Crypto lawyers suggest including highly detailed instructions in one’s will and appointing a crypto-savvy next-of-kin, among other suggestions.
Lawyers warn that the average password investor is likely to be unprepared to die in the elderly in a short period of time, but that doesn't mean they shouldn't set a goal to send his password when he is unlikely to die.
In an interview with Cointelegraph, Irina Schiff, a password maker in the United Arab Emirates, felt that the multibillion-dollar BTC (BTC) had long been damaged because idlers lacked a proper overall plan for death.
She stressed that because the public key had been pulled into the grave, many families were unable to access the encrypted assets of relatives and friends, and pointed out the need to discuss encrypted assets with their families and include them in suicide notes.
The most typical password investors are "men's millennials" between the ages of 27 and 42, the most difficult age for people to mention in communication is to assign their own accountants on the premise of death, Heaver said.
However, the teacher felt that it was very important to make sure that the suicide note administrator was proficient in the use of hot and cold alternate wallets in order to allocate his own assets appropriately.
Liam Hennessey, a partner at Australia's Gadens division and a digital asset manager, believes that password investors should understand that the "general first step" in protecting their families in the future is to prepare a suicide note-but they should also keep in mind that passwords are a complicated asset and must contain true and specific instructions about where the password is and how to obtain the key.
Seaver noticed a "very big problem" in the process of passing on the password, including a family finding her and asking him to help browse the password assets of his deceased relatives.
Krish Gosai, managing partner of Gosai Law and a digital asset manager, feels that it is particularly important to inform beneficiaries of encryption because of a lack of understanding of digital assets.
Gosai believes that notification of the emergence of encrypted assets related to authorized clients or family members is critical, but does not recommend sharing sensitive login information or seed statements, saying this is also unnecessary.
He suggested that if necessary, seed statements could also be assigned among the four main members of the family.
Tax problem
Because the tax structure of different jurisdictions is different, inheritance encryption can also be very complicated.
Schiffer added that in some jurisdictions, there is a house estate tax. In the UK, for example, encrypted assets will be taxed on house inheritance for the death of holders and income tax on efficient disposal.
In Australia, there is no house estate tax, but Schiff stresses that income tax will be levied if assets separated from deceased estates are dealt with.
She stressed that some jurisdictions had previously been tax-free, such as the Emirit of Saudi Arabia and the emirate.
Liam Hennessey, a digital asset strategist and Gadens partner, adds that completing digital assets at the best price is likely to be another complex issue because of a variety of factors, such as intelligent implementation agreements for price adjustments.