Cryptocurrency as an Asset of Your Trust
When Bitcoin was first created in 2009, to most people, the idea of open-source, decentralized cryptocurrency probably sounded like something from a futuristic action movie. Today, there are not just are many different types of cryptocurrencies but multiple ways to hold crypto as an asset and it is increasingly common to have crypto as a part of one’s investment portfolio. In terms of estate planning, it is easiest if you hold cryptocurrency in a coin-based account. Many people have Bitcoin, Ethereum, or Dogecoin in the form of a CryptoKey. This makes it harder because the asset doesn’t ‘live’ anywhere in the same way assets in a coin based account or in a more traditional financial portfolio do. The benefit of a coin-based account is that it enables you to name a pay on death beneficiary, much like banks and other financial institutions. To make sure our clients’ assets are protected, ...
