Taking control: What happens to your crypto after you die? | Rehypothecation: BTC’s path to becoming king of collateral
|Feb 15, 2019|
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“Most lawyers do not have the requisite technical knowledge to actually physically access your crypto access. They don’t know what to do with a seed, they don’t know how to use a passphrase” — Pamela Morgan, crypto inheritance lawyer
The Big Block
It’s not particularly pleasant – or even common practice– to think about your own premature death. But it’s vital that you do, according to crypto inheritance lawyer Pamela Morgan.
The wreckage left this month after the sudden death of Quadriga CEO Gerald Cotten has brought the conversation to the forefront after he took the exchange’s main encrypted private key to the grave. Reckless as the lack of safeguarding may seem, the Gerald Cottens of the world are not alone. According to Morgan, many crypto-wealthy individuals neglect to consider how their own (or their customers’) crypto is uniquely inaccessible without them, leaving their assets invariably trapped when they die.
It may be reassuring to know that the whole process can be completed independently, but it’s an unfamiliar prospect when it comes to our finances. “We are trained to not trust ourselves. Our whole lives, we are trained to have third parties. Getting over that hurdle is the biggest impediment,” Morgan notes.
Once over the mental barriers, you can begin what she reassures is an inexpensive process, devising a plan that suits you, “your technological knowledge, your home security, and your family situation.”
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