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In a recent blog we talked about how digital assets may not be so clear cut when it comes to rightful ownership in the event of your death. However, if you happen to own any crypto-currency, you might want to think about telling your loved ones how to retrieve it.
Whilst it may still seem like a fairly alien concept of some future generation, popular crypto-curency provider, BitCoin, has 7.1 million users - and 5% of the whole American population hold the digital currency.
Whilst it is considered to be one of the most controversial of financial institutions, it continues to grow in popularity - which is all the more reason to learn how to protect it. If you were to pass away, you might plan for who is to inherit your house or your cash. But, hardly any of us consider our digital assets too, like passwords, or indeed our crypto-currency.
It might seem frivolous, but these things are important to consider. We wrote recently about families inheriting air miles, and how frequent fliers were being urged to consider including them in their wills. The same applies to crypto-currency. It exists as an asset as part of a person’s estate and therefore it will need to be included in a will, or it risks forfeiture.
The numbers speak for themselves. According to an article on the BBC News website recently 3.8 million Bitcoin, worth up to $30bn (£22.8bn) today, has been lost, with much having gone to the grave with holders who failed to tell anyone how to retrieve it. Therefore, it is worth leaving instructions in your will if you wish to pass your crypto-currency on to your family.
If you are considering updating your will, or you’d like some advice about drafting your first will, contact the Private Client team at Downs Solicitors to see how we can help.