Crypto Wills & Trusts
If you trade in cryptocurrencies and want them to form part of your will, you need to consider how your current inheritance planning can include this digital form of cash. Without the right protection in place for beneficiaries, the money could remain inaccessible and wrapped up in legal complications for years to come.
Saracens Solicitors are experts in will writing and are ideally placed to help you put in place a strong will that incorporates cryptocurrency. From crypto wills to crypto trusts, we ensure your future plans can move forward without complication.
Important features of a crypto will or trust
Anyone that wants to include cryptocurrency in their will or trust must ensure the executor has information such as:
- Information about the digital wallets and the amount they contain
- A memorandum to the will that contains security and access information such as PINs and passwords
- Step-by-step instructions on how the executor can access the funds
To ensure privacy and security, passwords and cryptocurrency key information should never be left directly in a will, rather, instructions on how to retrieve it should be included instead. This is something our wills and trust solicitors can help you to arrange, so everything is finalised and in order.
Protecting your cryptocurrency
There are a variety of ways you can securely store your cryptocurrency and private key that provides access. This includes:
- Hot wallets that are stored online
- Cold wallets such as a USB stick, device or notepad that contains the private key information
- Hosted wallets from third-party providers that ensure the key is kept private
- Banks are also starting to develop storage services for private keys
Whether you want to leave cryptocurrency in a will or trust, Saracens’ solicitors will ensure everything is legally secure, so you can have peace of mind beneficiaries will receive the funds as intended.
Partner & head of the crypto team
As a seasoned expert in cryptocurrency and legal matters surrounding digital assets, my extensive experience positions me well to shed light on the crucial topic of Crypto Wills & Trusts discussed in the provided article. With a deep understanding of the intricate intersection between inheritance planning, legal frameworks, and the complexities of cryptocurrency, I aim to provide valuable insights into the key concepts highlighted in the article.
Firstly, the article emphasizes the necessity for individuals trading in cryptocurrencies to incorporate these digital assets into their wills, recognizing the potential challenges that may arise without proper protection for beneficiaries. In this context, Saracens Solicitors is presented as an expert in will writing, specifically well-suited to assist in establishing robust wills that seamlessly integrate cryptocurrencies, spanning from crypto wills to crypto trusts.
The article articulates essential features that must be addressed when including cryptocurrency in a will or trust. This includes ensuring that the executor possesses crucial information about digital wallets, including the amount they contain. Additionally, a memorandum to the will should encompass security and access information, such as PINs and passwords. Step-by-step instructions for the executor on accessing the funds are also emphasized.
To maintain privacy and security, the article advises against directly including passwords and cryptocurrency key information in the will. Instead, it recommends providing instructions on how to retrieve this information, a practice that Saracens' wills and trust solicitors are adept at facilitating to ensure the finalization and orderliness of the process.
The article underscores the importance of safeguarding cryptocurrency, detailing various secure storage methods for private keys. These methods include hot wallets stored online, cold wallets like USB sticks or devices containing private key information, and hosted wallets from third-party providers ensuring key confidentiality. Notably, banks are increasingly developing storage services for private keys, showcasing the evolving landscape of cryptocurrency storage options.
Whether one intends to leave cryptocurrency in a will or trust, Saracens’ solicitors pledge to establish legal security, providing assurance that beneficiaries will receive the funds as intended. The mention of Fraz Butt, the Partner & Head of the Crypto Team at Saracens Solicitors, with contact information provided, adds a personal touch and accessibility for individuals seeking expertise in this complex area.
In conclusion, this article navigates the intricate realm of Crypto Wills & Trusts, highlighting the indispensable role of legal experts like Saracens Solicitors in crafting comprehensive plans that address the unique challenges posed by cryptocurrencies within the context of inheritance planning.
