Wills often bring unexpected windfalls which have traditionally taken the form of cash. But increasingly cryptocurrency is becoming a common asset passed on to beneficiaries.
Finding out that you’re due an inheritance can be bittersweet. It usually means that someone close to you has died and chosen to pass on some of their wealth.
In the past this typically meant receiving money, yet more people are leaving digitals assets such as Bitcoin and Ethereum in their Wills.
Often, the beneficiary has no idea what to do with their newfound crypto wealth as they may have never dealt with crypto before.
They might be unsure about how to access it, store it securely or even sell it for cash, which brings further complexities such as working out the tax due to HMRC.
I’ve been left some crypto in a will and I don’t know what to do
A recent example of this is a lady who approached us after inheriting more than £50,000 worth of Bitcoin which had been left to her on a hardware wallet.
While she had some knowledge of cryptocurrency in general, she was unsure how to access the wallet as she wanted to sell some of the coins and keep the rest.
She was very concerned about making a mistake and potentially losing the funds and was aware that there are many different scams in the cryptosphere that she was wary of.
We were able to talk her through the entire process from start to finish, culminating in her realising the funds she wanted in cash. We also connected her with a specialist crypto accountant who helped her navigate her tax situation.
It was a very successful outcome for the client who said she also felt more confident managing her crypto by herself moving forward.
Get in touch for help with crypto and Wills
If you’ve found yourself in a similar situation or are someone who owns crypto and you’re looking to leave it to a loved one or friend in your Will, then get in touch.
We can also help with many other areas of cryptocurrency.