Estate Planning: Let's Discuss Digital Assets

Imagine a situation where someone owns cryptocurrency in a self-custodial wallet (where no third-party provider is involved). The value of their crypto assets may be quite substantial. This individual, passes away and there is no provision in their will for their digital assets. Their heirs can only access the cryptocurrency by having the private key. They have no idea where to look. They might not even be aware that the deceased owned digital assets. Digital currency may be lost forever.

Digital assets are not like traditional assets. As a result, unusual challenges may be presented. Online platforms usually come with stringent privacy policies. If no proper authorisation is given, successors may encounter difficulties accessing the accounts of a loved one that has passed away.