You can include cryptocurrency in your Ohio estate plan, but it takes more than just listing Bitcoin, Ethereum, or other digital assets in your will. Your beneficiary needs both the legal right and a clear way to find and access the asset. If no one knows where your cryptocurrency is stored, it could be lost even if your estate documents are in order. Without careful planning, private keys and recovery phrases could also be at risk of theft. I work with clients to coordinate their wills, trusts, powers of attorney, account settings, and access instructions so digital assets stay secure and accessible.
Cryptocurrency Is Property That Can Pass Through An Estate Plan
You can transfer cryptocurrency through a will, trust, a beneficiary arrangement from a custodian, or another legal ownership method. The best choice depends on whether your currency is stored on an exchange, brokerage, hardware wallet, mobile wallet, or another type of storage.
A will can direct who should receive cryptocurrency remaining in your probate estate. Ohio Revised Code Section 2107.03 generally requires a will to be in writing, signed at the end by the person making it, and witnessed by at least two competent witnesses in the required manner. A document that does not satisfy Ohio’s execution requirements may fail to control the distribution of your property.
Your will should clearly state who gets your cryptocurrency, but never include private keys, wallet passwords, or recovery phrases. Since wills filed with the probate court can become public, keep sensitive access details stored separately in a secure way that fits with your estate plan.
A Trust May Provide Greater Control
A revocable living trust can be a good option if you want your cryptocurrency managed outside the usual probate process. With a trust, you can decide who manages the assets, when beneficiaries get them, and whether the trustee should hold, sell, or distribute the cryptocurrency.
Ohio Revised Code Section 5804.02 establishes the basic requirements for creating a valid trust. The person creating the trust must have the required capacity and intent, the trust must have a definite beneficiary or satisfy another permitted purpose, and the trustee must have duties to perform.
Creating the trust document is only part of the process. The cryptocurrency must be transferred or otherwise connected to the trust in a legally and technically effective manner. The correct procedure may depend on the exchange, wallet type, account agreement, and security arrangement. Merely mentioning cryptocurrency in a trust does not guarantee that the trustee will be able to control it.
Ohio Law Addresses Fiduciary Access To Digital Assets
Ohio’s Uniform Fiduciary Access to Digital Assets Act appears in Chapter 2137 of the Ohio Revised Code. The law defines a digital asset as an electronic record in which an individual has a right or interest. It establishes procedures through which personal representatives, trustees, agents acting under powers of attorney, and certain other fiduciaries may request access to digital property.
Under Ohio Revised Code Section 2137.03, you may use an online tool offered by a custodian to direct whether some or all digital assets should be disclosed to a designated recipient. When the online tool permits you to modify or delete the direction at any time, that direction can override contrary instructions in a will, trust, power of attorney, or other record.
Because of this rule, it’s important to keep everything coordinated. Make sure your exchange settings and chosen recipients match your estate planning documents. If they don’t, the person you name in your will might not have the authority you want them to have.
Your Power Of Attorney Should Address Digital Assets
Your estate plan should also cover what happens if you become unable to manage things yourself. A financial power of attorney lets a trusted person handle your property while you’re alive, but it should also give them the right authority for digital assets.
Ohio Revised Code Section 2137.09 permits disclosure of certain digital assets to an agent who has specific authority over digital assets or appropriate general authority to act for the principal. Access to the content of electronic communications requires more explicit authority under Section 2137.08.
Without suitable language, your agent may be unable to access an exchange account, obtain transaction information, or protect cryptocurrency during a period of incapacity. The terms of the account agreement and federal privacy rules may create additional restrictions.
The Fiduciary Needs Both Authority And Technical Access
A personal representative may be entitled to request disclosure of digital assets belonging to a deceased user under Ohio Revised Code Section 2137.07. The representative generally must provide the custodian with the required documentation, which may include a written request, death certificate, and proof of appointment.
Having legal authority isn’t enough to solve every technical issue. If your cryptocurrency is in a private wallet, there may be no company to help reset a password or recover a lost private key. Your plan should give your fiduciary a secure way to find wallets, devices, account records, and access instructions.
I usually recommend maintaining a separate digital-asset inventory. It can identify the type of asset, storage method, exchange or wallet provider, and location of access instructions without placing the actual private key in the estate documents.
Cryptocurrency Creates Trustee Management Concerns
A trustee who receives cryptocurrency must comply with fiduciary duties. Ohio Revised Code Section 5809.02 requires a trustee to invest and manage trust property as a prudent investor, considering the trust’s purposes, distribution requirements, risk, expected return, liquidity needs, and tax consequences.
Section 5809.03 generally requires diversification unless the trustee reasonably determines that special circumstances make a different approach appropriate. Because cryptocurrency values can change sharply, the trust should address whether the trustee may retain the asset, sell it promptly, diversify it, or distribute it directly to beneficiaries.
Clear instructions can reduce uncertainty, but they must be drafted carefully so that they do not create impractical duties or expose the trustee to unnecessary disputes.
Call The Law Office Of John C. Grundy About Your Ohio Estate Plan
Cryptocurrency can be included in an Ohio estate plan, but a basic gift provision may not be enough. Your plan should address ownership, fiduciary authority, secure access, online account designations, incapacity, trustee powers, and the practical transfer of each digital asset. I can help you create coordinated instructions that protect sensitive information while giving your chosen fiduciaries a workable method for carrying out your wishes.
The Law Office of John C. Grundy represents estate-planning clients in Cortland and throughout Ohio. I assist clients with wills, trusts, powers of attorney, digital-asset planning, beneficiary arrangements, and other measures designed to protect their property and families. Contact our Ohio estate planning lawyer at The Law Office of John C. Grundy by calling 330-637-9030 to schedule a consultation.
