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Given the proliferation of digital currencies and their high value, one of the challenges today is how to inherit digital currencies. Digital currencies, like a person’s other property, can be passed on to the deceased heirs after his death. But because of the different nature of these assets, the transfer of digital currency to heirs may be challenging. For this reason, you must have a plan for this so that your property will be transferred to your loved ones after death. Otherwise, your digital assets may be permanently locked in the blockchain network, and no one will be able to use them.

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How to transfer digital currency to heirs

You can not just mention your digital currency in the will. You need to make sure your heirs can find and access it.

If you are a long-term digital currency holder or just in the digital currency market for entertainment, you must have a plan to pass on digital currency to your heirs after death. Digital currency is not a kind of digital cash, like traditional assets. It is not enough to state the number of your purchases in the will and declare it. Without the necessary information, your heirs will not be able to find or access your digital currency assets, and your support in the blockchain network will be permanently blocked and unusable.

To ensure that your loved ones inherit digital currency, do the following:

• Write the name of your digital currency in the will.
• Include information about your digital currency wallets in your choice.
• Keep notes of what you learned from the process.
• Have a step-by-step guide explaining how your heirs access your digital currencies.

Write your list of digital currencies in your will.

It may seem obvious, but you have to write your digital currency in the will. If what belongs to you is not mentioned in your choice, it may be unusable forever. Property that is in physical form or registered in the countries’ government system; if it is not in your will, there is no problem. Finally, the heirs will discover this property, and it will be determined that this property belongs to you.

Even if your heirs only have vague information that you are active in the digital currency market and are unaware of the name of your digital currency and your wallets and cannot enter digital currency wallet or do not know your exchange account password, Can not withdraw from your account. To avoid this problem, clearly describe your digital currency and say how they can access it.

List your digital currencies wallets in your will!

To pass on digital currency to your heirs, in addition to listing the names of your digital currencies, you need to tell them exactly where to find these digital currencies. If you do not, among the many types of digital wallets and various online exchanges, your loved ones should look for the needle in a haystack. For easy transfer of digital currency to heirs, you must explicitly specify where your digital currency is stored.

Keep in mind that your wallet may be on your computer, smartphone, or hardware wallet. It is important to name these devices in your will and write down the key elements of your digital currency wallets so that your heirs can easily access your assets. You will also need to include your wallet backup information in your will. Make a supplementary note to your choice.

Only when you put your digital currency information in your will does a major challenge arise, and that is security. It can be a security challenge for you to put your wallet information such as passwords or pins directly in your will. Many users of digital currencies hate doing this for fear of their information being leaked or hacked.

That’s why you need to have a supplementary note and put sensitive information in that note instead of in the will. A message is a separate document mentioned in your choice but is not part of the will itself. This note can be more private and your privacy more protected.

As this note is a separate document, it can be changed or updated from time to time without any formalities. This note should include the following:

• The type of digital currency wallet (s) you have;
• Any computer, smartphone, or device on which you have stored your digital currency;
• Website link of online exchanges in which you have an account;
• Enter any login and password information required for each wallet, report, and website.

Your note can be kept with a will or in a different place with other documents such as your title deed or power of attorney. Make sure your heirs can find the note after you die.

Provide a guide to accessing digital currencies

Working with digital currencies may be easy for you, but it may not be for your heirs. Some can hardly work with digital currencies. Make it easy for your loved ones to get a step-by-step guide that explains how to access your digital currency. This can be a separate document, or it can be accompanied by your PINs and password notes.

Even if your heirs are already familiar with digital currencies, they may not be familiar with how to access your currencies. Putting instructions in simple language helps them access your currencies without stress and mistakes.

When writing instructions, assume that your heir knows nothing about digital currencies. With this guide, your heir should be able to do the basics from accessing your wallet to finishing work and exchanging digital currency with Fiat currency. Like your digital currency information note, this guide can be attached to your will and may need to be updated from time to time.

After creating the guide, try it for yourself. Following these guidelines will ensure that you provide all your loved ones’ information to access their digital currency.

With all this done, some may not be able to work with digital currencies. You may not be able to transfer your digital assets to themselves using the instructions. So if you have a lawyer, it is best to ask your lawyer to acquire digital currency. And knowledge or hire someone who specializes in this field. If you do not have a lawyer, list a trusted friend or acquaintance in the will so that they can do it for your loved ones.

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Concluding remarks

Because the transfer of digital currency to your heirs after death requires more planning than traditional assets. In this article, we have tried to tell you the points that you should pay attention to. With a little time spent, you can simplify the process of inheriting your digital currencies for your stakeholders. It makes sure they inherit your cryptocurrencies. You can provide all the necessary information alone or consult a lawyer for help. The important thing is to make sure your loved ones know that you have digital currency and that they have the information to access it after you die.