DIGITAL ASSETS AND DIGITAL INHERITANCE

Cosgrove Gaynard Solicitors

Digital inheritance is a new term that is becoming more widespread across the globe in relation to the transfer of digital assets in a broad sense. There is a completely new "digital asset" that has been created in terms of cryptocurrencies and therefore with that, inheritance queries follow.

DIGITAL ASSETS AND DIGITAL INHERITANCE

 

Digital inheritance is a new term that is becoming more widespread across the globe in relation to the transfer of digital assets in a broad sense.  There is a completely new "digital asset" that has been created in terms of cryptocurrencies and therefore with that, inheritance queries follow.  

 

In general, a digital inheritance should be covered by a Will by either a specific clause which sets out what and who is to inherit certain assets.

 

If there is no specific mention of these assets in a will, a residue clause (assuming the solicitor has included one) will cover the entire remainder of a persons estate which will include digital assets. This would be similar to a situation where funds are held by a person in a bank account but there is no specific mention in the will as to where these funds should go. In that case, they will fall into the residue of the will.

As mentioned, the exact same would happen with digital assets, however, a large issue in relation to digital assets is quite simply knowledge!

If something should happen to you today, does your named Executor know you have any cryptocurrency investments?

Indeed even if they know you are involved in cryptocurrency, do they know where your assets are held?  

You need to consider what would happen to your digital assets if you died tomorrow i.e. all of your online accounts, be it wallets, exchanges, private keys etc.

Some might consider providing beneficiaries with a set of keys before their death, however, this is not ideal. We would instead recommend that you specifically mention your crypto assets in your will and with that place a list of crypto assets and instructions to be held with your will.

It may be difficult especially if you currently trade cryptocurrencies however it does require planning to ensure your crypto is not forever lost on your death.

     

 If you would like to discuss further ,please feel free to contact us on 01 2340044 or by email info@cgsolicitors.ie

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