Bequeath Cryptocurrency Funds as Heritage.

The cryptocurrencies as assets and financial tools, have acquired a value that require many transactions, fortunately, cryptocurrencies are durable and, except for technical, indestructible exceptions. Therefore, it is necessary to leave to the family the knowledge about the amount and type of cryptocurrencies that are possessed, making a list of all the savings distributed in hot or cold private portfolios, exchange houses and other services, as well as establishing the value of these at the time of lifting this record.

Defining the access routes to these cryptocurrencies and organizing keys and different security points that must be overcome to reach them. Also, it is important not only to leave the passwords in good hands to their future owners, but to make it clear that they have the power to access the portfolios with them.

Likewise, it is convenient to leave that family member / relatives the access codes to the email or cell phone, as in the exchange offices, since, otherwise, they might not be able to obtain the cryptocurrencies, even if they have the private keys of these online portfolios. In turn, it is necessary to write a will. Taking into account what the laws of the jurisdiction stipulate; preventing them from ending up in the hands of a judicial court and being distributed at their discretion.

The Computer Fraud and Abuse Act (CFAA), the United States federal statute and the Stored Information Act, stipulates that even though a person knows a password, it may not be authorized to access the information contained in electronic equipment or digital platforms.

At the same time, if the relatives to whom the inheritance of cryptocurrencies are left are unaware of the operation of the cryptocurrencies and the Blockchain technology, it is necessary not only to leave the private and public keys to them, but to explain to them theoretically what they are and what use they have. Also, in the accounting plane, it is recommended to use percentages to refer to the amount of cryptocurrencies and not the precise amount that you wish to bequeath.

In the same vein, someone can be trusted to help their heirs to do the tasks corresponding to the collection of this inheritance, such as opening a wallet or making a transaction.

In turn, it is necessary to keep the keys stored in secure sites and controlled access, such as bank vaults or with some information backup service, change them, and if it is a multifirm address, keep each of the signatures in separate sites.

One of the services that has emerged recently to address the problem of inheritance in cryptocurrencies is MyWish, a platform that through intelligent contracts allows to execute an inheritance according to the will of its owner. The contract allows you to establish some criteria to mobilize funds from one portfolio to another in case you are notified about the death of the bearer of the inheritance. Thus, it can be established that after a number of days of inactivity stipulated by the owner of the portfolio, the funds are transferred to another automatically.

Another service that works similarly, with smart contracts, is DigiPulse, just like the SafeHaven service, which also works with smart contracts.

In this sense, it is good that any investor who owns cryptocurrencies, trusted the relatives to whom it intends to leave the inheritance and leave them all the necessary routes so that they can appropriate the cryptocurrencies without difficulty, and not be lost with the death of the original owner, in the same way, make a legal testament, and use platforms on the web as recommended to be able to get family members to get to get the inheritance of the cryptocurrencies left in inheritance.


Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.

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