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Crypto And Estate Planning Series Part 1: Cryptocurrency Basics

Set of cryptocurrencies

While Bitcoin is arguably the most popular cryptocurrency, there are now literally thousands that exist with various use cases, both financial and non-financial.  Discerning the differences between these digital assets and where or how they’re stored can be mind boggling.  Nevertheless, if they are intended to ultimately pass to heirs it’s imperative, now more than ever before, to understand the basics of legal ownership of crypto assets to effectively transfer them – whether it’s for the purpose of avoiding probate or for minimizing wealth transfer taxes through the multitude of strategies that exist.

What Are Crypto Assets?

Generally, crypto assets are digital assets that function on blockchain technology.  The most common terms include coins, tokens, and non-fungible tokens (“NFTs”).  While the technicalities of blockchain is beyond the scope of this article, key features include a decentralized ledger technology and permissionless network which supports disintermediation in transactions.

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