How to Hire a Bitcoin Executor

How to Hire a Bitcoin Executor

When people reach out about hiring me as their bitcoin executor, they tend to ask a lot of the same questions. These things might be on your mind also, so I’m going to answer them here. Let’s get started!

What are the requirements for working with a bitcoin executor?

 To hire me as your professional bitcoin executor, you just need to meet three requirements: location, estate size and planning documents.

  1. Location: Can you be my bitcoin executor if we don’t live in the same state?

In most cases, yes. Location is only an issue if you live in one of the few states (like Florida) that prohibit out-of-state professional executors. As long as you live in a state that doesn’t have this rule, we’re in business.

For the record, most of my cases are in my home base of New York City. However, I’ve served as an executor for clients all over the country. I am able and ready to be your bitcoin executor outside of New York.

  1. Estate Size: How much bitcoin do I need to have to hire an executor?

I’m generally open to working with estates as small as $250,000. This allows me to serve clients that banks and trust companies typically ignore, as their minimums tend to be higher.

So, if your bitcoin value (or your total estate) is at least $250,000, that’s usually enough. However, if you have a smaller estate that includes bitcoin, I might tend to be more flexible because bitcoin is a topic that’s interesting to me.

  1. Planning Documents: What do I need to have to appoint you as my bitcoin executor?

In order to appoint me, you must have a written will or trust where you can name me as your executor.

When I’m having an introductory call with someone, this is usually where they jump in to ask: “Do I need to hire you to write my will?”

No!

In fact, my firm doesn’t even offer that service because we’re focused on providing quality executorship.

If you don’t have a will yet: By all means, use your own lawyer (if you don’t have one, we’d be happy to refer you to a trusted colleague). OR, learn about simple options for creating a Do-It-Yourself will.

Pro tip: If you go for the DIY option, be sure to have a lawyer supervise the signing. That makes it less likely that your heirs will run into legal technicality problems later.

How do I get started working with a professional bitcoin executor?

So you’ve determined that you meet all three requirements for us working together. Now what?

Reach out to me to set up a brief intro call. It’s absolutely free of charge and mostly a chance for us to get to know each other, so we can both confirm it’s a good fit. And I’ll of course answer any questions you have about my services.

If I want to hire you as my bitcoin executor, how do we make it official?

Once you’ve decided you want us to work together, you’ll make it official by naming me as your bitcoin executor in your will. Then, send me a signed copy.

I can’t overstate how important this step is—and sadly, too many people never get around to it. It’s important because:

  • It gives me official notice that I’ve been nominated to serve as your executor, so I can plan accordingly.
  • More importantly, it ensures that I can fulfill my duties when the time comes.

In the world of probate, intent alone is never enough. If you have a person in mind to serve as your executor, you must name them in your will. If not, you risk the likelihood that the court will appoint someone else. For example, that nephew you haven’t talked to in 30 years—the one who has no clue what your wishes were, where your bitcoin keys are, or what bitcoin even is.

How will my executor get control of my bitcoin upon my passing?

For security, I always recommend multi-factor access options:

  1. Seed phrase and passphrase

The combination of these two things makes for a less costly alternative to a multisig, which is why I call this option “the poor man’s multisig.”

What parts should you share with whom?

A good plan is to give your seed phrase to your heirs and your passphrase to your executor (me). That way, no one has the complete information needed to access your bitcoin while you are alive. After your death, I’ll team up with your heirs to access your wallet.

IMPORTANT: Do not write your passphrase and seed phrase in your will. During probate, your will becomes part of the public court record, which means anyone will be able to see it and hack into your bitcoin.

How will my executor get control of my bitcoin upon my passing?

  1. Multisig

You’re probably already familiar with multi-signature (or multisig) as another way to transfer bitcoin custody. This option also involves multiple factors. For more on how a multisig works, check out my detailed post.

What else do I need to do to make sure my executor can access my bitcoin?

In short, nothing. If you’ve named me as your professional executor in your will, sent me a signed copy, and delivered your passphrase, we’re set.

But just in case you’re not satisfied, let me point out a couple of things that you really don’t need to do:

  1. DON’T leave me a detailed letter of instruction for finding your bitcoin.

Please, no treasure maps. They never work. Trust me; I’ve seen it with legacy assets.

DON’T leave me a detailed letter of instruction for finding your bitcoin

  1. DON’T automate your bitcoin estate plan.

Automation is great for a lot of things, but estate planning is not one of them. You want your bitcoin inheritance plan to be as flexible as possible. Times and technology are going to change, and I’ll help you make sure your transfer strategy is as up-to-date as possible.

What happens after I’ve nominated you as my professional bitcoin executor?

Once you’ve nominated me, we’ll start checking in once a year, usually over a brief call or email.

The purpose of this check-in is pretty straightforward. First of all, it’s to make sure you’re still alive (because if you’re not, I need to do my job).

Second, it’s so I can get to know you and learn how your wishes and relationships change over time. That way, if your will is ever contested, I can provide testimony based on what I know about your wishes from our conversations.

Finally, it’s a chance for us to check in on technological advancements and make sure your bitcoin transfer strategy is up to snuff.

How will my bitcoin executor get notified of my passing?

Many doctor offices and funeral homes have forms you can fill out listing who should get notified in the event of your death. Besides official paperwork, you can also leave my name in a prominent place, like on your refrigerator or in your address book, or share it with your family and friends. This post has additional strategies for letting your executor know that you’ve died..

How much does it cost to hire a professional bitcoin executor?

There are no upfront fees to hire me as your executor. I don’t get paid a cent until you pass away and I fulfill my duties.

It’s also worth noting that executor fees are the same no matter who you appoint—whether it’s a professional like me, or your amateur nephew. Either way, the fees will be exactly the same.

Executor fees are almost always set by state law, whether it’s a percentage of the estate or a reasonable fee. The percentage often works out to 2-3% of the estate’s value. Some states use the “reasonable fee” standard, and the court accepts a customary percentage as “reasonable.”

Sometimes the reasonable fee is an hourly rate that the court deems acceptable. If you have an amateur executor, the hourly rate can get pretty expensive.

For your bitcoin executor, go pro.

Inheritance is complicated enough. For some heirs and executors, adding in bitcoin will create a recipe for disaster—or at the very least, frustration.

Hiring a professional like me allows you to breathe easy and know your bitcoin will reach your heirs efficiently and effectively when you pass.

On a personal note, bitcoin executorship is incredibly exciting to me because it combines two areas I have a lot of knowledge and passion for. If you’d like to chat about bitcoin or any other topic, please use the form below to get in touch.

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