What happens to a crypto fortune when the owner dies?
Death is the only sure thing in this world, but have you ever wondered what’s going to happen to cryptos like Bitcoin when the owner dies? That’s the question that people do not usually ask.
We all know that cryptos are extremely a secured type of investment. It is structured in a way that it gives a more secured investment to its owners compared to the other types of investments. If your family does not know the credentials for your account, will they still be able to access it in case of emergencies? Can other people access someone’s account when the owner dies?
Here’s the answer:
If a Bitcoin owner dies and no one in the family knows the access code or the private key to his/her account, it’s more likely that the account will be discarded without the assets having been accessed.
Yes. It’s like saying goodbye to all your crypto investments. That’s why crypto investors are encouraged to keep a copy of its private key in a secret place and have it accessed by his/her family in case of emergency. Or, you may also let your wife or your heirs know the private key to make sure that your crypto investment will be put to use no matter what may happen in the future.
That’s one of the advantages of specialized commercial service. They will secure your private keys, and will only share the information to the people who were authorized by the original owner whenever an emergency happens.