The bitcoin users need to think seriously about their bitcoin’s heritage plan after their death. Having an estate plan is important for everyone who already have huge bitcoin.
Did you have any thinking about what bitcoin will be after your death? For most of us, we all focus on our lives not the assets, but sometimes the idea must have passed our brain in any occasions. If fact, a few HODlers we already knew made a legal action plan to make sure its asset has authority and private right. But the number of these HODlers is less. It is understandable. First of all, most of us didn’t think about quick death. Even those who already made dedicated heritage plan did not realize the tiny differences of heritage between the digital assets and the normal estate assets. As we known, there are no any other digital assets custody and conveyance that is needed to distinguish the tiny differences.
Almost all people considered the trust is an irrevocable trust. If you chose a right one, the trusts can benefit you to get advantage tax from your heritage and your beneficiaries. Under this situation, legal and equitable issues’ rights should be apart from the trustee and beneficiary. It does mean that grantor have to give up the legal control right of the trust assets. Or, we can see another situation normally, the grantor will have to quit part of trust property. Although for these people, there are fully accepted, but the other people will hesitate when they are thinking about the use of bitcoin and share with tons of limited rules while their living. That is why we try to examine the new trust called revocable living trust as and estate plan for your bitcoin.
IF THE SECURE IS STILL RIGHT THERE AFTER YOUR DEATH?
For those who suffering from the complexity of establishing the heritage, we prefer to treat the bitcoin issues the same attitude as we treat the dollars in your account. If our assets are held by and exchange institution such as Coinbase or Gemini, that will be great. But if it is not, and if you unfortunately die tomorrow, do you know if your relatives understand how to use your assets?Did they how to deal with the seed you already dig in beside the tree in your backyard? Or if they know how to translate the BIP39 that is punched on the steel?
More and more situations told us that the right estate planning requires a lot of references, and most of normal estate planners do not have the technical understanding and abilities for the brand new estate content. With the continue of the technological decentralization trend, more and more death assets will be treated though not only email, but also support from the bank of the death, stockbrokers or bitcoin exchange institution.
DIGITAL ASSET PROTECTION TRUST AND HOW TO RUN
Digital assets protection trust is the totally new element in the estate plan. The estate lawyers began to realize that in this rapid development assets modem, the percentage of personal income is bigger and bigger. The law zone was forced to register all the crypto coin,NFT, digital photos accounts, email accounts, social media documents etc.on the list. When the lawyers try to react about the twitter documents and the boring Ape NFT, we will put all the custody regulations under the major digital assets background: bitcoin.
ADJUSTED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (RUFADAA)
Most states should pass the RUFADAA or they should plan to pass the RUFADAA. In most of situations, Rufada will authorize your estate executor to think about your private rights and ask to understand your most digital assets under the terms of service in the contract with those big scale technological companies. However, if it touches the non-authority and decentralized monetary energy, such as bitcoin, Rufada shows useless.
This is the reason that we, BTC Trust company suggested you to put your bitcoin into a living trust. The alive trust will give you the permission to access your assets like we just serve now. Also, you don’t need to worry about any occasions happened will affect your assets, such as missing,forgotten or overused.
MAKE TRUST BE MAXIMUM FLRXIBILITY THOUGHT REVOCABLE TRUST
In those revocable trusts, you can choose your trustee who will be resonsible for your digital assets management when you die. As a grantor and trustee, you can change or fix your trust at any time. It is different with the unrevocable trusts, the assets will not share the protection from creditors, whatever it should be in the trust mode list on technical aspect. When you are alive, you will not get any special tax benefit from it. However, if these assets can be divided by non-trust assets. You can build a revocable living trust, and give your heirs bitcoins, and also these assets are free to use or share when you are alive!
TO RECORD THE DIVISION PLAN WITH COMPROMISING PRIVACY
“Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know. Privacy is the power to selectively reveal oneself to the world.” — “A Cypherpunk’s Manifesto” Eric Hughes.
The privacy is so important to you? You might understand or not, whatever you already made an estate of all your assets, all your poverty will pass a legal process named probate certified. The probate is in a public record of legal processing. That makes it valuable and authorized. If you do not want your closed relatives to know how many bitcoins you already have, you should make a probate. It can zip up all the people who want to access your account without any permission. Also ,you should establish revocable trust or heritage trust because it will help you to keep secret about your hold bitcoin.--Your heirs may thank you for the protection of your assets.
When you are alive, how to store and manage your bitcoin is your own right. You can do anything you want. Also, in BTC Trusts, we found that most customers like to select unstable storage solution to protect their digital trust assets. The high security mind is appreciated. Although it is given the highest security and privacy, it takes more complex structure process while its transferring to another account or accepting somebody browsing. In the traditional estate plan company, the complexity is always be ignored. Security and privacy are the most important for you. That is why we have to get ready a heritage plan company, this company can make sure the transferring flexibly not only on laws ,but also on technology. Because when you die, there is no other people can be given the right to share with the bitcoin benefits. A well-qualified digital estate planner will corporate with customers to make out the most possible transmission plan. The planner will try best to promote the security at most, and will not cause any unstable issues or chaos. Do not forget--If there are any questions you confuse, your estate planner should give you more comments, such as processing conveyance by using the intelligent contracts, multiple signs, freeze storage and crypto.
FREE CONSULT GETS READY
It is the time to prepare for your unexpected future. If you hold the valuable bitcoin, you need a suitable estate plan. The more early it comes true, the more supports and protection it can give. The first step is ready, we share our opinions to help you and your relatives to create an possible plan!