What happens to my Bitcoin and other Cryptoassets when I die?
7 November 2019 by Amy Burton
As the age old saying goes, possession is nine tenths of the law. Well nothing can be truer than when it comes to bitcoin and other cryptoassets.
If you pass away without making the necessary arrangements, your cryptoassets could die with you unless your executor knows where to find your digital wallet information, private keys or pass phrases.
Without these, even if your executor or family know that that you held digital coins such as bitcoin, there is absolutely nothing they can do about it. You may recall hearing in the news a number of years ago that a gentleman who threw away his computer, which stored the private keys to hundreds of bitcoin, was frantically searching through landfill sites to try and locate the computer. Without the private keys that were on his computer’s hard drive, he owned nothing. To date, the computer has still not been located.
It is therefore vitally important that you let us know of any cryptoassets that you own when you are preparing your Will, as we need to make sure the relevant plans are in place to ensure that the value of these can pass on to your beneficiaries.
With a single bitcoin currently worth over £7,000 this could have a monumental impact upon the inheritance due to your loved ones. For the sake of taking proper advice when it comes to your estate planning, the math speaks for itself.
To enquire about preparing a Will, incorporating advice in respect of cryptoassets, please contact us on 01206 700113 or email [email protected].