Don’t Lose Your Cryptocurrency in Cyberspace

by Irina Ling and Steffi Gascón Hafen

Cryptocurrency investments have become increasingly prevalent, initial coin offerings are on the rise and countless cryptocurrency exchanges and digital wallets make investing in virtual currencies easily accessible to all types of investors, from seasoned traders to hopeful college students.

Anonymity combined with the theoretical lack of governmental intrusion draws many to cryptocurrency investments.However, these positive associations can have their downsides – if your client dies without taking appropriate steps to transfer his cryptocurrency, the cryptocurrency may die with him. Furthermore, the relatively quick appreciation of cryptocurrency since its inception means such assets may be a significant part of a person’s wealth. Additional consideration should be given to the impact of such assets on the overall estate, and how such assets are transferred at death. Anyone owning…