With the recent passing of QuadrigaCX’s CEO, Gerald Cotten, many people began wondering about crypto inheritance. In a few decades, most countries will probably have very clear laws and rules about the subject.
The National Law Review, featured a piece by the lawyer Simon Goldring, which discussed the integration of cryptocurrencies as an inheritance. While it’s clear that Goldring is not a crypto expert, he does provide a reliable advice on how crypto assets should be handled after one’s passing.
There will always be loopholes to be exploited, but the government will always benefit at the end. The relatives of the deceased might have the option to pay less through wash trading, but they’ll inevitably pay. Depending on how laws change in the future, privacy coins would seem like the best option.
It the future a lot of the wills or Wish Letters will probably contain private keys. These documents will probably also contain instructions on how to access and spend the funds.
Of course, many people do not trust their governments and with many good reasons. That’s why it will probably not be uncommon for people to use platforms with Application Programming Interface (API) that measure activity signals. After the person is deceased and there is an inactivity period of 3-5 years, the assets can be transferred automatically towards a preselected beneficiary.
There has already been a very famous crypto inheritance
Hal Finney, was one of the first people to publicly discuss bitcoin and the first person to receive a donation from Satoshi Nakamoto. After his passing many people believe that he was Satoshi Nakamoto himself. Finney is also the first person to ever have a crypto inheritance after he left his private keys for his family to have. On the subject of crypto inheritance, he stated:
“Those discussions about inheriting bitcoins are of more than academic interest. My bitcoins are stored in a safe deposit box and my children are both tech savvy. I believe my bitcoins are safe enough and I’m very comfortable with my legacy.”
A hardware wallet can fall into the wrong hands easier. It’s possible that a great majority of private keys will be handed down to family members written on a piece of paper. Some legal strategies might include a family member to “find” the cryptocurrencies on the deceased’s computer.
People will without a doubt come with very creative ways to evade taxes and help their families, especially those who do not trust their governments.
With the modern debt-ridden economy, it’s completely understandable that most people live for the current moment. It’s hard to save money and even make reliable plans for the future.
Cryptocurrencies are here to stay however, and they will be here long after we’re gone. Facebook had to inevitably change some of its policies to allow family members to close accounts of deceased relatives.
In the future, crypto exchanges, legal firms and even governments will be forced to make changes because crypto inheritance will be a very ordinary occurrence.
You can also check out:
- Coinmine One: Mining Becoming a Part of Everyday Life - Dec 27, 2019
- Blockchain Games: Huge Potential for Drastic Changes - Dec 23, 2019
- Lition: One Very Small Project Shows Big Opportunity - Dec 20, 2019
- Talent Growth System by Coinbase is Already Practiced by Global Giants - Dec 19, 2019
- Double-Spending: Potential Risks and Integrated Solutions - Dec 18, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.