Now, you can add crypto assets to your last wills and testaments. Yes, you read that right!
A New-york based estate firm, Life Legacy is enabling its customers to add their digital assets to their testaments and last wills.
Austin Cassidy, co-founder of Life Legacy, in an interview, explained that the crypto assets are shaping the world’s financial system and becoming mainstream with each passing day, however, there is one major challenge with it. The challenge is that there are complications to adding it to a financial plan and passing it on. Roughly 20% of the Americans own these crypto-assets and the percentage is going to increase as more investors enter the industry.
The co-founder informed that they have now made it easy for crypto owners to leave their assets in a hot wallet on exchanges including Coinbase, and Binance to any beneficiary, including charities.
Though last month’s crypto crash has left many skeptical about the crypto industry, there are still going to be many hodlers who would wish to leave their crypto assets to their loved ones when they are gone.
Another major relief for the investors is that they will be done completely online by Life Legacy and will be completely free for users. In a matter of just a few clicks, the individuals will be able to designate their crypto to whomever they want.
Cassidy further mentions that rendering people the accessibility and ability to pass on their crypto assets “broadens Americans’ capacity to leave a lasting legacy.”
In the Case Of Charity
The firm also has a partner in the Appraisal Bureau, that does appraisals and audits all funds and property to be given to non-profits if an individual wants to donate their assets to charity. The process will ensure that the items are not obtained through illicit means and are pure.
Besides, most leading crypto exchanges out there ask for a testament and last will from customers, if they plan to pass on their digital assets to someone. It is no easy process to add another person as a beneficiary. Instead, several exchanges need the necessary paperwork for doing complete transfers.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.