The billionaire cryptocurrency investor Matthew Mellon was found dead at a hotel room in Cancun only a day before he was supposed to check into a drug rehab facility. The facility said that the man arrived in Cancun with an entourage on a private plane last Sunday, but he never made it to the rehab center.
Reports indicate that Mellon checked into a Cancun hotel the night before he was scheduled to report to the rehab facility, Clear Sky Recovery. However, he was found dead at his hotel the following morning on April 16. Mellon had intended to use the controversial ibogaine drug in his addiction therapy. Ibogaine is banned in the United States.
Initially following the man's death, family member stated that he died at the drug rehab facility itself, but they later changed their statement to say that he planned to check into his rehab center but never made it.
The death of this billionaire will bring to light a light a lot of questions regarding new cryptocurrencies and inheritance. The transfer and control of cryptocurrencies can happen seamlessly and secretly without bank or court involvement. This will make the issue of enforcing a specific probate ruling relating to cryptocurrencies a difficult -- if not impossible -- process.
There is no doubt that estate planning lawyers and cryptocurrency investors alike will be watching how this billionaires estate gets handled by the court system to take cues on how to best prepare their clients and themselves who happen to own cryptocurrency investments. Do you need to incorporate cryptocurrencies into your estate plan? Make sure you understand your legal rights and options.