Welcome Yahoo Finance Legal column, where lawyers Alison and Jillian Barrett Maurice Blackburn Take the Australians’ problems every day that is faced – whether the consumer, propertyOr Money counts impacting relationships or work.
This week, a cryptocurrency investor asked if it was possible for family or friends to access their money if they die.
Question
I have been Invest quietly in the crypto In the past year and has made a decent profit of $ 100,000.
I recently heard of a scenario where a family was locked up from their child’s accounts after his death suddenly, because he did not have access to his telephone access code.
In the case of my death, I would like my partner to be able to access my crypto accounts, that I lacked my phone.
But I am worried because I don’t really want her to have access to all my photos and messages. How can I better make your access to certain things on my devices and no others. Or is it not possible?
And if it pushes you everything-is there a way to make sure that it won’t happen?
Answer
Cryptocurrency is a property, so it can be transmitted to your family through your will, just like a house, a car or a bank account.
However, unlike these traditional assets, the crypto is often locked behind private keys and passwords. If no one knows how to access it, they are actually lost forever.
It is an increasingly common concern, and we have all heard or read the horror stories of people losing their passwords or their hard drives and effectively losing hundreds of millions of dollars.
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This should include a list of your cryptographic operations, types of wallets and where they are stored. To ensure that this list can be included in your will, it should not include passwords, because a will becomes a public document during approval.
The inventory of assets must include the specifics of the crypto that you hold, for example 0.15 bitcoin or 1.5 Ethereum rather than their current dollars value because it will change.
This person will be responsible for the management of your digital assets if you die and the transfer of their property to the one you stimulate in your will.
Prepare an agreement protocol
This can be safely stored with your will and can contain passwords for your digital assets. This document is not made public during approval.
