$30billion in lost fortunes: what happens to Bitcoin when we die?

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While some experts argue that cryptocurrencies are a risky and sometimes volatile investment, they still continue to grow in popularity. Research estimates that up to 3.8 million Bitcoin, worth up to $30bn (£22.8bn) has been lost, with much having gone to the grave with holders who failed to tell anyone how to retrieve it. According to Farewill, the UK’s leading online-will-writing service—estate planning in a traditional sense must catch up with the latest technology trends—specifically with cryptocurrencies now being considered assets.

Many estate-planning firms have seen cases where the family of a client, after their death, believed they had owned Bitcoin but were forced to drop it because the family did not have the information to access it. Cryptocurrency is very private for a lot of people, and due to the possibility that it could be extremely valuable, many worry about personal security and therefore never entrust loved ones with a way to recover it as an asset after they die.

There are a few necessary steps that need to be taken for will-writing and estate-planning, and doing your due diligence in making sure that you are well educated on the topic. Farewill understands the importance of working with people that you can trust in this sensitive process to take the pressure off of you, and explains how their services streamline and simplify will-writing.

Dan Garrett, CEO of Farewill, discusses the rise of personal requests and the changing landscape of the death industry to adapt to an evolving technology landscape:

“Wills no longer just deal with the passing down of houses and money from the upper classes as they once did, they’re now complex documents containing all kinds of personal requests and information. This is set to continue as more and more assets become digitised and harder to track. Over 30 million people in the UK are currently without a will – and when you think about the current process, it’s not hard to see why. The traditional way to write a will can be daunting and laborious, and it is sometimes difficult to tell if the people you are working with are trustworthy.

This is exactly the reason that tech solutions are becoming ever more popular with estate-planning and will-writing. Being able to write an official and comprehensive legal document in the comfort of your own home – with guidance you can trust – will only become more popular as more and more people become aware of services such as Farewill which look to simplify and democratise death.”

About Farewill:

Farewill’s mission is to change the way the world deals with death by helping the UK create legally binding wills and probate, quickly, easily and sensitively, from the comfort of their own home, on the Farewill website. Proudly rated #1 on Trustpilot in the UK, Farewill helps you through a jargon-free step-by-step process to complete your legally binding will or probate online, without the expense or complication of seeing a solicitor in person. Find out more at farewill.com