When you're Gone, Make Sure your Crypto Isn't

2019-04-05T17:37:50.000Z Honest Cash

You've spent many years of your life working hard at a job to invest some of your money into a cryptocurrency like Bitcoin. The value fluctuates greatly, but you know eventually it will go up.

But then one day the inevitable happens. You were driving or maybe just sitting around when something happened that caused you to, well, pass on. Now you're gone - and the hundreds or thousands of dollars you invested are now gone, too. This shouldn't happen. Your wallet should be set up as an inheritance for your family when you pass to allow them to continue your smart investment in the world of cryptocurrency. There's just one problem…

…your family doesn't even know how to access your wallet.

This is not only a very real possibility in your life, but it has also probably happened before. People don't usually plan their death, and if they do the last thing they are thinking about is the assets they're tied up in (this is precisely why most people plan their death). What are you going to have happen to your assets once they are gone? It is important to remember, cryptocurrencies are assets just like your car, home, or physical currency.

Let your family know that you invest

They might not understand it, but they need to know that you invest money in the world of cryptocurrency. Try your best to explain that they are decentralized, transparent, and valid currencies that are simply virtual. It still trades hands just like physical money.

Teach your family how to access your wallet

This is the most important step. Your family needs to know how to access your wallet; how else could they get their money?

Tell your family where they can get the address and secret phrase or account credentials for the wallet in question (i.e. Coinbase or Bitcoin.com wallet). Tell them what website, what app on your phone, etc. they need to use. Show them how to use your hardware wallet, if you have one.

The best thing you can do for your family, though, is print a paper wallet and keep it in a safe place. This will be easier for them to access a wallet when they need to, because let's face it - you're not going to be able to answer their questions when you're gone.

Teach your family how to use cryptocurrencies

They know how to get into the wallet, but do they know how to turn those numbers into cash or physical assets?

You must teach your family about how to trade, sell, or purchase with cryptocurrency. Otherwise, the assets you have in the account are worthless to them.

If need be, designate a trusted person who can assist them in this process. This can be a friend or even the company through whom you carry your wallet. Ask the company to create a feature that would allow for your account to be put into a special mode for when you are gone. There must be less stigma around the issue of death - banks are set to release funds to families when you're gone, your wallet should be no different.

I sincerely hope you'll now consider the steps I listed above. It is imperative the funds you worked hard to earn are not lost after you are gone. This will be a good way for your family to have a good sum of money for a funeral, food, etc. to support themselves for a while.

Responses


RE: When you're Gone, Make Sure your Crypto Isn't

by @siddartha

This is seriously a very important thing. What's the use of thousands or even millions of $ worth of cryptos in your wallets if your family can't use them after your death.