Introduction
Coinbase, a user-friendly platform with over 73 million users, lets you buy, sell, and trade over 100 cryptocurrencies, including popular options like Bitcoin, Ethereum, and Dogecoin. Coinbase makes it easy for beginners to get started with crypto – no prior experience is needed. They offer educational resources to help you understand how cryptocurrencies work and how you can invest in them.
However, it’s important to consider how crypto assets are handled in estate planning. Unlike traditional assets, crypto requires specific measures to ensure it reaches your beneficiaries if you become incapacitated or pass away.
Creating a Trust for Cryptocurrency is one such arrangement, but does Coinbase provides assistance for this?
Coinbase’s business platforms, Coinbase Prime, Coinbase Custody, and Coinbase Exchange, all support accounts in the Name of a Trust. Following are the steps to create a Coinbase account in the Name of a Trust:
- An application is needed for an account if you’re new to Coinbase Prime, Custody, or Exchange. The Coinbase Client Services Team will assist you with account setup during the onboarding process after your application has been evaluated and accepted.
- During the onboarding process, direct communication with an analyst via email will ensure your account is set up precisely according to your desires. During this process, you need to make the Client Services team aware of your interest to set up a Trust account.
- In case, you already have a Coinbase Prime, Custody, or Exchange account, contact the Client Services team about your wish to create a Trust account. The crew will walk you through the rest of the procedure.
It should be noted that the platform does not allow joint Coinbase accounts or accounts in the names of trusts or other similar entities on Coinbase.com, but they do allow joint bank accounts to be linked to a Coinbase account as a payment method.
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- Digital Estate: The Next Wave in Retirement Planning
Also, the name of your bank account must match the name of your Coinbase.com personal account. If you’d prefer to use a corporate bank account instead, try applying for a Coinbase Prime account.
Most companies providing platforms for selling, buying, and storing Cryptocurrency do not have clear policies regarding Beneficiary Designations, even if the companies provide services for Cryptocurrency accounts and funds transfer, the procedures could take plenty of time and effort.
Accounts on different platforms may require distinct procedures to be followed for the safe and timely transfer of Cryptocurrency Assets to the beneficiaries after the demise of the owner.
A Digital Estate Plan, which covers all of the requirements for drafting blueprints for all of your Digital Assets, can make the process go more smoothly. After your death or incapacitation, details and a guide to accessing and managing all of your Digital Assets can be given to your beneficiaries according to your desires.
