Study Shows Digital Assets are Unlikely Accounted for in Estate Planning
A recent study by the Cremation Institute, shows that the majority of cryptocurrency holders are concerned about passing on their assets after they die, but a large proportion fail to use wills, trusts, or proper instructions for beneficiaries.
This lack of preparation, according to the Institute, is due to a lack of estate services focusing on crypto assets and a lack of government regulation.
McLeod Law's Matthew Burgoyne comments that he "believes there will be a surge in the number of AI-based third-party services which manage private keys in the event of death."
According to the Cremation Institute’s Adam Binstock, the study was conducted after “hearing about the horror stories of people dying with their assets.”
Cryptocurrency insurance company, Coincover estimates that nearly 4 million Bitcoin (BTC) — more than $37 billion — are effectively out of circulation after access was lost.
If you have questions about incorporating your digital assets in your will and estate plan, we can help. Call one of our lawyers in our Wills, Trusts & Estates group — we're here to assist you.
Stay safe and well!