Cryptocurrency Inheritance & Estate Planning
Inheritance and estate planning is something cryptocurrency holders neglect to perform often resulting in serious consequences, such as all funds being rendered lost or inaccessible indefinitely.
People often neglect proper estate planning because it’s not easy nor advisable to do through traditional means such as by incorporating it into a will with the help of a lawyer. This is because they would need to incorporate private keys and seed phrases to the cryptocurrency wallets in the will, which if seen or obtained by anyone other than the intended recipient, the cryptocurrency can easily be stolen (by a POA, guardian, other family members, lawyer, secretary, or judge to name just a few).
Simply put, backing up cryptocurrency with the purpose of giving designated individual(s) access to it in the future only for that backup (and cryptocurrency) to be stolen is arguably worse than the funds remaining dormant indefinitely.
At CipherBlade, we believe the solution lies in a secure multi-signature wallet setup which we help individuals and Estate Planning lawyers setup and maintain, preventing unauthorized access to cryptocurrency assets even if a party were to attempt to steal them.
However, a multi-signature wallet solution is only as good as the how securely it’s setup along with the operational security practices employed which is why we help to securely set up such wallets and includes the procurement and activation of digital hardware wallets, in addition to advising on proper safe keeping practices to all trusted parties.
Furthermore, CipherBlade sets up wallet monitoring and detection solutions so that in the unlikely event multiple trusted parties elect to collude to illegally access the cryptocurrency, the breach is quickly identified. From there, through blockchain forensics we can track all funds to their terminal destinations and identify any attempts to illegally liquidate or launder the assets. Fortunately, such a breach has never happened in any case we’ve been engaged on due to our implementation of sound security practices; in all likelihood, it never will.