Crypto currencies are a virtual form of money protected by unbreakable cryptography. This attribute makes it a secure way to store wealth but also creates the risk that when owners die, their digital fortune will be out of reach forever. Not with TrustVault.
TrustVault is our hot custodial wallet that currently supports Bitcoin, Ether and 10 ERC-20 cryptoassets. Each wallet uses a string of random characters called a “public key,” visible to anyone, as an address for sending and receiving the cryptocurrency. A separate “private key” allows the owner access to the wallet’s contents.
If a TrustVault account owner dies without passing on their private key, their heirs may discover the wallet only to realize that they will never gain access to the wealth inside. To prevent this, Bitpanda Custody has a policy where we can transfer them to a legally authorised heir.
Be aware though that your assets are part of your estate and may be liable to taxes in your country of domicile - this is outside the control of Bitpanda Custody.
Notes in general:
If you want your executor or agent to have access:
If you want your executor or appointed lawyer to have access to your digital assets, you should make that clear in your will or power of attorney.
If you want your executor to have maximum access to your digital assets (and not everyone does), go beyond giving permission in your will or power of attorney. In addition, leave your executor or agent information and instructions about how to access your accounts and files. That way, your executor will have the same ability to access your accounts as you have. This is the easiest and most sure way to make sure that your executor can wrap up your digital legacy. Here’s how:
Write a letter or note. Nothing fancy needed. Just write a letter by hand or on your computer. Do not include this information in your will which will become a public document.
Include access information and instructions. Leave very specific instructions about how to access your accounts. Include websites or devices needed, as well as usernames and passwords. Also tell your executor what to do with each account. Do you want your stored photos to be shared with family, your twitter account deleted, your blog to be archived and saved? Be as clear and thorough as possible.
Secure your letter in a safe place. Keep your letter with your other important documents like your will, health care directive or insurance information. Your executor may need this information soon after your death, so make sure it’s easily accessible and make sure to tell your executor where to find it.
Keep your letter up to date. As account information changes, update your letter so that your executor has the correct information when the time comes.
If you want more privacy:
If you don’t want anyone accessing your digital assets when you die or become incapacitated, see a lawyer to discuss ways to protect your privacy. A lawyer may be able to craft a provision for your will that explicitly prohibits your personal representative from accessing certain assets. Or the lawyer could help you set up a trust that appoints a trusted person to guard the assets on your behalf.
Further information can be found here