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Can I Set A Beneficiary In Coinbase?

Introduction

Founded in 2012, Coinbase is a cryptocurrency trading and investing platform that allows you to sell, purchase, store, and exchange over 100 tradable cryptocurrencies like Bitcoin, Ethereum, Cardano, Solana, Polkadot, USD Coin, Dogecoin, Uniswap, Litecoin, Shiba Inu, and more!

Supporting 73 million users, 10,000 institutions, and around 185,000 ecosystem partners, Coinbase is a beginner-friendly platform perfect for those new to the complexities of cryptocurrency. It provides a simple way to explore investing and benefiting from digital assets.

Cryptocurrency holds significant financial value for many, yet stories abound of people losing millions due to poor management and security of their crypto accounts. These incidents highlight the need for proper arrangements tailored to the unique nature of cryptocurrencies, distinct from physical and other digital assets.

Cryptocurrency exchange platforms often face questions about beneficiary designation services. While many platforms acknowledge the importance of such services, only a few are actively developing them. Is Coinbase one of them?

Naming a Beneficiary in Coinbase

Currently, Coinbase does not offer the option to name a beneficiary directly within the account. However, your Coinbase account can be transferred to your beneficiaries as specified in your Will or other legal documents.

In the event of your demise, the Executor of your Will or a family member can notify Coinbase through the following steps:

  1. Visit the Contact Us page on Coinbase’s official website.
  2. Choose Coinbase or Coinbase Pro under the product option.
  3. Select Other Issues under Let’s Get Started.
  4. Choose I’m Requesting Access for a Deceased Account Holder in the What is Your Issue About? option.
  5. Select General for What Seems to Be the Problem?
  6. Fill out the form, uploading digital copies of the Death Certificate, Will, Probate documents (such as Probate, Affidavit for Collection, Letters of Administration, Letters Testamentary, or Small Estate Affidavit), and a Government-approved Photo Identity Document of the Executor or designated person.
  7. A letter signed by the designated person instructing Coinbase on how to handle the account will be required.

 

Accessing and managing your cryptocurrency accounts can be daunting for your Executor or family members, especially when coupled with handling social media, gaming, online shopping, or subscription accounts.

Creating a Digital Estate Plan with my-legacy.ai can simplify this process, providing comprehensive assistance for securing and planning your digital assets. Ensure your wishes are carried out with ease by sharing detailed instructions with your beneficiaries for managing all your digital assets after your demise or incapacitation.

Secure your digital legacy with my-legacy.ai and make the management of your digital assets straightforward and stress-free.