A FORTUNE LOST IN SECONDS
Imagine waking up to discover that half a billion dollars of your inheritance has vanished. Not stolen. Not spent. Simply... gone.
This was not a movie plot. It happened to the family of Matthew Mellon, heir to the famous Mellon banking fortune, when he died suddenly at age 54 in 2018.
Matthew had invested early in a cryptocurrency called XRP (Ripple). His timing was brilliant—his initial investment grew to an estimated $500 million to $1 billion. He was a crypto visionary who understood digital currency before most people had even heard of Bitcoin.
But there was one critical thing Matthew did not do: he never told anyone how to access his crypto wallets after he was gone.
When he died unexpectedly during a drug rehabilitation stay in Mexico, his fortune died with him. The private keys—the digital passwords needed to access his cryptocurrency—were locked away in his mind. Without those keys, the money might as well not exist.
His family could not touch a single penny of that $500 million.
WHY SMART, WEALTHY PEOPLE MAKE THIS MISTAKE
Matthew Mellon was not careless or uninformed. He came from one of America's most prominent banking families. He understood money, investments, and wealth management.
So what went wrong?
The problem is that cryptocurrency is different from any asset we have dealt with before. If you forget your bank password, you can reset it. If you lose your stock certificates, the brokerage has records. If your house deed is destroyed, the county has a copy.
But cryptocurrency? If you lose your private keys, there is no customer service number to call. There is no bank manager who can help you. The money is simply gone forever.
According to a 2024 Forbes report, over 20% of all Bitcoin—worth billions of dollars—sits in wallets that no one can access anymore. Lost passwords. Forgotten keys. Deceased owners who never shared access information.
And it is not just crypto. The same problem affects:
• NFTs and digital art collections
• Online business accounts generating monthly income
• Domain names worth thousands of dollars
• Cloud storage containing irreplaceable family photos and documents
• Social media accounts with monetization value
THE THREE FATAL ASSUMPTIONS THAT COST FAMILIES MILLIONS
Assumption #1: "I'll Have Time to Share This Information Later"
Matthew Mellon was only 54. He probably assumed he had decades ahead of him. Most of us make the same assumption.
But here is what I have learned in nearly 30 years as an estate planning attorney: tomorrow is not guaranteed. I have helped families after sudden heart attacks, unexpected strokes, and tragic accidents. The people who suffered most were not those who had no assets—they were the ones whose assets were locked away forever because "later" never came.
Assumption #2: "My Family Will Figure It Out"
Even tech-savvy families struggle with this. One family in Venice owned a successful online business generating $15,000 monthly through various platforms. When he had a severe stroke, his wife—a smart, capable professional—could not access any of it.
Why? Because he used different passwords for everything, enabled two-factor authentication on his phone (which was locked), and never documented any of it. She watched their income disappear, month after month, while their bills kept coming.
His recovery took eight months. By the time he could communicate again, they had lost over $120,000 in income they could never recover.
Assumption #3: "My Estate Plan Already Covers This"
Here is a question I ask every client: "When was the last time you updated your estate plan?"
Most people who have estate plans created them 5, 10, even 20 years ago. Back then, cryptocurrency did not exist for most people. NFTs were not a thing. Online businesses were rare.
Your 2015 estate plan does not mention your crypto wallet because you did not own crypto in 2015. And here is the critical part: in most cases, that means your executor has no legal authority to access those assets, even if they somehow found your passwords.
Florida and Minnesota have adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) to address this problem. But your estate plan must specifically include the right language to take advantage of this law. Without it, your executor may be locked out—legally and practically.
WHAT HAPPENS TO DIGITAL ASSETS WITHOUT PROPER PLANNING
Let me share what I have seen happen when families do not plan for digital assets:
The Locked Business: A Minnetonka couple built an online store selling custom products. After the husband's sudden death, his wife discovered she could not access the business bank account, the payment processor, or the website backend. She could not contact customers, fulfill orders, or access three years of business records. The business collapsed within weeks, and creditors came after their estate for unfulfilled orders.
The Vanished Memories: A Sarasota family lost access to 10 years of photos and videos stored in their father's cloud accounts. His passwords died with him. Google, Apple, and Microsoft could not help without a court order—which cost the family $8,000 in legal fees and took nine months. Even then, some accounts were permanently locked.
The Disputed Assets: Three siblings fought for two years over their mother's cryptocurrency. One son claimed she had given him the passwords before she died. The daughters insisted he was lying. With no documentation, no witnesses, and no clear legal framework, the family spent over $45,000 in legal fees—and still ended up dividing the assets in a way that satisfied no one. Worse, they no longer speak to each other.
HOW TO PROTECT YOUR FAMILY FROM THE MELLON MISTAKE
The good news? You can prevent all of this with proper planning. And no, you do not need to be a billionaire to need this protection.
If you own any digital assets—crypto, online accounts, digital businesses, cloud storage, or valuable online properties—you need a plan that addresses them specifically.
Here is what that looks like:
Step 1: Create a Complete Digital Asset Inventory
You cannot protect what you have not identified. We help clients document:
• Every cryptocurrency wallet and exchange account
• NFTs, digital art, and tokenized assets
• Online businesses and income-generating accounts
• Domain names and websites
• Cloud storage and photo libraries
• Social media accounts with value (monetized channels, business pages)
• Digital media libraries (purchased movies, music, books)
This inventory stays private and secure—never in your public will. We use encrypted storage or sealed documents kept with your estate planning attorney.
Step 2: Appoint a Digital Executor
Your traditional executor manages your house, bank accounts, and investments. But do they know how to transfer cryptocurrency? Can they access your Google account? Do they understand NFTs?
A digital executor is someone who:
• Understands technology and online accounts
• Has your complete trust
• Is specifically authorized in your estate documents
• Knows where to find your access information
Under Florida's RUFADAA law, we can give your digital executor the legal authority they need—but only if your documents are properly drafted with this specific language.
Step 3: Use Trusts for Cryptocurrency and Valuable Digital Assets
Here is what most people do not know: wills become public records in probate court. That means if you list your crypto information in your will, anyone can see it—scammers included.
A properly structured trust keeps everything private. We can include:
• Wallet addresses and access instructions
• Distribution terms for each beneficiary
• Protection from market volatility
• Instructions for selling, holding, or converting assets
• Protection from beneficiaries' creditors, divorces, or lawsuits
One of my Sarasota clients owned $2.3 million in various cryptocurrencies. We created a trust that not only protected his assets but also included instructions for his family on how to work with a crypto-experienced financial advisor to manage the inheritance responsibly.
Step 4: Secure Your Private Keys the Right Way
Never, ever put private keys directly in your will. Here is what we recommend instead:
• Hardware Wallets (Cold Storage): Store crypto offline in encrypted physical devices
• Dual-Access Systems: Split access between two trusted people who must work together
• Sealed Instructions: Keep detailed recovery instructions in a sealed envelope but ensure a trusted person such as your attorney, accountant and/or a family member knows where it is
• Multi-Signature Wallets: Require multiple people to approve any transaction
The goal is security while alive, accessibility when needed, and privacy always.
Step 5: Review and Update Regularly
Digital technology changes fast. New wallets, new platforms, new accounts. Your estate plan should be reviewed every two to three years—or immediately after any major changes.
A 2024 Pew Research study found that only 32% of American adults have an up-to-date will or estate plan. For digital assets, that number is probably even lower.
Do not let your family become another statistic.
WHAT THIS MEANS FOR YOUR FAMILY
If you live in Florida or Minnesota, and you own cryptocurrency or other digital assets, ask yourself:
• Could your spouse access your crypto wallet tomorrow if something happened to you today?
• Does your estate plan specifically mention your digital assets?
• Have you appointed a digital executor with proper legal authority?
• Are your private keys stored securely but accessibly?
• When was the last time you updated your estate plan?
If you answered "no" or "I am not sure" to any of these questions, you are at risk of creating the same nightmare Matthew Mellon's family faced.
THE COST OF WAITING
Matthew Mellon's family did not just lose $500 million. They lost his legacy. They lost the financial security he had worked to build. They lost the ability to honor his wishes because no one knew what those wishes were.
But more than that—and this is what breaks my heart when I see it—they lost peace of mind during an already devastating time. Instead of grieving together, they faced legal chaos, uncertainty, and the permanent loss of assets that should have been theirs.
You can prevent this for your family.
For nearly 30 years, I have helped families protect what matters most. Today, that includes cryptocurrency, online businesses, and digital legacies that previous generations never imagined.
Whether you own $50,000 or $50 million in digital assets, the principle is the same: proper planning today prevents permanent loss tomorrow.
YOUR NEXT STEP
Do not let your digital wealth become another cautionary tale. Do not leave your family struggling to access what you have built. And do not assume you have time to deal with this later.
At Roulet Law Firm, we combine nearly three decades of estate planning experience with cutting-edge strategies for protecting digital assets. We have helped hundreds of Florida and Minnesota families secure their complete legacy—both the traditional assets and the new digital frontier.
We serve families throughout Sarasota county from our Florida office and Minnetonka and the twin cities from our Minnetonka, Minnesota office, and the surrounding areas, with sophisticated planning delivered with a personal touch.
Call us today at either (941) 909-4644 for our Florida office or at (763) 420-5087 for our Minnesota office to schedule your private consultation. Or you can fill out the contact form on this page and a member of our team will reach out to you to schedule. We will review your complete asset picture, identify gaps in your current plan, and create a comprehensive strategy to protect everything you have built—including the digital assets that most attorneys overlook.
Your family's financial security should not depend on luck or hope. Let us make sure it does not have to.
If you would like to discover more, join us in my upcoming exclusive masterclass where I'll reveal how to avoid probate, save on taxes, protect the money you leave for your kids in the event they get divorced and much more. Click here to sign up.
FREQUENTLY ASKED QUESTIONS
What happened to Matthew Mellon's cryptocurrency?
Matthew Mellon's estimated $500 million in XRP cryptocurrency became permanently inaccessible after his unexpected death in 2018. Because he never shared his private keys with anyone, his family had no way to access the digital wallets. The cryptocurrency still exists on the blockchain, but without the private keys, it can never be moved or accessed—essentially making it worthless to his heirs.
Can cryptocurrency be included in a Florida estate plan?
Yes, absolutely. Cryptocurrency and other digital assets should be included in your Florida estate plan, but they require special handling. You should never list private keys in your will (which becomes public), but instead use trusts and confidential schedules. Florida law under RUFADAA allows you to give your executor or trustee proper authority to handle digital assets.
Can cryptocurrency be included in a Minnesota estate plan?
Yes, absolutely. Cryptocurrency and other digital assets should be included in your Minnesota estate plan, but they require special handling. You should never list private keys in your will (which becomes public), but instead use trusts and confidential schedules. Minnesota law under RUFADAA allows you to give your executor or trustee proper authority to handle digital assets.
What happens if I die without sharing my crypto passwords?
If you die without sharing access to your cryptocurrency wallets, your family will likely lose access to those assets permanently. Unlike bank accounts where institutions can verify identity and grant access, cryptocurrency wallets require private keys. Without those keys, the assets cannot be recovered—no matter how much they are worth or who legally inherits them.
How much does it cost to add digital assets to an estate plan in?
The cost varies based on the complexity of your digital holdings, but it is far less expensive than losing access to those assets. When you consider that over 20% of Bitcoin is permanently lost due to poor planning, investing in proper estate planning is one of the smartest financial decisions you can make. During your consultation, we can provide specific pricing based on your situation.
Do I need a special executor for digital assets?
While not legally required, appointing a digital executor is highly recommended. This person should be tech-savvy, trustworthy, and specifically authorized in your estate documents under Minnesota's and Florida's RUFADAA law. They can be the same person as your traditional executor or someone different, depending on your family's technological capabilities.
Are NFTs and digital art protected in estate plans?
NFTs, digital art, and other tokenized assets should be protected in your estate plan just like cryptocurrency. These assets have real monetary value and require the same careful planning for access, transfer, and distribution. We help clients document these assets and create legally sound plans for passing them to beneficiaries.
What if my estate plan was created before I owned cryptocurrency?
If your estate plan was created before you owned digital assets, it almost certainly does not address them properly. Most estate plans created even just five years ago do not include the specific language needed to handle cryptocurrency, online accounts, or digital property under Florida law. You should update your plan to include these assets and ensure your executor has proper authority.
Can someone steal my crypto if they know I have it in my estate plan?
Not if your plan is structured correctly. This is why we never put private keys in wills (which become public records) and instead use private trusts, sealed documents, or confidential schedules. Proper planning protects both security while you are alive and accessibility for your heirs after you are gone.
