“As a young industry, with little regulation, it is crucial for investors to become more responsible in their attitude towards cryptocurrency investing,” says Eran Brill, director in the investment management division at Stonehage Fleming in South Africa.
He says investors need a storage execution strategy for account information as well as advice on the implications regarding the deceased estate, including access to accounts, distribution to beneficiaries, and tax implications.
With every layer of protection you add, another layer of complexity at death is created.
One way to secure access to accounts and e-wallets is to hold partial passwords in various locations through a trustworthy third party. Only specified people in selected locations should have permission to access this information, Brill says.