There have been many cases of inheritance failure when a keyholder fails to adequately prepare for his death. The family of Ripple mogul Matthew Mellon lost assets worth $500 million when he died suddenly and unexpectedly without an inheritance plan. To protect his holdings against theft, he kept the storage details of his cryptocurrency wallets secret, but it was so secret that nobody could recover them after his death. This is an especially heartbreaking way to lose cryptoassets, as the surviving family is motivated to partake in painful and often fruitless scavenger hunts in search of the deceased’s fortune.
- Have an inheritance plan. Don’t assume that your heirs will be able to recover your funds without guidance.