A new study released reveals that crypto investors are underprepared for their own untimely demise. Without a plan in place, crypto assets could be lost forever, leaving loved ones without access and out of an inheritance.
With so many crypto investors so woefully unprepared for their own passing, what steps can be taken to get up to speed?
“In This World Nothing Can Be Said To Be Certain, Except Death and Taxes”
It’s morbid to think about, but the one thing guaranteed in life is death.
Everybody dies someday. And almost no one knows it’s coming. When your time is up, there’s nothing you can do about it.
It’s what you do in your days on Earth that matters the most. This includes living every day as if it is your last and making proper preparations for your passing ahead of time.
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If you’ve got next of kin, and are invested in Bitcoin and other crypto assets, chances are, you would want those assets to go to loved ones in the result of an unexpected passing.
Funerals cost a fortune and losing an income can be a devastating blow to any family, second only to the loss of a family member.
Sadly, a new study shows crypto investors are predominantly unprepared for crypto inheritance.
Crypto and Bitcoin Investors Don’t Know How To Plan For Inheritance
A new report from the Cremation Institute sheds some light on a dark topic that nobody likes to discuss: death.
Crypto, like any asset, can and should be passed along to next of kin as an inheritance.
It’s a topic that as much as 89% of crypto investors worry about. But even with it a major concern for investors in the asset class, only 23% have a plan.
The study shows that the younger the generation, the less likely to have a plan. Women were also shown to be almost twice as likely to have a plan than men.
Crypto investors are 4 times less likely to have a will compared to other investors.
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The study also suggests that over 4 million of the 21 BTC supply are lost forever on the blockchain due to death.
In the early days of Bitcoin, paper wallets and confusing interfaces made things difficult to pass along crypto assets. But things are easier now.
Setting up a Ledger with instructions in a safe deposit box and setting up a will is the easiest plan to put in place. The challenge here is ensuring loved ones can’t access the funds ahead of time.
Author Pamela Morgan has published a helpful guide on the subject, for those looking for a starting point to begin planning their inheritance.
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.