Read examples of people gone and they never gave their family or relatives their keys to their crypto. How do most of you handle this? Now if you have everything in your nano ledger s or trezor or even electrum for example, well you give them the 12 or 24 word seed and they have it. Now i thought of some issues. What if they dont know how to operate a computer? Who do they turn to? Are there bitcoin services where when someone is gone, their family or relatives go to that service and say this is the code or phrase for the crypto and they mention if its stored in a hardware wallet or exchange or electrum etc and have that service get their crypto for them for a price? Like it will cost $100 or $500 for the service? Such as they would then transfer the crypto to the family's own wallet or contact the exchange and have them set up the crypto to be sent to their family member's account?
This kind of situation will start arising very soon! People have have made a fortune in crypto activities, will need to save it somewhere so that it can be passed to their next generation when he is gone! Pretty much same as a legal will kept with their lawyer! It is also possible that the next generation may not know what is crypto and how to operate them, so they may require a professional service who will set everything up for them and pass the cryptos to their own account, against a fee!
The other issue comes then is taxes. Most likely that person who has crypto stored most likely did not pay all or most or any of the taxes assuming they were holding for a long time. Now if they paid all the taxes, well you could transfer the money to the family member but there is only a certain limit they can transfer a year without taxes i believe right? This is concerning ppl in the US Now what if that person paid taxes on some of it or none of it. Well the family can't just take the money into their bank account since that person didn't pay any or entire taxes of it. So how in the world would that work then? Because when you file taxes on crypto, it needs to be written down when was the coin bought and sold and at what prices. The family or relative wouldn't have a damn clue about it. They also wouldn't know when they got it and say that person was a trader, they wouldn't have access to say the 500 or 1000 plus transactions that person did etc even if most were basically buying bitcoin and selling it for altcoin immediately since most altcoin you can't go from altcoin to usd or usdt etc.
The details can be fetched through the trading history of the crypto exchange. If that person used to trade offline/physically, then it wouldn't be possible to guess the profits he has made unless he maintains a record for the same. If no record is available, then a good faith payment needs to be made based on the existing volume of the cryptos as per the IRS suggestions. This is how the situation can be tackled.