When a family member passes away or becomes seriously ill, sorting through their personal belongings can feel overwhelming. Amid the emotional weight, there’s often a practical side: identifying and securing financial assets. In today’s digital age, cryptocurrency has become a significant part of many people’s portfolios, yet it’s frequently overlooked because it’s not as straightforward as bank statements or stock certificates. If your loved one was involved in crypto, knowing what to search for can make all the difference in preserving their legacy and avoiding lost fortunes.

At Succession, we specialize in helping families navigate these complexities, ensuring that inherited digital assets are recovered safely and efficiently. In this post, we’ll guide you through key items to watch for in your relative’s papers, devices, and secure storage spots. Spotting these early can prevent assets from being locked away forever due to forgotten passwords or misplaced keys.

1. Exchange Statements and Account Records

One of the most common entry points into a loved one’s crypto world is through documentation from popular exchanges. Platforms like Coinbase, Kraken, Binance, or Gemini often send monthly statements, tax forms (such as 1099s), or transaction histories via email or mail. These might be tucked away in filing cabinets, desk drawers, or even digital folders on their computer.

• What to Look For: Printed emails confirming account setups, balance summaries, or trade confirmations. Pay attention to any references to wallet addresses, transfers in/out, or security setups.

• Why It Matters: These documents can reveal the existence of accounts holding Bitcoin, Ethereum, or other cryptocurrencies. Without access, funds could remain dormant or be subject to exchange policies on inactive accounts.

• Tip: If you find statements but can’t log in, note the email addresses associated with the accounts. We can often assist with verification processes to regain access without risking security breaches.

2. Recovery Phrases and Seed Words

Crypto wallets rely on something called a “seed phrase” or “recovery phrase”—a series of 12 to 24 words that acts as the master key to restore access. These are often the holy grail for inheritors, as they allow you to regenerate private keys on new devices.

• What to Look For: Handwritten notes on paper, perhaps labeled as “wallet backup” or hidden in a notebook. More secure users might have these phrases etched or stamped into metal plates for durability against fire or water damage. Check envelopes marked “important” or spots like the back of picture frames.

• Why It Matters: Without the seed phrase, even if you have the wallet software or app, the assets inside could be inaccessible forever. This is especially true for self-custodied wallets where the owner held full control.

• Tip: Handle these with extreme care—never take a picture, type them into any computer, or share them online or with untrusted parties. If you’re unsure how to use them, consulting experts can prevent common pitfalls like entering them into phishing sites and losing everything.

3. Hardware Wallets and Physical Devices

For those serious about security, hardware wallets are a staple. These small, USB-like devices store private keys offline, making them resistant to hacks. Brands like Trezor, Ledger, and Coldcard are popular and might be found in unexpected places.

• What to Look For: The devices themselves, often resembling flash drives, stashed in home safes, safety deposit boxes at banks, or even disguised in everyday items. Accompanying them could be PIN codes scribbled on paper or setup guides.

• Why It Matters: Hardware wallets can hold substantial value, but they require the correct PIN and sometimes a passphrase to unlock. If left unclaimed, the crypto inside remains locked, potentially worth thousands or millions.

• Tip: If you locate one, resist the urge to plug it in and experiment. Incorrect PIN attempts can trigger security wipes. Instead, document the model and serial number, and seek guidance.

Additional Clues to Watch For

Beyond these core items, keep an eye out for related hints:

• Tax Documents: Forms mentioning crypto gains or losses, which might reference specific platforms or wallets.

• Emails and Apps: On their phone or computer, look for apps like MetaMask, Exodus, or exchange-specific ones. Browser bookmarks to crypto news sites could also indicate involvement.

• Safe Deposit Boxes: Banks often hold these under the deceased’s name—request access through probate if needed.

• Conversations and Notes: Jot down any mentions your loved one made about “digital gold” or investments in blockchain tech. Also, if they mentioned a passphrase that was extremely important, this is potentially vital information.

Dealing with inherited crypto isn’t just about finding these items; it’s about handling them responsibly to avoid scams or irreversible mistakes. Many families lose out because they don’t know who to trust or how to proceed securely.

If you’ve uncovered any of these signs in your loved one’s estate, Succession is here to help. Our team of crypto experts can guide you through verification, recovery, and transfer processes, ensuring everything is done carefully and efficiently. Contact us today to turn potential headaches into a smooth inheritance.

Remember, time can be critical—exchanges may have dormancy policies, and market volatility waits for no one. By being proactive, you’re honouring your loved one’s foresight and securing their digital legacy for generations to come.