Cryptocurrency Trustee Services

While “who gets what” and “how they get it” are two of the primary concerns when discussing estate planning, “who does what” is equally important. When creatinga Trust or Limited Partnership that holds cryptocurrency assets, the Grantor or General Partner should be especially careful when selecting a Manager or Trustee because that individual could use the passcode to access and manage the cryptocurrency account at any time, with no oversight. If the Trustee made a transfer of cryptocurrency that was not authorized by the Trust document, the transfer would be nearly impossible to recover. For this reason, most clients choose to use a professional Trustee for the management and control of cryptocurrency assets.

For Trusts funded with traditional investments (like bank accounts, brokerage accounts and real estate), a bank or financial institution is often named as successor Trustee. With cryptocurrency investments, however, those same financial institutions refuse to play such a role because of the dynamic and unstable nature of the investment. Florida has adopted what is known as the “prudent investor rule,” which may limit the types and percentages of different asset classes in a Trust. Many corporate fiduciaries do not feel comfortable acting as a full trustee when cryptocurrency is involved, and they may not have the ability to even hold the crypto assets or to monitor them on a regular basis. This is where directed trusts are very helpful.

With a directed Trust, you can choose one person, bank or financial institution to manage and control your liquid assets, while naming a separate professional to manage your cryptocurrency investments. WFP Law offers a cryptocurrency directed Trustee service for all estate planning and asset protection clients. Whether you manage your cryptocurrency investments using hot storage sites or cold storage devices, there is a need for someone other than you to have access to the location of the device and the password to access the assets, providing a method for your heirs to learn of the private key once you have passed away. This will also protect you during life, if you lose the passcode and need your directed Trustee to grant you access again. In addition, you should always be sure that your Durable Power of Attorney allows your agent to access your bitcoin and other cryptocurrency investments.

For more information on successful techniques for the protection of your cryptocurrency assets, creating estate plans for the succession of cryptocurrency assets, or the probate administration of any cryptocurrency assets not already held in Trust, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation. It’s a Wild world. Are you protected?

Connect with an Attorney

Check all that apply
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable.

The standard chunk of Lorem Ipsum used since the 1500s is reproduced.

– Attorneys

Lorem Ipsum

Meet Our Attorneys

Lorem Ipsum industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.
It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

Meet The Team
Dustin Trailblazer.
Chief Executive Officer

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Meet The Team
Olive Yew.
Executive Assistant

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Meet The Team
Michael Souris
Secretary

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Meet The Team
Teri Dactyl
Assistant

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

previous arrowprevious arrow
next arrownext arrow

Slider

© 2021 by Fort Lauderdale Estate Planning. All rights reserved.

Copyright © 2009-2021 Wild Felice and Partners, PA. All Rights Reserved