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Cryptocurrency and estate planning

Kent area residents who think estate planning is just for old people and creating a will, think again. Estate planning has evolved into much more and is constantly adapting with new matters that need to be protected. Cryptocurrency is a newer type of currency that has advantages for many different types of people and is critical to include in an estate plan.

Cryptocurrency is a new type of currency that many people are using. The online only currency, like bitcoin, is considered personal property and not cash. Because cryptocurrency is online only and is an incredibly private currency, it is even more important for those to have it to make sure it is included in their estate plan. If the person who dies doesn't share the key for the currency, the currency will be lost forever. At this time it is estimated that 20% of cryptocurrency is lost, and that number is sure to increase as the majority of people who purchase cryptocurrency are in their 20s and 30s.

There are certain things individuals should do to include cryptocurrency in their estate plan. All online accounts should be included on a list and shared with an estate planning attorney and the estate's beneficiary. A person should record where they got the cryptocurrency and how much they bought. The private key or password should also be provided.

An attorney who specializes in estate planning can help their client examine their estate planning needs. An attorney understands the intricacies that can go into an estate plan and knows what needs to be included. They can make sure their client has an estate plan that meets the family's unique needs and circumstances and is up-to-date with today's constantly changing world.

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