There’s been a lot of discussion about digital assets and what happens to your bitcoin accounts when you die. When we checked a while ago, we were told that after a certain period of inactivity, your Bitcoin account will disappear and the money you have in it will be gone forever. If you haven’t given your login, password and digital key information to the person(s) you’d like to inherit the money, they cannot access your Bitcoin wallet and they’re out of luck.
Recently, a few companies have tried to address this important issue. One we came across is Bitcoin Estate Plan. Their premise is simple. They automatically deliver bitcoin wallet access instructions to your heirs upon your death or incapacitation. This is accomplished through email, phone and/or a written letter via the postal service. You tell them who you want them to contact and the message you want them to send.
The company “will then email or phone you periodically to confirm that you are still alive. If you do not respond after a specified number of attempts the system will deliver your message to your intended recipient(s) by email, snail mail or phone depending upon which service plan you choose.”
It would be cheaper for you to share the necessary information with your heirs prior to your death. However, if you do, they will have the ability to access your funds at any time. A better option to consider might be a company like Bitcoin Estate Plan. That way, your money won’t disappear when you do.
For more information about digital assets and how to protect them, read our book “Access Denied: Your Digital Estate – Why Passwords Are Now as Important as Passwords”. It’s available at Amazon. Also, check out our website www.diesmart.com.