Crypto after Death

The question of crypto after death is a pertinent one for any sensible investors in digital assets. In the unfortunate event of your passing, it is important to note that your next of kin is not by default the automatic beneficiary of your crypto investments. While blockchain technology has facilitated more anonymity and security of your assets during your lifetime, it also poses certain challenges after death given the absence of traditional banking and legal structures. Proper planning is therefore crucial to ensure your crypto holdings can be passed on to your loved ones in accordance with your wishes.

Estate Claim Planning

As part of your estate claim planning, it is essential for you to appoint an executor and set up a will. Outlined below are the important steps that are required in the process

• Your UID in the schedule of assets is included in the will.

• The appointed executor must also submit their KYC with us (This is necessary for confirmation purposes, ensuring that the appointed executor is accurately identified).

• The executor must have an account so that we can transfer the assets in your account to your executor.

• Please explicitly state in the will that the executor will possess the authority to withdraw your assets and make decisions regarding their distribution as Bybit will not be able to partake in the execution of distribution. Please note that a defective will can obstruct the transfer of assets.

• Kindly inform us of the appointed executor and his UID as all assets will be transferred to your executor.

• Your executor will need to provide any necessary court orders and a death certificate to execute the will.

• The executor must have access to your email, as we will be sending important communications to your email confirming the details surrounding your passing. The executor will then have the capability to respond to us with your registered email address.

FAQs

How do I transfer my crypto holdings to my loved one in the event of an accident?

It is essential for you to appoint an executor and set up a will so that the transfer process to the designated beneficiaries can be done smoothly.

What Legal Document should I prepare in advance?

A will that contains detailed information regarding your appointed executor. For more information, kindly refer to the steps outlined in the previous section

What are the risks of a lack of planning for my crypto holdings after death?

Without proper estate planning, your crypto holdings may become inaccessible, potentially leading to the loss of assets. As a result, your loved ones might not be able to benefit from your assets according to your wishes.

What happens to my crypto holdings in the event of an accident?

Your Crypto remains in its respective blockchain or exchange until accessed by someone with the rightful credentials.