Legal experts are warning that millions of people across the UK could unintentionally leave thousands of pounds in hidden online wealth behind by failing to properly account for digital assets in their estate plans.
While traditional assets such as homes, savings accounts, and personal possessions are routinely included in wills, online holdings are frequently overlooked. Will-writing expert Henry Poyraz from Rogers & Norton highlighted the growing issue as more individuals accumulate wealth through modern digital channels like cryptocurrency, online-only bank accounts, PayPal balances, investment platforms, and betting account funds.
“Many people spend years building wealth online but never think about what happens to it after they die,” said Mr Poyraz. “Unlike a house or a traditional bank account, digital assets often leave no obvious paper trail. If nobody knows they exist, they may never be found.”
Access to these holdings typically requires passwords, private keys, or specific security credentials. Without this information, even identified assets can become inaccessible, and many platforms operate overseas, adding further complications to recovery efforts.
“Loss of access can mean permanent loss of wealth,” Mr Poyraz explained. “Executors may know an asset exists but still be unable to access it without the correct passwords, login details, or private keys.”
In some cases, institutions will not release assets even where probate has been granted because the correct security information cannot be provided. This situation can result in beneficiaries missing out and lead to disputes during estate administration. If located without specific instructions, these holdings usually fall into the residuary estate, which may not align with how the deceased intended them to be distributed.
Recent legal developments have clarified the status of such holdings. The Property (Digital Assets etc) Act 2025 formally recognises items like cryptocurrency and non-fungible tokens as personal property, meaning they form part of a deceased person’s estate and can be bequeathed through a will.
Research among legal professionals indicates rising awareness, with nearly 60% of practitioners reporting client queries about digital assets in estate planning.
Despite clarity in the law, practical challenges remain if proper records are not maintained. Mr Poyraz identified the most common mistakes individuals make
- Failing to keep a record of online accounts
- Losing passwords and login details
- Not telling executors where information is stored
- Ignoring platform-specific access rules
- Assuming family members know what assets exist
“Not keeping a list of digital accounts is one of the biggest mistakes people make,” Poyraz said. “People assume their family will figure everything out, but in reality this can create significant difficulties for executors trying to administer an estate effectively. Digital assets can quickly become a nightmare for grieving families without clear guidance.”
Poyraz added: “Whether it is a cryptocurrency wallet, an online investment account, or a forgotten PayPal, a little planning now can save families enormous stress, financial loss, and uncertainty in the future. The biggest mistake people make is assuming somebody else will figure everything out after they have gone.”
To avoid these issues, experts recommend that individuals maintain a secure record of their online accounts and digital holdings. This record should cover
- Cryptocurrency wallets
- NFTs and digital collectibles
- Online banking accounts
- Investment platforms
- Foreign online assets
- PayPal, digital payment services
- Betting accounts
- Subscription services
Experts advise storing access information securely and separately from the will itself, informing a trusted executor of its location, and reviewing records regularly as new assets are acquired. With the increasing prevalence of digital wealth, professional advice on updating wills is becoming essential to ensure intentions are followed and value is preserved for beneficiaries.