The passing of a loved one is a traumatic time for everyone experiencing this grief. Yet the passing of a loved one can become contentious and completely debilitating if the person in question hasn’t left a will to document their last wishes. A will is an incredibly important document that spells out what you want to have done with your financial assets, and every other facet of your passing. As an investor, homeowner, and human, people amass a huge quantity of things over the course of a lifetime. These things must be accounted for after a death in the family.
Navigating the tricky space of financial assets can be challenging, even for those who are operating with the help of a will left by a parent, grandparent, or other loved one. Passing down financial assets—real estate, cryptocurrency holdings, stocks, fiat currencies, collectibles, and other property—requires a comprehensive understanding of the value of these assets, and a knowledge of the way in which your loved one would have wanted the beneficiaries to receive or use these bequeathments.
The Funeral
Death (combined with taxes) is the ultimate eventuality for us all. This means that funeral costs are something that must be factored into any financial picture after a death. Typically, elderly adults will leave a life insurance policy, retirement account, or other funding (perhaps even in cryptocurrency) specifically to cover the cost of a funeral and the related expenses.
Funerals aren’t cheap, but a discerning investor can find the best deals on everything from cremation services to embalming or coffin purchases. The best way to go about planning the funeral services for your loved one is to speak with them about their wishes. Most of us don’t want to leave our heirs with a large bill simply because we’ve done the most natural thing a person can do: Die. This can cause strain among heirs, other beneficiaries, and friends. Strife is the last thing that anyone wants while celebrating the life of a loved one.
Speaking with your family about your wishes for the funeral proceedings is a critical component of preparing for death and all that you will leave behind. The same goes for the will’s executor. Many people leave behind complicated financial assets that combine a number of asset classes and holdings of varying values. In the modern age of cryptocurrency—over 46 million United States residents own cryptocurrencies from Bitcoin to Ethereum and beyond—assets and holdings become even more complicated when approaching the passing on of assets to beneficiaries.
Crypto assets offer a versatile container for passing on an estate.
Crypto token holdings (BTC, ETH, LTC, etc.) offer those in the United States and all around the world a great way to invest while alive and pass on an estate after death. The extra cost associated with many stock arrangements in this realm makes many investors rethink how they will disburse the assets in their physical wallet—as well as their crypto wallet. Crypto solves this problem, and resources like cryptovantage.com offer unparalleled insights into navigating this grief-stricken time of need. From organizing a funeral service to passing on assets (in crypto holdings) cryptocurrencies are a great container for those planning their estate and will.
Utilizing a crypto wallet to store Bitcoin (BTC), Ethereum (ETH), and other popular tokens is a great way to protect your estate or to begin building a new estate for your own family after inheriting capital from your parents or grandparents. In the decentralized marketplace of the crypto world, asset transferal with the help of a crypto exchange like Coinbase, Binance, or Kraken is simple, and tax reporting more streamlined than with traditional fiat currency inheritance.
Plan for the financial asset transfer ahead of time and avoiding the brunt of any tax implications and grief can be avoided.