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? A Fintech lawyer can help you with all these issues.
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
Buying your first home in Ireland is one of the most exciting but complex financial decisions you will ever make. The legal process of buying property — known as conveyancing — is a critical part of that journey. This guide walks you through every stage, explains key stages and timelines, and gives practical tips that will save you stress (and money) and perhaps even the entire transaction.
Text LinkBuying your first home is one of the biggest financial and legal decisions you will ever make. In Ireland, rising house prices mean many first-time buyers struggle to bridge the gap between their mortgage, savings, and the price of a new home. To address this, the Irish Government introduced the First Home Scheme, a shared equity scheme designed to help first-time buyers and certain other purchasers buy a newly built home or self-build property.
Text LinkBeing involved in a road traffic accident can be a traumatic experience, leaving you with physical injuries, emotional distress, and financial uncertainty. If you were injured due to someone else’s negligence, you may be entitled to make a personal injury claim. At Cosgrove Gaynard Solicitors, we specialise in car accident and road traffic accident claims in Ireland, providing clear legal advice, strong representation, and a client-focused approach from start to finish.
Text LinkOur Dublin-based property solicitors provide clear, practical legal advice for residential and commercial property transactions. With extensive experience in Irish property law, we guide clients through the process efficiently, ensuring compliance with all legal requirements.
Text LinkCG Solicitors emphasise a personalised, hands-on service. We promote clear, transparent communication and practical solutions. Our communication style and commitment to communication are attractive for clients who want high-touch legal advice.
Text Link39 Waterloo Road,
Dublin 4
DX 109060 Fitzwilliam
Phone: 01 234 0044
Fax: 01 234 0047