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testamentary origin, it does not prevent the trustees and beneficiaries from
agreeing to an amendment. The court further stated that if the testamentary
trust also confers on a trustee the power to decide when to terminate the trust, it
also implies that the trustee has the power to amend the trust deed.
The provisions of the Act which requires a trustee to, in exercising his powers,
act with the care, diligence and skill which can reasonably be expected of a
person who manages the affairs of another, still applies, and should a trustee
decide to amend the provisions of the trust, the trustee will need to exercise his
Commercial It is therefore possible that your trust provisions may be varied after your death.
authority in accordance with the Act.

We would advise to enlist the help of your estate planner to ensure that your
testamentary trust provisions are appropriately wide to provide sufficient scope
to the trustees to manage (and if necessary, amend) the trust in changing
circumstances in a manner that is acceptable to you.

What happens to my Bitcoins when I die?

February 2018

“I’ve started buying Bitcoins as a form of investment. I am aware that it is a
virtual currency and that different rules apply to Bitcoins. But I’m now starting
to wonder how I can ensure that I transfer my Bitcoins to my heirs when I die?”

Bitcoin is essentially a digital payment network where Bitcoin currency is stored
and transferred. A Bitcoin is a form of digital token that you can send or receive
electronically, but is does not come in set amounts like a physical currency
does, and can be divided up to eight decimal places, meaning that the
smallest amount you can send is 0.00000001 Bitcoins. The value of a Bitcoin
also changes in much the same way that the value of stocks changes based
on bidding.

Bitcoins are protected by powerful cryptography which makes it a secure way
to store your wealth, but it also creates the risk that when you die, it will be out
of reach for your heirs.

Bitcoins are stored in a virtual wallet which uses a string of random characters
called a “public key”. The public key is visible to anyone as an address for
sending and receiving the cryptocurrency. A separate “private key” however
allows the owner access to the wallet’s contents. This means that when you die,
your heirs may discover your Bitcoin wallet, but will be unable to gain access
thereto without the private key.

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