Some exchanges will not give full access to your executor to trade and move coins, instead your executor will only be able to instruct the exchange to sell your cryptocurrencies and your estate will receive the cash proceeds. If you die and your executor has no way to get your password, they will need to contact the exchange directly to notify them of your passing. Coinspot, Binance, or Kraken), your executor will not be able to gain access to your account without your password. If your cryptocurrencies are held in a private centralised exchange (i.e. Given the decentralised nature of cryptocurrencies, there is an extra onus on you as the owner to ensure accessibility in the event of your death, or else you risk the assets being lost forever. Whether you choose to gift specific cryptocurrencies or not, the most important consideration is how your executor will access your cryptocurrencies after you pass. If you want to divide your cryptocurrencies so that certain beneficiaries get specific coins or amounts, you can set this out in your will as specific gifts. Therefore, if you don’t specifically mention them in your will, they will go to your beneficiaries along with any real estate, cash, or other belongings. With more and more people holding cryptocurrencies, it is important to turn our minds to how these new assets should be handled in the event of your death.Ĭryptocurrency coins or tokens are recognised as property by the ATO and when you die will form part of your estate automatically. Recent surveys have indicated that as many as 1 in 4 Australian’s have invested, or intend to invest, in cryptocurrencies.

Cryptocurrencies in Your Will Posted by Nicholas Mountain | Cryptocurrency |

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