Updated: May 25, 2021
Digital Assets: a key theme for Dying Matters Awareness Week (todayswillsandprobate.co.uk)
“• Make sure that clear instructions are given to the person who you wish to have access to your crypto assets after your death or on incapacity.
“• If you do own cryptocurrency then make sure your advisors are aware of this when you prepare your Will. The Will itself should not include an inventory of the cryptoassets but the Will or an accompanying letter of wishes could include instructions to the executors on how an individual would like their digital estate to be administered.
“• Make sure that you have a Lasting Power of Attorney in place in the event of loss of mental capacity. If you have cryptocurrency, or may invest in it in the future, consider including explicit authority for your attorney(s) to deal with any crypto assets in the Lasting Power of Attorney itself.
“• It is important for your executors and/or attorneys to understand the importance of your cryptoassets and also to note that the value of cryptocurrency as at the date of your death will be liable to Inheritance Tax on your death