If you own Bitcoins, you need to decide who should benefit from them in your Will, and how.
Bitcoin is a digital asset, and as it's a relatively recent innovation, it may not be covered by the definition of personal chattels or belongings in your current Will. Even if your Will includes a separate legacy of digital assets, we recommend you check that the definitions will cover your Bitcoins.
Bitcoins are held in a virtual wallet, accessed by a private key. If the key is lost, the Bitcoin network will not recognise other evidence of ownership; the coins are then unusable, and effectively lost.
This means it's vital to give your executors a copy of the private key, by writing it down, storing it on a flash memory drive, entrusting it with a commercial service that manages them or keeping a secure copy with your Will. If you don't do this, there's a real risk your loved ones will not inherit your Bitcoins.
If your current Will doesn't specify who should receive your Bitcoins (and any other digital assets, such as a balance in your PayPal account) or if you want to change who benefits, we'll be happy to review your Will with you, and update it to reflect your wishes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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