Gone Forever: ​Bitcoin, AltCoins, Asset‐Tokens, & Death

If you died tomorrow would your family inherit your bitcoin, altcoins, and asset-tokens? The answer depends on you. Legally the answer is yes, unless your passwords, passphrases, and key locations die with you. Without them, your crypto-assets will be inaccessible. Like gold coins buried in a meadow, your family may know the treasure exists, but they’ll never be able to access it.

Perhaps this wasn’t a big deal, before bitcoin, altcoins, and asset-tokens had “real” value. However with bitcoin’s current valuation exceeding US$6 billion, ethereum exceeding US$1 billion, and asset-tokens being developed with millions of venture capital funding, simply losing these assets is no longer an acceptable outcome. Not for you, not for your heirs.

But estate planning isn’t fun. Mortality. Succession. Who gets what. It’s easier to ignore, postpone, and delay thinking about these things. However, unlike many other assets, there are no fail-safes with these coins and tokens. When your assets are held by a bank (or any third party), a court can simply order the bank to give those assets an estate executor (the person who controls the distribution of assets) or even directly to named heirs. But with assets like bitcoin, a court order is

Read more ... source: TheBitcoinNews

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