Over the last few years, digital assets have become more and more valuable, and many people now own some form of digital asset.
One example of a digital asset that has grown in popularity recently is Cryptocurrency. A 2021 UK study has shown that public awareness of cryptocurrencies has risen by 73% in a year with 78% of adults having heard of them. In terms of ownership, it’s estimated that 2.3 million adults (4.4%) in the UK hold cryptocurrency.
So how does it work when it comes to leaving these assets in your Will?
Our advice would be to keep an up to date inventory of your digital assets - this can be stored with your Will or even in a letter of wishes. It’s important not to include the login details themselves in your Will as when it is proven to the probate registry, it then becomes a public document so anyone could potentially gain access to your digital assets! This could prove to be a nightmare if the trustees of your Will decide to retain the investment, or simply haven’t had the chance to cash it in yet.
Things like log in details, specific instructions or security codes should be detailed in an
accompanying letter or letter of wishes so that your loved ones can access these assets upon your death.
It’s not just cryptocurrencies that should be detailed in your Will - it’s any online accounts. There are lots of savings accounts that are only linked to a current account with no cards or paper statements that can be traced to it. If you would like to leave these accounts to your loved ones, make sure you include it in your Will, and leave instructions and any information needed to access it separately.
Have any questions about leaving digital assets in your Will? Get in touch today and we’ll be happy to help.