What happens to My Bitcoins when I die?
It has been almost impossible to miss the rise of cryptocurrency in our increasingly digital world. For instance, I have watched far too many online videos preceded by adverts encouraging me to trade in cryptocurrencies and even while watching TV, adverts to buy and sell cryptocurrencies are plastered on every available surface. Moreover, cryptocurrencies continuously make headline news, from the volatility of the market to opinion pieces showing the positives and negatives. While some would argue there is the potential for these investments to fizzle out, they have survived thus far and I can imagine these investments regularly forming part of the estate administration process.
Valuing Cryptocurrency Assets for Probate
The obvious question then is, “how do I deal with cryptocurrency assets?” One of the main advantages of cryptocurrency is their security, as the ‘virtual wallet’ can only be accessed by the holder using a secure key. However, what about when another party has a legitimate reason to access your cryptocurrency assets? There is no central register for who owns what or how much, so you cannot simply write to a central registry for this information. In order to understand the issue with this, some explanation of the probate process is needed.
When someone dies probate will be needed if they own certain assets or a certain value of assets, this is determined by the asset holders’ internal rules. If probate is indeed required, then all their assets will need to be valued and reported to HMRC. Therefore, if there is a bank account, you can write to the banks and value this asset. Sounds simple enough, but what if we have cryptocurrency assets? The lack of a central registry means that without having direct access to the virtual wallet, valuing and indeed paying any tax due becomes impossible. Does this mean that should you die while owning cryptocurrency assets it will be forever locked?
Should I include Bitcoin details in my Will?
Careful thought is needed when investing in cryptocurrency. While we cannot predict when we will die, we can prepare for it. We can make arrangements to assist those left behind to properly administer our estates in accordance with our wishes. Simply adding the details of your bitcoin in a Will is not enough nor wise. Wills become public documents once proven so this would invite fraudsters to take advantage.
How can we help?
Should you wish to discuss the options available with dealing with cryptocurrency assets please contact Oliver Wilson at oliver.wilson@herrington-carmichael.com or on 01276 748 370.
> Article: The Importance of keeping Records for Probate
This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter.

Oliver Wilson
Chartered Legal Executive, Private Wealth and Inheritance
Sign up
Enter your email address for legal updates on Private Client & Family Law.
Latest Articles & Legal Insights
Q&A: Understanding Power of Attorney
By having a Lasting Power of Attorney (LPA) in place, it allows you to appoint one or two close friends or relatives to make decisions.
Funeral Disputes and the rights to your body
Rights to the body and funeral disputes are not uncommon. Disputes arise over concern about the final resting place of the deceased.
What happens to digital assets when you die?
Our increasing concern about security, privacy and protecting our identities online means that people are taking more care securing their digital assets…
What do I do with an Inherited weapon?
Regardless of how the weapons were obtained, it is now your duty as the Personal Representative to deal with them, so what do you do?
Unfairly left out of a Will?
This article provides a brief explanation of who may claim, on what basis, and for how much award when they have been left out of a will.
Making a cheap Will is a bad idea!
A cheap or homemade Will is really like most things in life – if it is too good to be true, it often is! There is a lot to consider when making a Will…
Top Legal Insights
Contract Law
Material Breach of Contract
What is a ‘material’ breach of contract by a party to a commercial contract? This is a critical issue regularly considered by the courts. What constitutes a material breach and what are the remedies?
Property Law
Commercial Lease: The Financial impact on Landlord and Tenant
Coronavirus (COVID-19) and the restrictions now in place to control its spread, are having a significant effect on many business sectors.
Divorce and Family Law
Divorce in Lockdown: Can I get some discreet legal advice?
We have spoken to clients who are unfortunately experiencing some family issues, and would like to obtain expert legal advice, yet don’t know how...
Land & Property Dispute
Restrictive Covenants – The Price of Modification
Having identified that your land is burdened by a restrictive covenant and for the purposes of this article the covenant in question will be that only one residential building can be erected on the land. What do you do next?
Award winning legal advice
Herrington Carmichael offers legal advice to UK and International businesses as well as individuals and families. Rated as a ‘Leading Firm 2023’ by the legal directory Legal 500 and listed in The Times ‘Best Law Firms 2023’. Herrington Carmichael has offices in London, Farnborough, Reading, and Ascot.








Email: info@herrington-carmichael.com
Farnborough
Brennan House, Farnborough Aerospace Centre Business Park, Farnborough, GU14 6XR
Reading (Appointment only)
The Abbey, Abbey Gardens, Abbey Street, Reading RG1 3BA
Ascot (Appointment only)
102, Berkshire House, 39-51 High Street, Ascot, Berkshire SL5 7HY
London (Appointment only)
60 St Martins Lane, Covent Garden, London WC2N 4JS
Privacy Policy | Legal Notices, T&Cs, Complaints Resolution | Cookies | Client Feedback | Diversity Data
Our Services
Corporate Lawyers
Commercial Lawyers
Commercial Property Lawyers
Conveyancing Solicitors
Dispute Resolution Lawyers
Divorce & Family Lawyers
Employment Lawyers
Immigration Law Services
Private Wealth & Inheritance Lawyers
Startups & New Business Lawyers
Please be aware that we have no plans to change our bank details. If you receive any indication that any of our bank details have changed please contact us before sending us any funds. We take no responsibility for monies you transfer into the wrong bank account.
© 2023 Herrington Carmichael LLP. Registered in England and Wales company number OC322293.
Herrington Carmichael LLP is authorised and regulated by the Solicitors Regulation Authority with registration number 446245.