Inheritance tax: Digital assets being ‘overlooked’ – savers ‘must’ note Facebook passwords | Personal Finance | Finance


On this, the Law society conducted a survey which revealed 93 percent of people do not include digital assets such as emails or Facebook accounts in their wills, a huge majority.

This could prove to be costly in more ways than one, as Matt Parr, a Legal Director at Lime Solicitors, explained: “People are advised to leave a breadcrumb trail for their Executors to follow.

“Digital currency, for example, is often stored in its virtual ‘wallet’ which can be on a USB storage device in a ‘cloud type’ service.

“Wallets are highly encrypted and access is password restricted. Executors are unlikely to be aware that you hold e-currency unless you tell them and when you die the virtual funds would still exist but be inaccessible and lost forever causing financial loss to your estate.”

READ MORE: Inheritance tax: New probate grant rule limits asset sales

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