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Savvy investors know the importance of estate planning so their hard-earned wealth and assets can be properly transferred and distributed to their loved ones in case of their untimely demise. Surprisingly, the practice of planning ahead is not in vogue among Bitcoin investors as only a quarter among their ranks has a documented plan on what to do with their cryptocurrency holdings after their passing.
While almost 90 percent of cryptocurrency investors are worried about what will happen to their digital assets after their death, only a minority plan ahead for such an event, according Bitcoin.com. The publication also noted that this tendency to have no estate planning for their crypto assets is especially prevalent among younger investors.
This is the result of a recent study conducted by the Cremation Institute. According to the report, only 23 percent of Bitcoin (BTC) investors have a documented plan in place on how their crypto assets will be distributed after their passing.
The study also revealed that younger investors, those who are between 18 and 40 years of age, are more likely not to have some sort of plan compared to older ones. Based on the study, around 65 percent of millennials, or those born between 1981 and 1996, have some plan on how to distribute their crypto wealth after their death while only 41 percent of investors belonging to Generation Z (1997 – 2012) have similar arrangements.
Meanwhile, their older counterparts are more prepared in this area. The research noted that 86 percent of Generation X (1965 – 1980) has such a plan while 94 percent of baby boomers (1946 – 1964) also have such arrangements.
Complacency among investors might be a factor but Cremation Institute argued that the lack of pertinent services and regulations are also contributory factors for the lack of proper planning. “While complacency is a large factor, the combined issues of lacking crypto estate services and government regulation are important reasons for overall planning disorganization,” the institute noted in its report.
There have been cases where Bitcoin investors died without leaving their keys to their families. For instance, investor Matthew Mellon died in 2018 without leaving the keys to his cryptocurrency fortune estimated to be worth $500 million. Coincover estimates that around 4 million BTC worth $40 billion are forever lost due to the death of their owners.
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