VIDEO TRANSCRIPT
With cryptocurrency going up in value so much, you may be wondering, “Can I put cryptocurrency into a trust?” I had a client ask me this just the other day, and… well? The answer is yes. Yes, you can. I’m estate planning and probate attorney Sarah Siedentopf, and if you’ve got questions about cryptocurrency and trusts, please give me a call. But in general, yes. Although it’s a little bit different than how you would normally put things into a trust.
Normally, you would transfer the deed to your house into the trust by changing the title. As we know, cryptocurrency doesn’t have names or social security numbers attached to it. You have a wallet and key which can be stored on any kind of digital format, and if you lose these, you can’t get the cryptocurrency back. So, mentioning the cryptocurrency in your trust so that your trustee knows to look for it and then hopefully giving a very specific letter of instruction to your trustee explaining exactly how they’re going to go about finding this cryptocurrency.
Of course, it’s very important to make sure that it is safe in the interim. So you’ll want to think that transfer through, but you can in fact place cryptocurrency in a trust and have your trustee deal with it. If you’ve got more questions or would like to put cryptocurrency into a trust, please give me a call. I would also welcome your comments. Thanks.
To learn more, you can read our blog Estate Planning and Cryptocurrency.
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