What happens to your money after you die?

Friday, May 5, 2023|

Imagine if your family member or friend gets rich and dies. You would be grieving, but you might also wonder what happens to their assets. If they have left you any, the question is: How are you supposed to access them? Estate planning for your assets when you pass is one consideration left ignored as the industry matures.

Without a plan in place, these funds could be lost forever, since they are held in both hot and cold wallets and guarded by private keys. Herren said the call to action was to do it. Don't think you can't put a plan in place for your assets. This advice also applies to people with traditional assets.

Most clients looking for estate plans are older, according to Herman, who manages complex assets, technology, digital assets and intellectual property for individuals. People under 40 are the only ones who do it. The first child can cause people to want to take care of them or leave things to them. She said that no one thinks about it until the age of 55 or 60.

The narrative may be changing. Over the past three years, there has been a rise in adults between the ages of 18 and 34 laying out plans for their estate. There is a study on Wills and Estate Planning. It is important to note that this applies to general estate planning and not planning aroundcryptocurrencies.

Herren said that wealthy individuals should update their estate plans every six months. They need to update their estate plans because they move assets a lot. ” .