According to a new report from
Cryptocurrency has, by its very nature, certain inherent complexities. Among them is the issue of how to legally dispose of the digital asset upon the owner's death. Despite most references to Bitcoin or other cryptocurrencies as "digital currency," the
"Since cryptocurrency is treated as property, extensive and detailed record keeping is essential," said
While the name of the Bitcoin owner is not publicly recorded, ownership is tied to a specific Bitcoin address that can only be accessed by the holder of its two digital keys. One key is public and the other is private. The private key is, in essence, the secret number that allows the cryptocurrency to be spent. Generally, both keys are stored in a digital wallet by the holder. If the private key is lost, there is no way for beneficiaries to access the Bitcoin.
"Cryptocurrency can be included in a Last Will and Testament as well as a Revocable and/or
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