse (trustverse.io)
- Safe Haven (safehaven.io)
- DigiPulse (digipulse.io)
- Casa (keys.casa)
- PassOn (passon.com)
Put Pen to Paper
If you prefer to do things the old fashioned way, you could write down your crucial cryptocurrency investment details such as private keys and login IDs and pass it on to your beneficiary. This might not be the safest way to secure your inheritance, but it is the simplest.
Follow the Long Arm of the Law
No matter how and who you choose to pass your crypto to, don’t forget that inheritance laws and practices vary according to where your live. At the end of the day, your beneficiaries will probably have to go through some kind of legal process to inherit your assets, so in addition to setting up the mechanisms to transfer your crypto to your beneficiaries, be sure to also have a formal plan that complies with your local laws.
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