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"Who Has Your Crypto Keys?" The Vital Estate Planning Question from a Troy, Michigan Estate Lawyer

Posted by Andrew Byers | Mar 27, 2024 | 0 Comments

Are you part of the growing number of people in Troy who invest in cryptocurrency? Then there's a crucial question you need to ask yourself: "Who has access to my crypto keys?" As any savvy Troy estate lawyer will tell you, leaving your digital assets to loved ones is more complex than traditional assets. Without the right access information, your digital wealth could be as good as lost.

The Keys to Your Digital Treasure

Cryptocurrency is unique because it operates independently of a central bank and relies on cryptography for security. That's where your keys come in. They are the critical piece of information required to access and control your cryptocurrency. Without them, your digital assets are locked away, potentially forever.

Including Crypto in Your Estate Plan

When you're making an estate plan, you think about your house, your savings, and maybe even family heirlooms. But in today's digital age, your crypto needs to be part of that plan. An estate lawyer in Troy can help you navigate how to securely include your crypto keys in your estate plan.

Communicating Access Details

It's not enough to just mention your crypto assets in your will or trust. You need to ensure that your heirs know how to find and use your crypto keys. This isn't as simple as handing over a password. You'll need to consider the best way to pass on this sensitive information securely.

Your Troy estate lawyer can guide you through the process of securing your digital legacy. This might involve creating a detailed plan for how your keys should be stored and shared, or setting up a digital wallet that your heirs can access when the time comes. However, though your estate planning lawyer can help you set up this plan, there is no need for the lawyer to have access to your digital wallet or passwords.

The Mantra: "Not Your Keys, Not Your Crypto"

This popular saying in the crypto community is a stark reminder that without the keys, your cryptocurrency might as well not exist. And this is just as true for your heirs. If you don't plan for the transfer of your keys, your digital assets could be inaccessible to those you've left them to.

Getting Help

As you manage your digital investments, don't forget to plan for their future. If you're ready to secure your cryptocurrency for your heirs, contact a Troy estate lawyer. Give us a call at (248) 469-4261 or use the contact form on the website to start the conversation. Remember, in the world of crypto, your keys are everything. Pass them on with care!

About the Author

Andrew Byers

Andrew Byers' elder law practice focuses on the legal needs of older clients and their families, and works with a variety of legal tools and techniques to meet the goals and objectives of the older client. Under this holistic approach, I handle estate and longevity planning issues and counsel cli...


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How I Can Help

I help seniors and their families to prevent the devastating financial effects of long term care. I assist and represent clients in and from the entire metro Detroit area, including all communities in Oakland, Macomb, and Wayne Counties. In-person meetings with Andrew Byers are available at his office Monday through Friday. Video conferences over Zoom or Microsoft Teams are also available.

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