When considering our Wills and other estate planning arrangements, most of us would not think twice about making provision regarding our home, savings or investments. Yet an increasing number of individuals now own assets that exist entirely online, ranging from cryptocurrency holdings and online investment accounts to valuable digital content stored in the cloud.
Whilst succession law has been slow to keep up with the past paced technological advancements, it has recently taken a significant step forward in recognising these assets. The Property (Digital Assets etc) Act 2025, which extends to Northern Ireland, confirms that digital assets can attract property rights even where they do not fit within traditional legal categories of “property”. This provides greater certainty about the treatment of assets such as crypto-tokens, and their inclusion as part of an individual’s estate to be passed on after death.
However, the real challenge is often not ownership but access. A deceased person’s personal representatives may know that a digital asset exists, but without passwords, recovery information or appropriate records, locating and accessing it can be difficult or, in some cases, impossible. As more wealth and personal information moves online, keeping a secure record of digital assets is becoming just as important as preparing a Will. Indeed there have been several high profile instances reported in recent years involving multi-millions of dollars worth of crypto assets becoming incapable of being accessed, not least the Quadriga debacle back in 2019 following the death of tech entrepreneur Gerald Cotten. Moreover, industry analytics suggest that a large chunk of all Bitcoin in circulation is permanently lost or incapable of being spent because of the death of owners who have not recorded or backed up the information required to access it.
Importantly, the conversation is also moving beyond assets with financial value. Earlier this year, the European Law Institute approved its Model Rules on Succession and Access to Digital Remains, which were developed by leading international experts with the support of the Society of Trust and Estate Practitioners. The Model Rules seek to address what should happen to an individual’s online presence after death, distinguishing between digital assets with economic value, such as cryptocurrencies, and personal digital content, such as emails, social media accounts and cloud-based photographs. They recognise that inheritance is not simply about transferring value, but also about balancing privacy, dignity and the wishes of the deceased.
The Model Rules are not law, so whilst they are not binding on any jurisdiction, the intention is that they help shape the evolution of succession law in this area, providing a sound basis for future policy and legislation, as society grapples with increasingly complex digital estates.
For clients and advisers alike, the message is clear: estate planning is no longer confined to physical and financial assets. A modern estate plan should consider not only what you own, but also what you leave behind online. As digital assets continue to grow in importance and diversity, taking steps to identify and organise them now can help avoid uncertainty and difficulty for loved ones in the future.
For legal guidance and advice regarding Will’s or estate planning, please contact Fiona Kirkpatrick or Anna Thompson in our Private Wealth and Estates Team for more information.
While great care has been taken in the preparation of the content of this article, it does not purport to be a comprehensive statement of the relevant law and full professional advice should be taken before any action is taken in reliance on any item covered.
