What Happens to Your Crypto and NFTs When You Die?
Written By:
By Eric James Beyer
Featuring Asher Rubinstein, Partner Gallet Dreyer & Berkey, LLP
Nine days into their honeymoon in December 2018 in Jaipur, India, Gerald Cotten, and Jennifer Robertson made an emergency trip to a private hospital. Cotten had come down with a severe stomachache, and after a diagnosis of acute gastroenteritis, his condition worsened severely. Blood tests pointed to septic shock as the culprit. His heart stopped, and despite doctors’ best efforts, Cotten was declared dead just 24 hours after his stomachache had begun.
As the CEO and Co-Founder of QuadrigaCX, Canada’s then-biggest Bitcoin exchange, Cotten’s death soon made international headlines, but not just because of his status in the crypto world. While his will detailed millions in real estate holdings and other assets, it left no mention of the cold wallets that stored most of Quadriga’s funds — which totaled $250 million in cryptocurrency. In April 2019, the Nova Scotia Supreme Court declared the company bankrupt, since the exchange had ceased to function three months earlier...
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Asher Rubinstein
Asher Rubinstein's practice focuses on domestic and international asset protection, wealth preservation, estate planning, tax planning, tax controversy, offshore tax compliance, and related litigation. Mr. Rubinstein is a recognized expert on offshore entities, foreign banking, and IRS compliance issues. Mr. Rubinstein also represents and advises wine, spirits, food, and restaurant clients.