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When implementing your Estate Plan, it is important to account for and address each asset that you own, even if it is in digital form. Cryptocurrency is encrypted digital currency, that does not exist as a physical record. Nevertheless, it should be addressed as part of and incorporated into your Estate Plan.
Common questions regarding incorporating Cryptocurrency into an Estate Plan include the following:
Should I incorporate it in my Last Will and Testament and/or my Trust?
Yes, you should include reference to it in your Last Will and Testament and/or Trust.
Should I incorporate the passcode into my Last Will and Testament and/or my Trust?
Generally, the way to access Cryptocurrency funds is by entering a personal passcode.
In most cases, it is not recommended that you place the passcode directly into your Estate Planning documents since it grants complete access to the funds. Instead, you should inform your fiduciary where this information can be found upon your passing. Selecting a trustworthy fiduciary (ie: Executor/Trustee) cannot be overemphasized in every situation, including this one.
With the increased usage of Cryptocurrency, it is important to address it in your Estate Plan.