Cryptoassets represent a new type of asset. There is no need for third parties to use them, they are free of central registries and are not guaranteed by state authority. That is why they are very specific from the point of view of law and, in particular, inheritance. Do not rely on a notary, the court or your relatives to sort out the inheritance of crypto-assets.

We recommend that you take the necessary steps in time to avoid irreversible loss of your cryptoassets. Whether you hold bitcoin, stablecoins or other digital assets, you need to think about what happens to them in the event of your passing.

 

Where is the Catch?

 

Establishing assets in the estate

A common perception of the course of succession proceedings is that the notary searches in detail and in depth for the assets belonging to the estate. However, the reality is that the notary will normally make inquiries of banks to see whether the testator had a bank account or investment account with them, and will look into the land register and the vehicle register. However, this is usually the end of his activity and for the rest he relies on information from the bereaved.

Therefore, if the bereaved do not know about your crypto-assets (or do not find out about it in an appropriate way), the prefix crypto for your crypto-assets may take on the original Greek meaning of hidden, secret, concealed or figuratively "lost". A notary will usually not be able to trace the assets based on information such as "He always said he had something on some exchange." or "He was showing me some NFTs or something." Moreover, large exchanges such as Coinbase will often not even know about the passing of a user (unless contacted by the bereaved, for example). Thus, even the crypto-asset service providers themselves do not actively alert the notary of the assets in the estate.

 

Information asymmetry

The safekeeping of crypto-assets (self-custody) can be a complex matter, especially if your crypto-assets are of significant value. This can be doubly true for non-bitcoin crypto-assets, as they often enable complex operations.

We have no doubt that you are familiar with all of this and know how your crypto-assets are stored, what their value is, where they can be exchanged and how to exit to fiat if necessary. But what about your loved ones? Do they know what an NFT or LP token is? Will they be able to handle it?

 

Technological debt

If you have your crypto-assets in self-custody, you usually have a system in place, including, for example, hardware wallets, seed backups, and so on. You, of course, know what is important, where the backups are located, how to access everything if needed, and how to proceed.

However, if your bereaved have no idea how self-custody for crypto-assets works, they may not attribute sufficient importance to certain items or documents. They may, for example, consider the seed backups to be worthless notes and dispose of them or give them to someone else or make them available to third parties. Your cleverly hidden Trezor in an antique coffee can may eventually be discovered by the new owners of your house when they are clearing out the attic.

 

What we can do for you

We can help you set up your crypto plan properly so that:

  • Match your wishes and life situation,

  • is legally enforceable, and can withstand probate proceedings,

  • everything is technically sound, and your setup is user-friendly for your loved ones.

Our services include

  • Individual legal solutions for dealing with cryptoassets in the event of your death, including clear documentation for future heirs,

  • Recommendations on how to secure and safely store crypto-assets so that only authorized persons have access to them while they are protected during your lifetime,

  • drafting a will with a notary to ensure that your assets are passed on in the event of your passing as you wish,

  • the possibility of custody of sensitive information (e.g. part of a multi share, access instructions, etc.) in a lawyer's or notary's custody.

  • Administrators of the estate or executors of the will - legal and technical assistance for your bereaved;

  • regular updating and keeping up-to-date so that the settings always correspond to your life situation, family, property, etc.

 

We understand the legal and technical context

We know that crypto-asset security is a complex issue. That's why we follow the evolution of technology, protocols and security standards.

We are happy to advise you on how to properly preserve the access data to your crypto-assets and other digital assets. If necessary, we will engage experts in cybersecurity, hardware wallets or digital asset management.

 

Start on time

With a timely crypto-asset inheritance plan, you can avoid unnecessary complications in the future. Ensure that your assets are passed on to your survivors according to your wishes!

Unfortunately, once a seed phrase has been lost, no one will recover it and it will be very difficult for a notary to access your account on a foreign cryptocurrency exchange.

 

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