We have all heard the stories of those poor unfortunate saps who forgot the Bitcoin passwords and are thus locked out of their fortunes…
Unfortunately, this is a very real concern, losing a password is exactly the same as losing the money.
Since Bitcoin and all other cryptocurrencies are decentralized, meaning they were not issued by a central bank or authority. That makes it impossible for anyone to help access a loved one’s account when they die, unless they possess the security key (password) and/or seed phrase to unlock their wallet. So if you do not share that password or access with your heirs, they are locked out of that part of your estate.
As part of your estate plan should include a listing of all assets, what they are, where they are, roughly how much they are worth, and how to access them.