The encryption inheritance plan is a special sub -set of general real estate plans, dealing with the unique tasks of digital assets such as cryptocurrency wallets, cryptocurrencies, NFT and other blockchain assets. Investing more in these assets, planning what happens when time comes is as important as a traditional asset plan.
Why inheritance of encryption should pay special attention
Cryptocurrency assets do not work in the same way as traditional financial assets regarding inheritance, and the same is true for physical assets.
- Traditional financial investment In general, the beneficiaries are included as part of the financial institution account. The institution process manages the inheritance distribution.
- Physical asset It can be located in your real estate (or marina, stability or airport) and is often registered or guaranteed by a name, leaving a clear “paper trace” of ownership. In general, your beneficiary knows you have it and you can easily find it when you pass it. This asset is sold or distributed to beneficiaries according to your wishes expressed in your will.
- Encryption asset Unless you try to make them so, in general, others cannot find it. Therefore, it is very important to create an inventory of Crypto assets and redistribute as part of the inheritance plan.
Legal and tax issues should be considered in relation to the transfer of ownership of the asset when necessary by consulting experts for each type of asset.
In the case of encryption assets, it is necessary to consider the security of digital holding while still alive, and to consider safe mechanisms for transmitting access to the encryption wallet after passing. Vault12 Guard is where you can help you.
Legal and tax consideration
Encryption inheritance is affected by the same jurisdiction issues that affect traditional inheritance, such as a will, a will, and the executor. Depending on your region, the rules for taxes and transfer can affect the way encryption assets inherit. Therefore, it is important to consult with laws, financial and tax experts who understand both traditional and encryption inheritance plans. You can explore this rules and see if your plan is effective and legally observed.
Security before and after inheritance
You already know that you have to keep your guards to protect your encryption investment while you’re already alive. There is a risk in every corner! One of the unique risks of Cryptocurrency Holdings is that you should not trust people or organs with seed phrases in password wallets while living. In addition, personal information is the most important due to various types of threats. Many people don’t want to know that there are crypto holdings.
How can the beneficiaries be safely in use after passing the seed phrases secret from everyone? Vault12 Guard solves that problem.
Matters to be considered in the encryption inheritance plan
When adding digital assets to real estate plans, please deal with these stages.
1. Please contact inheritance expert: Select a real estate planner or inheritance expert who knows encryption. They can guide you through:
A) Tax impact on digital asset transfer.
b) Legal framework that manages the inheritance process of digital assets, including a method that can affect beneficiaries.
2. Consider the need to protect and protect your needs Private key And/or Seed phrase: It is the gateway to the asset, so keep it safe.
3. Consider the need to document digital assets.When implementing an inheritance plan, you need to write a detailed inventory of all assets, including all wallets and other blockchain related. In the case of NFT, both wallets and original media files must be backed up.
4. Include the beneficiaries who are technically thinking. Choose a reliable person who can manage the technical aspects of accessing assets in your wallet and potentially transferring. There may be a simple scenario that stores a small number of wallet seed phrases (especially high -quality technology beneficiaries). But Crypto holding can be complicated or sprinkled on multiple platforms. Each individual situation is unique.
The encryption inheritance plan is an essential part of securing digital legacy, and it is recommended to be carried out sooner later. If you plan now, you can get peace of mind unless you know that your assets will be conveyed conveniently unless you avoid cost -making mistakes and that they are not intended without danger or confusion.