For those who own Bitcoins and other digital currency, those assets are part of their estate after death. They will be distributed to the heirs according to the owner’s will, or via laws of intestate succession if the owner died without a will. While this sounds straightforward, it may not happen as seamlessly as cash money in a regular banking institution.
If the owner fails to leave proper instructions for accessing this digital currency it may be lost forever. Typically, Bitcoins are stored in a digital wallet, accessible via an app. The security and encryption process is very high level to prevent cyber attacks. It is possible to pull the information offline and keep a physical copy of the serial numbers in a safe or safe-deposit box.
Ensuring that your digital currency is both safe and accessible to your heirs should you pass away takes some prudent planning. For assistance in securing your digital assets as part of your estate planning, contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area.