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Navigating Digital Asset Inheritance: Practical Guidance from Cross-Border Worldwide (Tax & Trusts)

by Clara White
June 11, 2025
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As digital assets become increasingly common in estate planning, professionals are grappling with how to properly address cryptocurrencies, online accounts, and other virtual holdings in wills and trusts. Cross-Border Worldwide (Tax & Trusts), a based tax and estate planning specialist, offers insights into this emerging challenge.

The Growing Importance of Digital Estate Planning

While comprehensive UK statistics on digital asset inheritance remain limited, industry observers note several key trends:

  • Cryptocurrencies and other digital assets are becoming more prevalent in estate portfolios
  • Traditional wills often fail to adequately address these assets
  • Legal frameworks for digital inheritance continue to evolve

“Many clients don’t realise their digital assets need specific planning,” explains Lizette de Senna Fernandes, Director at Cross-Border Worldwide. “Unlike bank accounts or property, digital holdings can become inaccessible if not properly addressed.”

Common Challenges with Digital Assets

  1. Access Issues: Without proper documentation, executors may struggle to locate or access digital wallets and accounts
  2. Legal Uncertainty: Laws governing digital inheritance vary by jurisdiction and are still developing
  3. Tax Considerations: The tax treatment of digital assets in estate planning requires careful analysis

Practical Steps for Protection

Cross-Border Worldwide recommends these key measures:

  1. Create a Comprehensive Inventory
    • List all digital assets including cryptocurrencies, online accounts, and intellectual property
    • Store this information securely but ensure executors can access it when needed
  2. Update Estate Planning Documents
    • Include specific provisions for digital assets in wills and trusts
    • Consider appointing a digital executor
  3. Understand the Tax Implications
    • Digital assets may be subject to inheritance tax and capital gains tax
    • Cross-border holdings may involve multiple tax jurisdictions
  4. Review Beneficiary Designations
    • Some digital platforms allow direct beneficiary nominations

Looking Ahead

As digital assets become more mainstream, estate planning professionals expect:

  • Continued evolution of laws and regulations
  • Growing demand for specialised planning services
  • Increased awareness among asset holders

“Proactive planning is essential,” de Senna Fernandes notes. “We’re helping clients address these issues now rather than leaving them for their families to solve later.”

For those seeking guidance, Cross-Border Worldwide (Tax & Trusts) offers consultations on incorporating digital assets into comprehensive estate plans.

đŸ“© Book a free consultation today at crossborderworldwide.com
📞 Or call us on 0800 437 0000
✉ Or email us at [email protected]

 

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