UK: Bitcoins – Are They Properly Covered In Your Will?

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.