31 Jul '15, 4pm

Death and Bitcoin: How Digital Currencies Affect Estate Planning

It may not be at the forefront of your digital currency interests, but cryptocurrencies have unique characteristics that require careful consideration for estate planning. If you have bitcoin, for example, but your beneficiaries do not know about it when you die, they likely never will. Bitcoin transactions are anonymous. And loved ones cannot visit a bitcoin operator like they might visit a bank to see about your assets. The bitcoin will continue to exist, but no one will be able to access it. If a bitcoin owner wants someone to inherit their bitcoin, they can arrange for their beneficiaries or executor to have access to their bitcoin wallet and private key after they die. Bitcoin owners can make copies of their bitcoin wallet for loved ones (the least secure method), or they can use services like deathswitch.com to securely share information after death. Assuming the bit...

Full article: http://www.jdsupra.com/legalnews/death-and-bitcoin-how-di...

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