When you pass away or become incapacitated, your family must be able to find and access your assets – otherwise, those assets could be lost forever.
This isn’t just a hypothetical problem. In one infamous case, Gerald Cotten, the owner of QuadrigaCX, passed away unexpectedly, leaving behind cryptocurrency worth $145 million. Unfortunately, he never documented how to access the company’s digital security passcodes. As a result, thousands of clients lost their investments, and the funds became completely inaccessible.
A Preventable Loss
Cotten stored most of the company’s cryptocurrency in a secure “cold wallet” on an encrypted laptop – following security best practices. But he was the only one who knew how to access it. After his sudden death in 2018, his widow and IT experts attempted to unlock the laptop, but all efforts failed. The crypto assets are now presumed lost.
This is just one high-profile example, but cases like this happen all the time. More than $58 billion in unclaimed assetsexist across the U.S., often because someone died without their family knowing how to access them. From cryptocurrency to online bank accounts and even safety deposit boxes, if no one knows they exist or how to access them, they may be lost forever.
Life & Legacy Planning Mistakes You Don’t Want to Make
Ironically, Cotten had a will and named his wife as his estate executor. He even left detailed instructions for distributing his assets – including funds for his dogs – but failed to document how to access his cryptocurrency. This costly oversight highlights a common mistake: incomplete planning.
If you hold any digital assets, such as cryptocurrency, online payment accounts, or important digital records, they must be accounted for in your Life & Legacy Plan with clear instructions on how to access them. Otherwise, they may never reach your loved ones.
Protect Your Assets With a Comprehensive Plan
The good news? This kind of loss is entirely preventable.
Every Life & Legacy Plan should include a complete inventory of your assets, along with instructions for accessing them. This doesn’t just apply to bank accounts and property – it also includes digital assets like:
✅ Cryptocurrency and digital wallets
✅ Online banking and investment accounts
✅ Social media and email accounts
✅ PayPal, Venmo, or other payment platforms
✅ Safety deposit boxes and secure storage
Without a clear roadmap, these assets could be locked away permanently.
Don’t Leave Your Loved Ones in the Dark
No one plans to leave their family with a financial mess – but failing to document your assets can have the same effect.A properly structured Life & Legacy Plan ensures that your loved ones can easily locate and manage everything you leave behind.
If you’re unsure whether your assets – including digital ones – are properly accounted for, now is the time to take action.Don’t wait until it’s too late. Contact us today to start planning and ensure your legacy is fully protected.
At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.