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How To Fund Bitcoin to Your Trust

BitcoinSecrecy is the key to bitcoin or cryptocurrency. It’s invisible, so there’s some degree of mystery surrounding this new type of money.

 

Cryptocurrency like Bitcoin is now a becoming more mainstream.  One question that is being asked more frequently these days, is what happens to your cryptocurrency when you die? What if that’s your main asset—not real estate, or physical money?  This is a legitimate concern since cryptocurrency like Bitcoin is stored in virtual wallets.

A wallet has a combination of random characters called a “public key” required for sending or receiving the currency. There’s another key, called the “private key,” which is like a password you’d use to access your account.  Imagine that a cryptocurrency owner dies, without divulging their “private key.” This could mean the heirs will have a tough time gaining access to the funds.  They would actually never get to it.

That is why it’s so important, as part of your estate planning, to put your “private key” details into your will. This is safer than making a note of it somewhere, which could easily be discarded and lost forever. Another option is to put the “private key” on a flash drive, so it’s in physical form.  However, there are also risks with this, like the “private key” being deleted. There are third-party exchanges that many Bitcoin investors use which act like banks. They keep the “private key” for the customer.

You should also tell your family that you have cryptocurrency in a wallet because a third-party service won’t announce to your next of kin that you have cryptocurrency.  Handling your estate when you only have cryptocurrency can be tricky, but there are ways for you to do it.   We can help you with this; call us at 757.259.0707 or request a complimentary consultation by clicking this link.

Reference: Bankless Times (March 6, 2018) “What happens when your estate is cryptocurrency?”

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.