What Happens to My Crypto When I Die?

You may have seen those terribly unfortunate stories of crypto owners losing their seed phrases and not being able to access huge amounts of crypto funds. In this case, the crypto in question is pretty much a permanently lost cause. But, does the same go for an individual who passes away while in possession of cryptocurrency? Let’s discuss what happens to your crypto when you die.

Crypto vs. Traditional Currency After Death

Think about the funds in your current bank account. When you die, you can either leave it to a person, people, or organization in a will or have it automatically split between your surviving spouse or close family if the will is absent. Alternatively, the funds will go directly to the state if there is no will and no surviving family (which happens a lot more often than you’d think).

So, does the same go for cryptocurrency?

The main element to consider here is your seed phrase. Nobody can officially or legally access your cryptocurrency funds without this seed phrase. Of course, crypto hacks do happen, but your seed phrase stands as a pretty significant security measure against unwelcome parties getting to your funds. Without this phrase, no one can access your crypto if you’re no longer around.

Source: https://www.makeuseof.com/what-happens-crypto-when-i-die/