Today we’ll start our new Learnup sessions. Tune in at 12pm UTC (1pm UK time, 2pm CEST) for Estate planning for Crypto, by our very own @Carly.
Outline:
You’ve probably heard the saying, you can’t take it with you when you die. Estate planning is the process of creating a plan for all your stuff–cumulatively called your estate. Proper estate and financial planning covers retirement, tax, inheritance, and a number of other areas related to how you dispose of your belongings at various stages of life and upon death.In the crypto context, we face a number of special estate planning issues including what to do with private keys/multisig, inheritance rights of global assets, intellectual property rights, and so forth. This presentation will cover the basics of estate planning to give you a roadmap for what issues we face in crypto, what questions to ask, how to prepare, and how to hire a qualified attorney in your jurisdiction.
Slides:
Massive thanks to @jakubgs who’ll provide the recording, and to @Terry for getting this all organised.
Hey everyone! I’m already getting some really great questions from contributors. Wanted to leave them here…
Also, in the PeopleOps channel on Discord, I’ll provide a template you can use to track your personal information. Of course, be super careful where you store this information!!
I’m 30 years old and I’m wondering, what do you think/recommend (if you can) is a good age to start doing these estate things you’ve talked about today? Especially, given at younger age, things in live are very likely to change a lot so setting up for example a last will, what’s in there might not apply anymore a few years later. How regularly should one then revisit the planning that was done initially?
You said that one should write down all the assets one owns, where they are, how to access them etc etc. Are there any things that don’t necessarily have to be listed there? I’m wondering if, for example, things like furniture counts as an asset that should be listed. And how do you recommend tracking all of these things, given that some things, like passwords, PKs etc probably shouldn’t live in an excel sheet haha
Answers:
Oh my gosh! These are such great questions. I wish we had time for them!!
It’s not too early to start having these discussions with family members. Even if you don’t have a will or formal planning, if your family/friends are clear on your wishes, that helps tremendously. At this stage in your life, I’m sure financial planning is more of a concern than death/estate planning. That makes sense. I suggest doing a checkup with your financial advisor (at least) annually. Usually people revisit their estate planning upon life events such as marriage, birth of a child, or sudden increase in wealth… and then as we get older, closer to retirement and then death, we revisit our planning often, maybe even annually.
Absolutely everything! You can refer to your furniture as “furniture” or “household goods” generally, or specific items such as “my vintage cassette tape collection to my friend Jolly Roger” … If you’re gifting an item, make sure to clearly identify who inherits it. Re passwords, you can use a password manager such as Bitwarden and then give the login info to that password manager to someone you trust/place something written in a secure place, etc. That way only one password needs to be transferred.
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