The Importance Of Estate Planning
As investing in cryptocurrencies becomes increasingly popular, long-term investors are increasingly concerned with the uncomfortable question, what happens to my cryptocurrencies if I pass away or become incapacitated.
Crossgate Capital is a traditional investment vehicle, with Shares titled in the investor’s name, which may provide an easier and more familiar solution in respect to estate planning. If an unfortunate event occurs, the Shares you hold form part of the assets of your estate. The administrator for the estate, can therefore make contact with us to assist.
Individual investors who purchase cryptocurrencies through an exchange and hold the assets themselves may need a plan to ensure their beneficiaries can access their investment. If the private keys to a cryptocurrency wallet are no longer available, then the cryptocurrency could be lost forever. This is because blockchains are highly secure and the entire process is decentralised, so there is no way to restore a private key. This also makes whatever cryptocurrency you’ve invested in a challenge to pass on.
Individual investors may share their private keys with a trusted representative, so their investment can be accessed if required. They may need to keep a note of specific instructions on how to access the private key in the wallet, all usernames for online accounts and any details on the public and private keys themselves. Or identify another way to ensure that their investment can be accessed.
Crossgate Capital provides a simple solution to this important question.