Assets, Bitcoin

Does Bitcoin Go Through Probate?

When someone dies, their estate goes through a legal process called probate. Probate is the court-supervised process of gathering a deceased person’s assets and distributing them to their heirs.

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Bitcoin is decentralized, meaning it is not subject to government or financial institution control.

Bitcoin is often referred to as a cryptocurrency, or digital currency.

NOTE: Warning: Bitcoin is a digital asset and does not go through probate like other assets such as real estate and personal property. It is important to understand that if you own Bitcoin, it will not be included in your estate when you pass away. In order to ensure that your Bitcoin is passed on to your beneficiaries, you must create a plan for how it will be distributed. This could include creating an online wallet with multiple passwords, setting up an account with a service provider, or any other method that best suits your needs.

As of 2020, there is no clear answer as to whether or not Bitcoin would be subject to probate in the United States. While some states have begun to address the issue of cryptocurrency in probate, the lAWS are still evolving and there is no definitive answer at this time.

It is possible that Bitcoin could be subject to probate in the future, as the lAWS continue to evolve. However, because Bitcoin is decentralized and not subject to government or financial institution control, it is also possible that Bitcoin will never be subject to probate.

Only time will tell how this issue will ultimately be resolved.

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