Why You Should Include Crypto in Your Will
According to recent research from ‘The 2022 Global State of Crypto Report’, nearly one in five UK adults own cryptocurrency, with almost half – 45% – buying it for the first time in 2021.
The report also found that London had the highest crypto ownership at 23%, tailed by the Northwest at 12%, and South and East Anglia both at 11%.
Research shows how a significant portion of the UK population takes part in digital asset trading, and therefore how important it is for people to become more educated on how to include it in their will.
When it comes to estate planning and creating a will, many people forget to include, or are even asked about cryptocurrency inheritance - which can then have major implications for how these assets can be passed on. Digital asset trading has become increasingly popular over the last few years, and it is important to make sure that your digital assets are accounted for in the event of disability or death.
All of these factors point toward a major question:
What happens if you don't plan or acknowledge crypto holdings in your will?
Without proper estate planning and the inclusion of crypto in your will, your crypto could remain dormant with no way for anyone else to access it after you're gone. It is therefore important to ensure that all of your digital assets reach the right people when the time comes for cryptocurrency inheritance – and without any hassle or confusion among those involved. From a lawyer’s perspective, as digital asset trading become more popular among investors and consumers alike, it's wise to know how these assets fit into one’s overall estate plan before something happens down the line.
By taking proper precautions now while creating an estate plan that includes cryptocurrency inheritance, then you can rest easy knowing everything is taken care off if something were ever happen down the line involving these valuable digital assets!
Keep your eyes peeled for a further article from us here at GlobalBlock on the best ways to make provisions in your will for your crypto holdings, and the pros and cons of various methods of holding your crypto.
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