Can I Set A Beneficiary In Coinbase?

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Founded in 2012, Coinbase is a Cryptocurrency trading and investing platform that allows you to sell, purchase, store, and exchange over 100 tradable Cryptocurrencies like Bitcoin, Ethereum, Cardano, Solana, Polkadot, USD Coin, Dogecoin, Uniswap, Litecoin, Shiba Inu, and more!

Providing assistance to 73 million users, 10,000 institutions, and around 185,000 ecosystem partners, Coinbase is a beginner-friendly platform that can be used by people with little to no knowledge of the technical complexities involved in storing, selling, or purchasing Cryptocurrency and who simply wish to explore the ways to invest and gain benefits from this Digital Asset.

Cryptocurrency has great financial value to many people and stories of losing millions of Cryptocurrency due to the failure of the owner to draw well-organized plans for the management and security of Cryptocurrency accounts and funds are circulating around the globe. 

These recurring incidents make people wonder about the ways to make appropriate arrangements for Cryptocurrency which has different features than Physical Assets and other Digital Assets. 

Cryptocurrency Exchange platforms are often questioned about the progress in the formation of Beneficiary Designations Services, many platforms do not disregard the possibilities of such services but only some are working towards them. But are such services provided by Coinbase? 

 

Naming a beneficiary In Coinbase

Coinbase account can be transferred to your beneficiaries according to the specifications stated in your Will or other legal documents, but naming a beneficiary in the Coinbase account itself is not possible for now.

In case of your demise, the Executor of your Will or any family member can make the platform aware of the situation with the following steps:

  • Go to the Contact us page on the official website of Coinbase.
  • In the Choose your product option, select Coinbase or Coinbase Pro.
  • Under Let’s get started choose Other Issues.
  • In the What is your issue about? option, choose I’m requesting access for a deceased account holder.
  • For What seems to be the problem? option, select General.
  • A form will open up and will ask to upload Digital Copies of your Death Certificate, Will, Probate documents(can be either Probate, Affidavit for Collection, Letters of Administration, Letters Testamentary, or Small Estate Affidavit), a Government-approved Photo Identity Document of the Executor or person selected for managing your assets as stated in the letters.
  • A letter signed by the person(selected to manage your Coinbase account) would be required to instruct the platform about the ways to handle the account further. 

The Executor or your family members can get perplexed by the process for accessing all your Cryptocurrency accounts and funds. Mental and physical fatigue is inevitable when the extra task of accessing and managing your social media accounts, gaming accounts, online shopping accounts, or subscription accounts appends!

The process can become easier with a Digital Estate Plan covering all the requirements for drawing plans for all your Digital Assets. Details and the guide to access and manage all your Digital Assets can be shared with your beneficiaries according to your wishes after your demise or incapacitation.

Create a Digital Estate Plan with Clocr and see the process of securing and planning for your Digital Assets become simpler with proficient assistance.