In the last few years, cryptocurrencies have suddenly entered the mainstream. These are digital currencies that can be used to process some payments. However, most importantly they can be exchanged for government-backed currencies.
Economists and financial regulators debate the wisdom of investing in these currencies but it cannot be disputed that a few people have gotten very wealthy off of them as Forbes reports in “Forbes’ First List Of Cryptocurrency’s Richest: Meet The Secretive Freaks, Geeks And Visionaries Minting Billions From Bitcoin Mania.”
As the headline suggests, Forbes has produced a list of the richest cryptocurrency investors in the world for the first time. With people getting wealthy trading in cryptocurrencies, it should be expected that others will look to them to make their own fortunes.
People who do invest in these currencies should be aware that by doing so they will need to make sure their accounts are part of their estate plans.
After an account holder passes away, someone will need to be able to access the accounts, so assets can be transferred to heirs and beneficiaries. Make sure that you tell your elder law attorney about your cryptocurrency accounts, so they can be included in your plan.
Reference: Forbes (Feb. 7, 2018) “Forbes’ First List Of Cryptocurrency’s Richest: Meet The Secretive Freaks, Geeks, And Visionaries Minting Billions From Bitcoin Mania.”