Our specialist Wills and Inheritance Planning lawyers are on hand to advise on leaving digital and cryptocurrency in your Will. With the introduction and rise of contactless payments, we are slowly transitioning into a cashless society.
The next step is believed to be the rise of Cryptocurrencies, which many people already own, so it is important to consider leaving this digital form of cash in your Will.
Although this digital currency has been around for over a decade, it still is not widely used yet. However, experts are predicting that the currency will continue to thrive as we continue down the path toward a cashless society.
Without a plan in place for beneficiaries to access your Cryptocurrency, the money will remain inaccessible upon death.
What is Cryptocurrency?
Unlike physical cash, Cryptocurrency is a ‘digital’ or ‘virtual’ currency stored in an individual’s a digital wallet and is only accessible via a unique passcode.
Can I include Cryptocurrency in my Will?
Crypto assets are treated as property for Inheritance Tax which means they can be left in your Will.
What information do I need to provide to my Solicitor?
If you own Cryptocurrency that you wish to leave in your Will, you will need to
provide the following information to your executors:
- Information about your digital wallets
- Create a memorandum to the Will which contains passwords and PINs
- Include a step-by-step-guide to explain how your executor can access the Cryptocurrency
What if the Beneficiaries do not want Cryptocurrency?
You must ensure that the executor knows how to use Cryptocurrency and how to exchange it for physical cash. This requires the executor of your estate to have the technical skill needed to exchange Cryptocurrency for traditional cash. Alternatively, your executor can hire an estate administrator who has experience in dealing with Cryptocurrency.
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