Protection of assets for inheritances in cryptocurrencies
The blockchain technology protects personal data and assets during a death as well as the rights of heirs of digital currency
There are many cases of theft of personal data and scams in digital currencies transactions that are currently investigated. The blockchain technology is the ideal ally in this and other legal scenarios. For those who maintain assets in cryptocurrencies and wish to leave them in inheritance, it is essential to know how the digital ecosystem works in addition to fraud protection mechanisms.
Although the inheritance processes are already uncomfortable, full of paperwork and stress, it is important to think ahead in order to leave all the financial matters and the succession of assets in order, as well as to seek the advice that allows them to be protected.
In the specific case of the inclusion of cryptocurrencies in inheritances, the guarantee is that they are durable and indestructible. In order for a third party to inherit them, the person must establish a clear and simple route so that in case of death they can access them. A first recommendation is that the family knows the password of emails, the virtual wallets that the person has and the corresponding keys.
Of course, it is necessary to establish a will that fits the legal framework of the country. One of the requirements may be the declaration before the corresponding department of digital assets to prevent the heir loses part of the assets after the death of the relative.
In the testament, the heir must be authorized to receive the cryptocurrencies. It is vital that those involved are familiar with these technologies, the terminology and related mechanisms, and thus ensure that they understand the process of allocating the inheritance.
M.Pino
Source: Coincrispy
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