As cryptocurrencies and digital assets are seeing a surge of interest; It’s time to get to the will

Until now, writing a will is largely a task for apologists. Writing or planning a will usually involves the distribution of assets after it has passed and includes tangible assets and financial accounts. However, with the increasing popularity of cryptocurrencies and digital assets, it is believed that cryptocurrencies and digital assets will also find a place in this digital age. “As these assets become more widespread, it may become necessary to address their inclusion and distribution within the estate or planning of the will. By incorporating them into the will, individuals can expect a seamless transfer of their digital wealth to their chosen beneficiaries. Furthermore, it may establish clear guidelines and instructions about Access and management of digital assets,” Shivam Thakral, CEO of BuyUcoin, an Indian digital asset exchange, told FE Blockchain.

The digital asset market is expected to reach around 994.30 million users by 2027, according to insights from Statista, a market research platform. Industry experts believe that the inheritance of cryptocurrency and digital assets can fuel the growth of decentralized economies and redefine the concept of ownership. It will also enable individuals to seamlessly transfer their virtual wealth and property to future generations, forming a new inheritance model.

However, when it comes to digital assets, there are many considerations to make. “Individuals need to be aware of the clear inventory of what they own, where they own and who owns digital wallets. Second, it will be security and access to digital assets that are usually secured by private keys, which give access to funds. It is important to create a secure way to store these keys and access Finally, some rules regarding the appointment of beneficiaries or nominees must be observed,” explained Anagh Tiwari, AVP – Legal & Compliance, Limum, a portfolio infrastructure and custodial solutions platform.

Moreover, as we move towards a physically connected environment, experts believe that the total value of transactions in the digital space is expected to rise. Use cases such as the Web3.0 gaming experience have shown environments where users have their own currency such as coins, which can be traded within the environment. However, it is a convenience as most of these currencies are purchased through fiat currencies. For the sake of the environment. So, even if it is passed on as an inheritance, it cannot trump a legal injunction,” concluded Utkarsh Sinha, Managing Director, Bexley Advisors, a small investment bank.

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