Crypto currency in wills / after death

(14 Posts)
magicstar1 Sat 12-Jun-21 12:35:31

Sort of a TAAT, but I didn’t want to derail.

I have a few investments in crypto. There’re on Kraken exchange now, but I’m going to get a wallet. DH is bad at remembering things, so I need to find a way to give him passwords / information in case anything happens to me. I know a piece of paper would get lost, I can’t email the info, so what would people recommend? Do I make a will and put it in that?
Thanks.

OP’s posts: |
PattyPan Sat 12-Jun-21 13:10:58

I would use a password manager for all kinds of accounts and then put the master password in the will.

Hoppinggreen Sat 12-Jun-21 13:40:41

Yes, we use Keypass

SisyphusDad Sat 12-Jun-21 13:45:26

Lastpass (password manager) has the ability to nominate "executors" who can get access to the account in the event of your death or incapacity.

magicstar1 Sat 12-Jun-21 13:55:15

That’s great….thanks a mil

OP’s posts: |
Bearyhumcrack Sat 12-Jun-21 14:32:34

I'm fascinated by the Bitcoin thread. Can you not email them /take photos because it will
Be hacked?

Cailleachian Sat 12-Jun-21 20:11:00

Bearyhumcrack

I'm fascinated by the Bitcoin thread. Can you not email them /take photos because it will
Be hacked?

Your private key gives access to the bitcoins, The seed phrase is basically a way of encoding the private key (kindof, but dont want to get too technical). So if someone has your private key or seed phrase they can move all the crypto.

If you take a digital picture or put your private key in an email (even to yourself), there is a good chance it could get intercepted.

There are technical ways round this and you can have a digital picture of a private key and/or an email with your key written in it and keep it secure, but

1. The skills to do this are well beyond the average person
2. It creates on ongoing obligation to keep that email/digital pic secure - one slip up at any point and your bitcoins are toast.

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Cailleachian Sat 12-Jun-21 20:19:40

PattyPan

I would use a password manager for all kinds of accounts and then put the master password in the will.

Where are you keeping the will?

AFAIK my will is kept on paper in my lawyer's office and is probably accessible by all kinds of people (lawyer, other lawyers, admin staff, cleaners, maintenance folks). No way would I consider that secure enough to keep a master password.

Its hard to advise what would work best for you without knowing more details of your situation, but this is the best guide available for managing inheritances in crypto.

www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners-ebook/dp/B07BRQ864J?tag=mumsnetforu03-21

PattyPan Sat 12-Jun-21 20:35:43

@Cailleachian I doubt people can access wills at random. Check with your solicitor but I imagine they keep it in a locked filing cabinet. You could also keep it at the Probate Service which is secure.

In terms of crypto inheritances, I’ll just remind you of the FCA advice: If you invest in crypto you should be prepared to lose all your money.

Sycamoretrees Sat 12-Jun-21 20:53:36

You could consider using a site like this? onceivegone.com/about it has good reviews.

Cailleachian Sat 12-Jun-21 21:21:27

PattyPan

*@Cailleachian* I doubt people can access wills at random. Check with your solicitor but I imagine they keep it in a locked filing cabinet. You could also keep it at the Probate Service which is secure.

In terms of crypto inheritances, I’ll just remind you of the FCA advice: If you invest in crypto you should be prepared to lose all your money.

That doesn't give me all that much confidence.

- who holds the keys
- who has access to the key
- how pickable is the lock
- how movable is the filing cabinet.

It just seems like an obvious security vulnerability.

I'm well aware of the FCA advice - but then I dont "invest" in crypto.

Souther Sun 13-Jun-21 19:17:51

I think there are businesses springing up that solve this very problem.

There was one that specifically dealt with cryptocurrency and wills. But cant remember what it was called. Will see if I can find it

magicstar1 Sun 13-Jun-21 19:53:49

This is great info. I haven’t invested more than I could afford to lose. I over lockdown I wasn’t spending anything so had built up a bit. The coins are worth a few thousand now...they could always go to nothing, but could go up, and I’d hate for DH to lose out.

OP’s posts: |
JustbackfromBangkok Sun 13-Jun-21 20:00:55

Bitcoin is potentially several hundred thousand.

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