[WSBAPT] Cryptocurrency in estate planning

[Lynn Clare]

Tom and Rachel

No, cryptocurrency cannot be treated like other assets in estate planning.
Remember: the whole point of the asset is its secrecy, privacy,  and
untraceability. *The custodian of the "wallet" will not abide by the terms
of any court order*.  If the PR does not have the "keys" to the wallet,
they cannot get at the value. But your testator also can't put the keys
into his or her will - because that is going to be a public document
someday.

I was advised to note the specific nature of the asset in the will and the
name of the custodian, and then say, "I will provide my PR with
instructions on accessing this property."

My client wrote his PR a letter detailing how to access the account. The
letter was not made part of the will, only referenced in it. This puts a
lot of faith in the PR, bu my client trusts his PR - another way  to do it
if the client does not want the PR to have the keys now might be to put the
details into some kind of real or electronic safe deposit box that the PR
would only get access to on being appointed PR by the court.

Lynn Clare
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