Cryptocurrency is not like physical cash and it will be stored in digital wallets which are highly encrypted and access is password restricted. Online deposit websites for example PayPal, lottery websites, and selling/buying websites could be overlooked by your executors.
You may want to leave your social media passwords to your executors with directions as to whether you would want the accounts closed down or choose to have your account “memorialised”. Facebook has a feature that allows you to select a Legacy Contact who will be able to have certain controls over your account on your death.
The key issue is that your executors are unlikely to know about these digital assets unless you tell them and tell them how to have access to them. However, it may not be wise to include passwords, etc in your Will as this becomes a public document once the Grant of Probate is issued which would compromise your digital security. Instead, it may be a good idea to set up a separate document with such sensitive information and make reference to it in your Will.
If you would like some help with this then please feel free to contact us today on 02920 619700 / 01446 411000 and one of our team will be able to guide you through the process.
