How to Pass On Your Cryptocurrency When You’re No Longer Here
If you plan on holding your cryptocurrency long term, it is a wise decision to make the proper arrangements should you pass away before you get the chance to touch it.
When you store your cryptocurrency in a virtual wallet, you are given a public key and private key. The public is visible to anyone and acts as a way for you to send and receive crypto, while the private allows you to access your wallet. If you pass away without sharing the private key, you risk your holdings being locked away forever.
Since cryptocurrency is a new asset class, most wallets and platforms lack the necessary tools to ensure that one’s coins are safely passed on to a beneficiary. There is, however, one platform that will let you make these arrangements for free and right from your smartphone.
The Tomorrow App helps families and individuals make long-term financial and legal decisions. Just recently, Tomorrow recognized this gap in the industry and has now launched a new asset class to identify cryptocurrency as part of one’s estate.
With Tomorrow, you can organize what cryptocurrency you own and list information such as keys and which wallets are being used for storage. The app also lets you easily update your information with any new trades and reprint your standalone will as needed. What’s more, you can use the pour-over will and trust combination to flow your assets into your Tomorrow Trust automatically for seamless updating. The final step is then sharing all of this information by tying your will to an executor.
“Owning crypto brings unique challenges to your portfolio. It is important to treat it as part of your net worth and make sure it is part of your estate planning,” said Wayne Rambo, Co-Founder, VP of engineering and Chief Crypto-head. “When one has crypto assets, they need to make sure they have plans for how to HODL for the long term. I’m talking generations.”
No one knows where Cryptocurrency will go in the coming years, but should the coins you’ve invested in go to the moon, you’ll want to make sure your holdings end up in the right hands. Tomorrow is the easiest way to add cryptocurrency to your will and trust.