Nearly 90% of cryptocurrency holders are concerned about what will happen to their assets after they die, a new study has found.
Despite this high level of concern, just 23% of investors have created a documented plan for their loved ones, according to The Cremation Institute.
Other key findings from the report include: Younger people are 10 times more likely not to have a plan, cryptocurrency investors are four times less likely to use wills, and women are almost twice as likely to pass on their crypto assets.
The statics are backed up by further findings that 59% of Generation Z crypto holders have no plan, while 35% of Millennials are in a similar position.
Of those that do have a plan in place – where they have created detailed instructions for another person to follow to retrieve their crypto – 65% of people store them in their household for a spouse to access.
Some 17% of people kept instructions on their computer and 15% on a separate USB stick that issn’t connected to the internet.
However, 2% of people stored them ‘off-site’ in a safety deposit box and 1% of those quizzed during the study listed ‘other’ as their place of storage.
Cryptocurrency is a surging asset class
A spokesman for the institute said: “The gap between the concern for not passing digital assets and taking the steps to plan ahead is actually quite alarming.
“However, part of the equation comes down to a lack of services and little legislation covering estate planning and crypto assets.”
With the number of people holding crypto assets likely to surge in the coming years as the asset class enters the mainstream, the need for appropriate estate planning will grow exponentially.
The full report can be viewed here.
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