89% of Crypto Owners Might Lose Their Money if They Pass Away, reports survey by DGLegacy
San Francisco, June 7, 2023 – 89% of crypto owners are very worried that if something happens to them, their families won’t be able to identify and access their crypto currencies. This was revealed by a recent survey conducted by the digital legacy planning and digital inheritance service DGLegacy® among 10 000 crypto owners using its service.
The primary reason for the problem is that while crypto owners pay special attention to protecting their crypto wallets, it’s almost impossible for their loved ones to access the wallets if something happens to the owners.
In many cases, the family members do not know which wallet is storing the fortune. In other situations, the family members know where the crypto is stored, but they don’t have the access details, so their fortune stays locked away and inaccessible forever.
The DGLegacy® survey also revealed that the problem is not related only to crypto currencies but also to other types of digital and financial assets. In the state of New York alone, there is $17.5B in lost money, held in more than 46 million abandoned financial accounts – twice as many as the current residents of New York state!
The numbers are staggering, and they span different types of financial assets, such as bank accounts, insurance policy benefits, estate proceeds, company stocks and mutual funds.
Estate planning is of no help as it doesn’t solve the primary problem that leads to the lost money: the family members can’t identify, locate or access the assets.
It’s not surprising that estate planning proceeds are one of the primary types of abandoned assets that don’t reach the family members.
Seeing this global pandemic of abandoned digital and financial assets, it’s not surprising that digital inheritance services are emerging to cope with the problem.
It started with the rise of digital vaults and password managers being able to share important information among family members. But sharing only is not enough; people might forget or lose the access details to the shared information.
Digital legacy planning and digital inheritance services solve that problem as they offer automatic detection of a fatal event and proactive sharing of the information about the assets with the designated beneficiaries.
As Ana Mineva, CEO at DGLegacy®, commented, “Seeing this global pandemic of abandoned financial accounts and lost money, it’s not surprising that we’re seeing a massive increase in interest in using digital legacy management services to protect people’s financial assets.”
To find out more about how DGLegacy® can help you protect your digital and financial assets, please visit www.dglegacy.com.