If deceased QuadrigaCX CEO Gerald Cotten’s untimely exit was meant to teach some twisted cosmic lesson in cryptocurrency estate planning, then the vast majority of crypto investors never showed up to class, according to a new study by the Cremation Institute.
- A mere 23% of the 1,150 crypto holders who responded to the Cremation Institute’s online survey, conducted between October 2019 and June 2020, reported having a documented plan for passing on their crypto assets in case of their death. That’s despite the vast majority - 89% - of participants who worry on some level about whether their crypto assets will be passed on to their loved ones.
- Unsurprisingly, the lack of planning is strongest among younger generations. Millennials and Gen Zers are 10 times more likely to lack a crypto inheritance plan than their elders, the survey found. Of the 18% of those 18-34 years old who reported having a will, just 3% said will provides for what happens to their crypto.
- Wills appear to be an unpopular means for documenting crypto plans across all age groups, baby boomers included. Far more prevalent were “instructions,” according to the survey, which found 65% of those planners hid their crypto instructions in the house, 17% stored them on a computer or USB device and 2% kept them in a safe deposit box.
- The problem is compounded by a general lack of crypto estate law around the world, the Institute said.
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