Crypto after death?

Imagine a crypto-rich relative or friend dies. While grieving, you may also wonder what happens to their assets. If they left any, how do you get them?

Jaime Herren, a Holland & Knight attorney, advises young cryptocurrency holders to consider these questions.

Estate planning is often overlooked as the crypto industry matures. Without a plan, crypto assets in hot and cold wallets and protected by private keys could be lost forever.

“Do it,” Herren said. “You’re never too young to plan your assets.” This advice also applies to traditional asset holders.

Herren, who manages complex assets, technology, digital assets, and intellectual property for individuals, says most estate plan clients are older. “Only parents under 40 do it. People sometimes want to take care of or leave things to the first kid. But no one else thinks about it until mortality starts ticking past 55 or 60,” she said.

The story may be changing. According to Caring.com’s 2023 Wills and Estate Planning study, 18-to-34-year-olds have increased estate planning by 63% over the past three years.

This applies to estate planning, not crypto asset planning.

Herren recommended updating estate plans every six months for wealthy crypto investors with over $10 million. Blockchain asset owners frequently move assets, so their estate plans should reflect that.