Estate disputes and bitcoin

On Behalf of | Oct 1, 2020 | Will Disputes |

Estate planning may sound dry, boring and upscale, but that’s really not the case. Everyone in Pennsylvania should have an estate plan or at least a will. Those documents should be updated fairly frequently, too. As technology and finance evolve, all kinds of new considerations are cropping up in estate litigation and disputes.

Mining Bitcoin and planning an estate

Blockchain has been a big buzzword in technology circles for the past few years. It’s a secure way to make and track transactions. One of the most popular applications for blockchain has been cryptocurrency. As Bitcoin gained in value, people made big money mining it. When Dave Wright passed away, his ownership stake of W&K Info Defence became a big issue. The ex-wife of one of the founders has petitioned the court. She believes she may be entitled to over half of the company.

Probate is often a long and tedious process, and this case is no exception to that. In fact, Lynn Wright waited about seven years to submit her petition. The decedent’s brother, Ira Kleiman, is fighting this hard. He believes the W&K Info Defence company is home to a fortune in Bitcoin. Some question his right to a claim on the company, too.

Overall, it’s best to spell out who gets what while there’s still time. Forming a succession plan for a company is never a bad idea. It can be possible to place some assets in trust, which makes it easier to pass them on to the intended heir. An experienced estate planning attorney is an important asset. They can help prevent costly time-consuming estate litigation and disputes.