While people were creating their wealth, they have mostly acquired objects that we can physically contact such as jewellery, real estate, money. Today, however, the perception of wealth has changed and digital assets have been added to this physical wealth. These include crypto coins and NFT artworks stored in crypto wallets. Moreover, these mean a huge accumulation. It is said that in the next 50 years, assets worth more than $15 trillion may be transferred by inheritance.
Leaving digital savings to heirs is not as simple as leaving money or housing; because testaments are not designed to hide personal information such as passwords. Crypto money trading also takes place with systems called crypto money wallets such as tether wallet, and your only connection with your money is an unchangeable password created for you. This system is not like the mention of your name on any title deed or a special bank account opened in your name.
This password system also brings the following risk; After your death, your will is opened through the court and becomes public due to the open trial principle as it is subject to court. No matter how delayed this process is, it threatens the security of your password; Your family may be late deciphering what this password means, and when they do, it may be too late.
Crypto Coins After You Die
There is a roadmap drawn on the allocation of traditional assets through the court. However, this roadmap for cryptocurrencies is not clear. Because cryptocurrency trading platforms do not allow their customers to appoint a guardian. Coinbase, the largest trading platform, leaves the password holders the task of evaluating their savings in case a customer dies. Gemini, another major stock exchange, completely refuses to comment on the subject.
In the light of this information, it does not seem possible to legitimately inherit crypto money under today’s conditions. In an online discussion, readers suggested that individuals could distribute their wallet passwords piece by piece to their crown so that cryptocurrencies could be shared between heirs in the event of a death. Although it has some legal problems, for now, this seems the most logical way.
Industry experts say that between 2.3 million and 3.7 million Bitcoins were “lost” for many reasons, including death. These figures point to a loss between $15 billion and $24 billion at today’s exchange rates.