Willing your cryptocurrency

By Beth Newcomb

The nuances of estate planning are forever changing, says Jay Nabors, a Cleveland-based attorney who focuses on that very area. “The oddest details come up and we have to be prepared for them,” he shares. “Everything in this world evolves so quickly. It’s important to have an attorney in your corner who keeps up with the changes of today.”

One of those changes is Bitcoin, cryptocurrency that was invented in 2008. It’s a digital currency without a central bank. In fact, nobody owns or controls Bitcoin. Surprisingly, it’s an asset that’s becoming more popular. The problem, says Jay, is that you can’t put a beneficiary on your Bitcoin account. “So, if you die, your Bitcoin asset has to go through probate,” he shares. “I’ve had this particular scenario come up recently and I’m advising future clients who have cryptocurrency to make specific mention of it in their will. They should also be clear about who should inherit it.”

Jay says it’s important to identify how the currency is held, and put the account number and password in a separate secure document to be delivered to the beneficiary after the account owner’s death. “We also have to produce sufficient documentation proving the account holder has died,” Jay says. “If you have cryptocurrency, it’s important to have an attorney who understands how it should be passed to your decedents.”

Jay is a partner with Weston Hurd LLP. Typically he sees clients at the firm’s office in downtown Cleveland, in addition to meeting with clients in Strongsville upon request. Virtual meetings, house calls and select evening appointments are available.

To reach Jay Nabors of Weston Hurd LLP, call him directly at 216-687-3205. His office is located at 1300 E. 9th Street, Suite 1400 in downtown Cleveland. Jay can also meet clients at 11221 Pearl Road in Strongsville.