United Kingdom: crypto estate planning guide

The UK has three legal systems: England & Wales, Scotland and Northern Ireland. Tax is UK-wide and run by HMRC, but wills, succession, property law and the court process differ. Where Scotland differs, it is flagged 🏴. Sections are tagged by level, so beginners can read the Beginner parts first and come back for the rest.

Printable companions: letter of instruction · UK supplement · executor guide · inheritance checklist. Jump to: three systems compared · Inheritance Tax · executor timeline · pitfalls · checklist.

New in this guide: which document does what Beginner, no will: the intestacy figures Beginner, Scotland and Northern Ireland in detail Intermediate, no power of attorney: deputyship, guardianship and controllership Intermediate, Inheritance Tax on crypto, step by step Intermediate, the GOV.UK probate process Beginner, executor duties applied to crypto Intermediate, how exchanges handle a death Intermediate, the Law Commission's digital assets work Expert, Scotland's Trusts and Succession Act 2024 and what is in force Intermediate Expert and two illustrative UK scenarios Beginner Intermediate.

At a glance: the five things that matter most Beginner

1. A valid, current will that mentions digital assets and gives your executors power to deal with them. It must never contain seed words, passphrases or PINs.
2. A power of attorney for money and property (an LPA in England & Wales, a continuing power of attorney in Scotland, an enduring power of attorney in Northern Ireland), so someone can act if you lose capacity rather than die.
3. A letter of instruction, kept separately, that tells your executor what exists, where the backups are and who can help, without revealing any secrets. See the template.
4. A tax picture. Crypto counts towards Inheritance Tax at its value on the date of death. HMRC now asks executors directly whether the estate held cryptoassets. Tax is due in pounds, usually before the executor can sell anything.
5. A tested recovery path. The law now treats crypto as property in all three UK jurisdictions, but no court can recreate a key that nobody has. Your family needs a way in that you have actually tested.

Three legal systems compared Beginner

Is crypto "property"? The 2025 and 2026 Acts Intermediate

• England & Wales and Northern Ireland: the Property (Digital Assets etc) Act 2025 received Royal Assent on 2 December 2025 and came into force that day. Section 1 says a thing, including a digital or electronic one, is not prevented from being personal property merely because it is neither a "thing in possession" nor a "thing in action". This is the "third category" the Law Commission recommended. The government says this supports the inheritance and recovery of crypto (GOV.UK).
• 🏴 Scotland: the 2025 Act does not extend to Scotland. The Digital Assets (Scotland) Act 2026 (asp 12) was passed on 5 March 2026 and received Royal Assent on 16 April 2026. Sections 1 to 6 came into force on 1 July 2026 (SSI 2026/197). The Act defines a digital asset as something that arises from an electronic system that makes it "rivalrous" and that exists independently of the legal system. Digital assets are incorporeal moveables. A person who has control of a digital asset is presumed to own it unless the contrary is shown, and "control" means the ability to start a transfer. For estates, this means that whoever holds the keys is presumed to be the owner. That is one more reason to document clearly whose coins are whose.
• The courts got there first. In D'Aloia v Persons Unknown [2024] EWHC 2342 (Ch), after a full trial, the High Court held that USDT attracts property rights and "is neither a chose in action nor a chose in possession, but rather a distinct form of property", which can be traced and held on trust (judgment). See UK court decisions.
• Still open: which country's law and courts apply to decentralised assets. The Law Commission consulted on this in 2025 and says its final report is due in 2026 (project page).
• Practical effect: crypto is part of your estate, can be left by will and is taxed like other assets. The law cannot make keys appear, so practical access is still your job.

The Law Commission's digital assets work Expert

The Law Commission of England and Wales published its final report on digital assets on 28 June 2023 and, on 30 July 2024, a supplemental report and draft Bill on digital assets as personal property (Law Commission: digital assets). It concluded that the common law can recognise a distinct category of personal property for certain digital assets, and recommended legislation to confirm it, leaving the courts to develop its boundaries. That recommendation is now law as the Property (Digital Assets etc) Act 2025 (see above). Other recommendations in the 2023 report, such as an expert panel to guide courts and new ways to take security over crypto-tokens, are recommendations only. For estates, the practical point is unchanged: property rights help executors and courts, but nobody can be ordered to produce a key that no longer exists.

Which document does what: will, LPA, letter of wishes, inventory, sealed instructions Beginner

Each document has a different job and a different audience. The common mistakes are expecting one of them to do everything, and putting secrets in the one that becomes public. Names differ across the UK: the property and financial affairs LPA is England & Wales only (GOV.UK); Scotland uses a continuing power of attorney and Northern Ireland an enduring power of attorney (see the nations).

Templates: letter of instruction (no secrets), UK supplement and backup inventory.

Step 1: Make (or update) a will Beginner

1. Use a solicitor experienced in private client work. You can find one through the Law Society, the Law Society of Scotland, the Law Society of Northern Ireland or STEP. DIY wills are a common source of disputes.
2. Get the formalities right.
   • England & Wales: the will must be in writing and signed by you (or by someone at your direction). The signature must be made or acknowledged in the presence of two witnesses who are present at the same time, and each witness then signs (s.9). A gift to a witness, or to a witness's spouse or civil partner, is generally void (s.15).
   • Witnessing by video link was allowed only temporarily, for wills made between 31 January 2020 and 31 January 2024 (GOV.UK). New wills need witnesses physically present.
   • 🏴 Scotland: see the comparison table.
   • Northern Ireland: two witnesses, as in England. nidirect notes that a video recording is not a valid will.
3. Include a digital-assets clause. Refer to "cryptoassets and other digital assets" generally. Give your executors express powers to access, hold, convert and sell them and to employ technical specialists, and say how volatility should be handled, for example that executors are not liable for price falls if they act reasonably. Ask your solicitor whether to name the assets in a separate, updatable schedule.
4. Do not put seed phrases, passphrases or PINs in the will. In England & Wales, once probate is granted anyone can order a copy of the will.
5. Write a separate letter of instruction (see the template) and tell your executor where it is.
6. Review the will after marriage or a civil partnership (in England & Wales these currently revoke an earlier will), divorce, children, a move to Scotland or abroad, or a major change in how you hold crypto.

No will: the intestacy figures Beginner

England & Wales, deaths on or after 26 July 2023, where the person was married or in a civil partnership and had children or other descendants. GOV.UK says (GOV.UK intestacy result, checked 24 October 2026):

• If the estate is worth up to £322,000, the husband, wife or civil partner gets all of it.
• If it is worth more, the spouse or civil partner gets up to £322,000 in assets, half of the rest and all of the personal possessions; the children share the other half of the estate above £322,000.
• GOV.UK adds that you will need legal advice to work out the net value of the estate and who will inherit what. Other family situations give different answers: use the GOV.UK tool.

🏴 Scotland works differently. A surviving spouse or civil partner first takes "prior rights": the deceased's interest in the home they lived in up to £473,000, furniture up to £29,000, and £50,000 in cash if there are children (£89,000 if not), at the values in force since 1 February 2012 (HMRC IHTM12211). Then come "legal rights" over the moveable estate, which includes crypto: with children, the spouse can claim one third of what remains and the children another third (Scottish Parliament briefing, 2025). Unmarried partners do not inherit automatically (mygov.scot). Northern Ireland has its own figures, below.

Northern Ireland, deaths on or after 1 January 2008, where the person was married or in a civil partnership (checked 24 October 2026 against section 7 of the Administration of Estates Act (Northern Ireland) 1955, nidirect and HMRC IHTM12172):

• With children or other descendants: the spouse or civil partner takes the personal possessions and the first £250,000 (the whole estate if it is worth less), plus interest from the date of death, then one half of the rest if there is one child, or one third if there is more than one child. The children share the remainder.
• No descendants, but parents, brothers or sisters (or their children): the spouse or civil partner takes the personal possessions and the first £450,000, plus interest, then half of the rest; the other half goes to the parents or, if none, to the brothers and sisters.
• None of those relatives: the spouse or civil partner takes everything. Unmarried partners do not inherit automatically; nidirect points them to a claim under the Inheritance (Provision for Family and Dependants) (Northern Ireland) Order 1979.

Crypto angle: the administrator under intestacy is chosen by the rules, not by you, and may have no idea how to handle a hardware wallet. Crypto counts at its value, so a rising market can push an estate past £322,000 (or £250,000 in Northern Ireland) and bring the children in.

Wills law reform: what has (and hasn't) changed Intermediate

On 16 May 2025 the Law Commission published Modernising Wills Law, with a draft Bill to replace the Wills Act 1837 (project page). Its recommendations include:

• making electronic wills valid, subject to an extra security formality;
• giving courts a power to treat a document or recording as a valid will where the person's intentions are clear, even if the formalities were not met;
• abolishing the rule that marriage or civil partnership automatically revokes a will;
• lowering the minimum age for making a will from 18 to 16; and
• making it easier to challenge a will on the grounds of undue influence (summary).

These are recommendations only. On 30 June 2026 the government told the House of Commons that it was still considering the report and would respond "in due course" (Hansard via TheyWorkForYou). Until Parliament legislates, the 1837 rules apply: a typed or recorded "crypto will" in an app or document vault is not a valid will in England & Wales.

🏴 Scotland: legal rights over moveable property Intermediate

In Scotland a surviving spouse or civil partner, and children, can claim "legal rights" to a share of the moveable estate whatever the will says. The Digital Assets (Scotland) Act 2026 classifies qualifying digital assets as incorporeal moveable property, so crypto falls within that pool. That can matter a great deal if crypto is a large part of a Scottish estate. HMRC also notes that the spouse exemption may be restricted in excepted-estate calculations where the deceased died in Scotland (IHTM06013). Plan with a Scottish solicitor.

🏴 Scotland: the Trusts and Succession (Scotland) Act 2024 Intermediate Expert

The Trusts and Succession (Scotland) Act 2024 (asp 2) was passed by the Scottish Parliament on 20 December 2023 and received Royal Assent on 30 January 2024 (enacted text). It replaces most of the Trusts (Scotland) Act 1921 with a modern statement of trustees' powers and duties, and makes two small changes to succession law. Much of it is not yet in force, so check the status of any section before relying on it.

Commencement status (checked 25 October 2026) Intermediate

When we checked on 25 October 2026, legislation.gov.uk listed SSI 2024/164 as the only commencement regulations applied to the Act and said there were "no known outstanding effects" (Act status page). Legislation.gov.uk notes that its revised text may not be fully up to date, so we cannot rule out a more recent commencement instrument. We could not verify any date for the remaining provisions; until they commence, the Trusts (Scotland) Acts 1921 and 1961 still govern trustees' powers.

What the trust provisions will change, once in force Expert

• General powers (s.15): unless the trust deed says otherwise, trustees will have all the powers of a natural person beneficially entitled to the trust property, subject to their fiduciary duty and duty of care. It will apply to trusts whenever created (s.15).
• Investment (ss.18–19): trustees will be able to "make any kind of investment", unless the deed provides otherwise. Before investing they must consider suitability and the need for diversification, and obtain "proper advice" unless they reasonably conclude it is unnecessary (s.18; s.19). This is close to the England & Wales standard investment criteria.
• Delegation (s.22): trustees will be able to appoint agents and authorise them to manage investments at the agent's discretion, unless the deed says otherwise; decisions on distributing the assets cannot be delegated unless the deed allows it (s.22).
• Duty of care (s.31): a lay trustee must use the care and diligence of "any person of ordinary prudence" managing another person's affairs; paid professional trustees are held to a professional standard. A trust deed will not be able to lower these standards or excuse gross negligence (s.31).

What it means for crypto Intermediate

• Keys held in trust: the planned general power and investment power should make it harder to argue that trustees lack power to hold digital assets at all. They will still have to consider suitability, diversification and advice before investing (s.19), so a deed that wants coins kept should say so expressly. Ask a Scottish solicitor how the deed interacts with the Act.
• Technical help: s.22 will let trustees appoint agents (for example a regulated custodian or an investment manager). It does not replace a plan for who physically holds each key; giving trustees one key each of a multisig, rather than a full seed, remains good practice.
• Duty of care: once s.31 is in force, losing keys through careless storage could be measured against the "ordinary prudence" standard, and a clause excusing gross negligence will not work. Record your security arrangements (without secrets) in the trust papers.
• Divorce and dissolution: in Scotland a will's gifts to, and appointment of, a former spouse or civil partner are treated as if that person had died first, unless the will says otherwise. This comes from the Succession (Scotland) Act 2016 s.1 (deaths on or after 1 November 2016), not the 2024 Act. The 2024 Act only tightened the matching rule for special destinations. The rule does not cover separation without divorce, and it does not change who your exchange or wallet records name, so update your will, letter of instruction and access plan after any separation.
• No will: since 30 April 2024 a spouse or civil partner with no children inherits the whole intestate estate, crypto included. A cohabitant still has no automatic share and must apply to court; the 6-month limit applies until s.78 is brought into force.
• Not changed: the 2024 Act does not change legal rights over moveable property or the 2016 survivorship rules.

Further reform: the Scottish Government's family law consultation (opened 29 December 2025, closed 21 April 2026) asked about the Scottish Law Commission's cohabitation recommendations and cohabitants' rights when a partner dies without a will. It says it will publish an analysis of the responses. We found no bill on legal rights or cohabitant intestacy before the Scottish Parliament as of October 2026; nothing has changed yet.

Step 2: Plan for incapacity (powers of attorney) Beginner

1. England & Wales: make a Lasting Power of Attorney for property and financial affairs, and separately one for health and welfare if you wish. You must be 18 or over and have mental capacity when you make it. It must be registered with the Office of the Public Guardian (OPG) before it can be used. GOV.UK gives the registration fee as £92 and says registration takes 8 to 10 weeks if there are no mistakes. Once registered, a property and financial affairs LPA can be used with your permission even while you still have capacity.
2. Word crypto instructions carefully. OPG guidance warns that attorneys must follow instructions, and that "complicated or badly worded instructions or preferences can make an LPA unworkable" (LP12 guide). Many solicitors keep technical detail out of the LPA itself and put it in a separate note (without secrets) that the attorney can follow.
3. 🏴 Scotland: make a continuing (financial) power of attorney and/or a welfare power of attorney, registered with the Office of the Public Guardian (Scotland).
4. Northern Ireland: make an enduring power of attorney. See nidirect.
5. Give practical access, not a full seed. For example, the attorney could hold one key of a 2-of-3 multisig, with a professional or second person holding another. Incapacity can be harder than death: there is no death certificate and you may recover.

The Powers of Attorney Act 2023 will allow a modernised, largely digital LPA process, but apart from one minor section it had not been brought into force as of a ministerial answer on 21 September 2026. The OPG says it is still designing the new service (OPG annual report 2025–26). Until then, use the current process.

Scotland and Northern Ireland in detail Intermediate

Northern Ireland EPA timing: nidirect says an EPA must be set up while you have capacity, and that if there are no restrictions in it, the attorney's powers start as soon as they have signed it. You can restrict it so the attorney cannot act until you lack capacity or until it has been registered (nidirect). If you live in Northern Ireland, check the current position with a solicitor; we have not relied on any planned change to the NI system.

No power of attorney: deputyship, guardianship and controllership Intermediate

If someone loses capacity without a registered power of attorney, nobody automatically gets legal authority over their money, including exchange accounts. England & Wales: GOV.UK says you can apply to the Court of Protection to become a deputy for someone who "lacks mental capacity"; you will be authorised by the court to make decisions on their behalf and get a court order saying what you can and cannot do (GOV.UK: deputies). The key points from GOV.UK, checked on 24 October 2026:

• There are two types: a property and financial affairs deputy and a personal welfare deputy. Crypto falls under the first.
• The court checks whether the person needs a deputy or some other kind of help, and that there are no objections. Deputies must send an annual report to the OPG. If the person already has an LPA or EPA, they do not usually need a deputy; for a single important decision you can ask the court for a one-off order.
• Fees (GOV.UK: deputy fees): a £432 application fee (paid twice if you apply for both types); £266 if the court decides a hearing is needed; a £100 assessment fee for a new deputy; then an annual supervision fee of £320 (general) or £35 (minimal supervision, which applies to some property and affairs deputies managing less than £21,000). The court may also require a security bond, a type of insurance whose cost depends on the value of the estate. Exemptions and reductions can apply.
• Forms (COP1 and others) are on the Court of Protection forms page. GOV.UK does not give a standard timescale on these pages, so we do not state one.

🏴 Scotland: GOV.UK says you cannot apply to be a deputy in Scotland (GOV.UK). Instead, a sheriff court can grant a financial guardianship order for long-term help, or an intervention order for a specific one-off action (gov.scot; OPG Scotland). The application needs two medical certificates of incapacity and a suitability report, and the OPG Scotland says most people use a solicitor (OPG Scotland: how to apply).

Northern Ireland: GOV.UK says you apply to become a controller instead. The Department of Justice says the application must include a comprehensive list of the person's assets and specific proposals for how they will be managed, with a medical certificate (DoJ NI).

Crypto angle: a deputy's, guardian's or controller's order gives authority, not keys. An exchange may then deal with them; a self-custody wallet still needs the backup. Listing crypto in the application (as the NI forms require for all assets) means the inventory matters even before death.

Step 3: Consider whether a trust helps Expert

• Why use one: professional trustees, protection for young or vulnerable beneficiaries, continuity across generations, and clearer ownership than "whoever holds the keys". That last point matters more in Scotland now that control raises a presumption of ownership.
• Tax: most lifetime trusts fall into the "relevant property" regime. This can mean a 20% entry charge above the nil-rate band, ten-yearly charges (up to 6%) and exit charges. Bare trusts and some will trusts are treated differently.
• Admin: most express trusts must be registered on HMRC's Trust Registration Service.

In England & Wales, trustees who invest must have regard to the "standard investment criteria", which are suitability and the need for diversification (Trustee Act 2000 s.4). The same Act applies to personal representatives administering an estate (s.35). 🏴 For Scotland's planned equivalent, see the 2024 Act.

Step 4: Inheritance Tax (IHT) Intermediate

The 7-year rule and taper relief

Gifts to individuals are "potentially exempt": no IHT is due if you live for 7 years after making them. If you die sooner and the gifts made in the 7 years before death exceed the £325,000 threshold, tax on the excess depends on when each gift was made (GOV.UK):

Crypto angle: a gift of crypto (other than to a spouse or civil partner) is generally a disposal for Capital Gains Tax at market value. Gifting coins that have risen in value can therefore trigger CGT now, while also starting the 7-year IHT clock. If you keep using or controlling something you have given away, it may be a "gift with reservation" and still count as part of your estate. Keep records of what you gave, to whom, when and its value.

Inheritance Tax on crypto, step by step Intermediate

1. Find it. Use HMRC's checklist in CRYPTO25000: exchange accounts, bank and card payments to exchanges, emails, apps, devices, papers and family.
2. Value it at the date of death, in pounds, token by token, with the source and time noted (see HMRC's view). A later sale price (for example after an exchange liquidates the account) is not the IHT value.
3. Apply the thresholds. The nil-rate band is £325,000 and the residence nil-rate band £175,000, both fixed until 5 April 2031 (HMRC). The residence band applies only when a home goes to direct descendants (GOV.UK), never to the crypto itself.
4. Choose the form. Excepted estate values go on the probate application; otherwise file the IHT400 and answer the cryptoasset question (see excepted estates).
5. Pay on time. IHT is due by the end of the sixth month after the month of death (GOV.UK), usually before you can sell.

HMRC's view on cryptoassets: situs, valuation and lost keys Expert

• Part of the estate: HMRC treats cryptoassets "in much the same way as other assets", and the date-of-death value should be reported (CRYPTO25000). CRYPTO25000 also gives executors a checklist for finding crypto: exchange accounts, bank and card payments to exchanges, emails, apps, devices, papers and asking family. HMRC's February 2026 newsletter asks executors to confirm on form IHT400 whether cryptoassets are held, report them in box 76 and add details in "Additional information" (newsletter).
• Valuation: the value must be in pounds sterling on the date of death. HMRC's manual does not name a single price source. A common practice is to record, for each token, the GBP price from a reputable exchange or price aggregator at the date of death, note the source and time, and apply the same method throughout. Exchange statements help for custodial holdings.
• Inaccessible crypto: if crypto is known to exist but cannot be accessed, HMRC asks for an explanation of why, and the believed value, in the IHT400 additional information box. Lost keys do not automatically remove the asset from the estate.
• Lost keys and CGT: HMRC says that misplacing a private key is not a disposal, because the tokens still exist. If there is no prospect of recovery, a negligible value claim may be possible (CRYPTO22400).
• No loss-on-sale relief: unlike land and quoted shares, cryptoassets do not qualify for IHT loss-on-sale relief if executors sell below probate value (CRYPTO25000).
• Situs (location): where a token simply represents an underlying asset, HMRC "looks through" to that asset. For exchange tokens with no underlying asset, HMRC's view is that the token is located where its beneficial owner is resident. For IHT there are no statutory situs rules, so general common-law principles and any double taxation agreement apply (CRYPTO22600). Situs matters mainly for people who are not long-term UK residents (or, before 6 April 2025, not UK domiciled) and for their trusts. This is HMRC's view, not a court ruling, so take specialist advice in cross-border cases.

Excepted estates or a full IHT400 account?

For deaths on or after 1 January 2022, most estates are "excepted estates". For these, the executor gives three values (gross, net, and net qualifying for IHT) on the probate or confirmation application instead of filing an IHT account (IHTM06031). GOV.UK says an estate is usually excepted if it is below the IHT threshold, or worth £650,000 or less with a transferred spouse's threshold, or left wholly to a UK spouse or charity and worth less than £3 million (GOV.UK).

Full details on form IHT400 are needed if tax is due. They are also needed even with no tax due if, for example, the person gave away over £250,000 in the 7 years before death, made gifts with reservation, left an estate worth more than £3 million, or had foreign assets worth more than £100,000. If IHT is owed, the IHT400 must be sent within 12 months. In England & Wales you then wait for a unique code from HMRC before applying for probate (GOV.UK).

Large crypto holdings can push an estate that looked "small" past these limits. The calculation uses the date-of-death value, not what you paid.

Step 5: Capital Gains Tax for executors and beneficiaries Intermediate

• No CGT on death, and a base-cost uplift: on death, the assets are treated as acquired by the personal representatives at their market value at the date of death, and the deceased is not treated as disposing of them (TCGA 1992 s.62). A beneficiary who receives the asset is treated as acquiring it when, and at the value at which, the personal representatives did (s.62(4)). Gains made before death are wiped out for CGT, though IHT may apply.
• Sales during administration: if executors sell or swap crypto for more than the probate value, the estate may owe CGT. Personal representatives pay 24% (GOV.UK). They get the full annual exempt amount (currently £3,000) for the tax year of death and the next two tax years, but not after that (CG30600; GOV.UK allowances). Whether to sell inside the estate or transfer coins to beneficiaries first is a common planning question to raise with a tax adviser.
• Varying the will: beneficiaries can redirect an inheritance by a written variation made within 2 years of death. For CGT this is not a disposal if the document contains the required statement (s.62(6)–(7)). IHT has parallel rules. Take advice before signing.
• The deceased's own tax: earlier disposals still need reporting. Self Assessment returns have a cryptoasset section from 2024–25, and HMRC expects separate records for each token pool (GOV.UK). HMRC's pooling ("section 104") and same-day and 30-day matching rules apply, so keep full transaction records.
• HMRC will see exchange holdings: UK crypto platforms have had to collect user and transaction data under the OECD Cryptoasset Reporting Framework since 1 January 2026, with the first reports due to HMRC by 31 May 2027 (GOV.UK). Omitting crypto from an estate return is likely to be noticed.

Step 6: Probate, confirmation and the executor's job Beginner

• England & Wales: apply for probate online or by post (form PA1P with a will, PA1A without). You must first value the estate, and if it is not excepted, file the IHT400, start paying any tax and wait for HMRC's code. GOV.UK says probate is usually granted within 12 weeks. The fee is £526 if the estate is worth more than £5,000 (as shown on GOV.UK in October 2026).
• 🏴 Scotland: executors apply to the sheriff court for confirmation using form C1, which lists the estate in an inventory. For small estates (£36,000 or less, gross), the sheriff clerk can help prepare the inventory. Bonds of caution may be needed where there is no will (SCTS).
• Northern Ireland: apply to the Probate Office of the High Court. Some applications can be made online. The original will must be lodged, and a fee applies where assets exceed £10,000.

The GOV.UK probate process, step by step (England & Wales) Beginner

GOV.UK says probate is the legal right to deal with someone's property, money and possessions, and that you should not make any financial plans or put property on the market until you have it (GOV.UK: applying for probate). Before applying you must check:

1. That probate is needed. Contact each financial organisation the person used; GOV.UK says every organisation has its own rules.
2. That you can apply. If there is a will, the executors named in it can apply; if not, the closest living relative can.
3. Whether there is Inheritance Tax to pay. If the estate owes IHT, you must report its value within one year on form IHT400 and cannot apply for probate until you have done this. You will normally have to start paying before probate is granted.
4. Apply online or by post. The fee is £526 if the estate is worth over £5,000, with no fee at £5,000 or less. Extra copies of the grant cost £2 each when you apply and £16 each later; help with fees may be available (GOV.UK: fees).

Someone who disputes who should apply, or whether there is a valid will, can "enter a caveat" before the grant (GOV.UK). Exchanges typically ask for the grant before releasing an account (see exchange claims); order enough copies at the start.

Executor timeline (England & Wales, with notes for Scotland and NI)

Executor duties and pitfalls, applied to crypto Intermediate

GOV.UK says a personal representative (executor or administrator) is legally responsible for the estate's assets from the date of death until everything has been passed on, the "administration period". During it you may have to pay debts, sell assets, pay Income Tax and Capital Gains Tax and report to HMRC. Where there is more than one personal representative, GOV.UK says you should agree where to hold financial assets, the rules for withdrawals and payments, and what to sell and when (GOV.UK: dealing with the estate).

How exchanges used in the UK handle a death Intermediate

From each provider's own help page, checked on 24 October 2026. Coinbase and Kraken say they do not offer a beneficiary option and Revolut's page does not mention one, so the account passes under the will or intestacy rules.

Why it matters: with Revolut the heirs receive money, not coins, at the price on the day of sale. IHT is still worked out on the date-of-death value, and there is no IHT loss-on-sale relief for crypto (HMRC). Ask for a statement showing the holdings at the date of death.

Two illustrative UK scenarios Beginner Intermediate

"Daniel", England: no will, a Revolut account and a hardware wallet Beginner

Daniel dies in 2026 without a will. He is married with two children. His estate is worth £500,000 net, not counting personal possessions, including crypto on Revolut and coins on a hardware wallet. He made no lifetime gifts.

• Who inherits: under the GOV.UK rules for deaths on or after 26 July 2023, his wife gets the personal possessions, £322,000 and half of the remaining £178,000 (£89,000); the children share the other £89,000 (GOV.UK).
• Tax: the spouse's share is generally exempt; the children's £89,000 is within the £325,000 nil-rate band (HMRC), so in this simplified case no IHT is due. The estate must still be valued, crypto included, at the date of death.
• Revolut: his wife, as administrator, emails the bereavement team with the grant; Revolut liquidates the crypto and pays out cash (Revolut Help).
• Hardware wallet: no court document helps without the backup. Daniel left no inventory, so his wife searches papers and finds a metal plate, then restores it with a technical helper.

"Margaret", Wales: a will, IHT to pay and a Kraken account Intermediate

Margaret, a widow, dies leaving a £300,000 home to her daughter, £150,000 in savings and £250,000 of crypto (on Kraken and in a 2-of-3 multisig): £700,000 in total, no lifetime gifts. Her husband used all of his bands.

• IHT: she has the £325,000 nil-rate band and, because the home goes to a direct descendant and the estate is under £2 million, the £175,000 residence band (HMRC; GOV.UK). Taxable: £700,000 − £500,000 = £200,000; at 40% that is £80,000. The residence band attaches to the home, not the crypto.
• Forms and timing: tax is due, so the executor files the IHT400 (answering the crypto question), pays by the end of the sixth month using the savings, waits for HMRC's code, then applies for probate (GOV.UK).
• Kraken: after the grant, the executor sends the colour death certificate, the grant, ID and a signed letter (Kraken).
• Multisig: Margaret's letter of wishes and sealed instructions say which two keys the executor and her solicitor hold; they move the coins to an estate wallet after a test transaction and log each step.

Common UK pitfalls and community advice Intermediate

UK court decisions that shape crypto estates Expert

We have not found a reported UK judgment about crypto lost when its owner died. The best-documented estate failures are from elsewhere: see the case files for the Mellon (US), QuadrigaCX (Canada) and Popescu cases. These UK decisions explain how the courts treat crypto:

UK checklist

• Will with a digital-assets clause and no secrets inside, signed with the correct formalities for your jurisdiction
• Letter of instruction stored where the executor can find it
• LPA (E&W) / continuing PoA (Scotland) / EPA (NI) made and registered
• Executor briefed that crypto exists and who can help
• IHT estimate including crypto at today's value; liquidity for tax planned
• Transaction records and cost basis exported for each token pool
• Scotland: legal-rights implications reviewed, and trust deeds checked against the 2024 Act (what is in force)
• Will reviewed after any marriage, civil partnership, divorce or move
• Record of lifetime gifts (what, to whom, when, value) for the 7-year rule
• Executors given express powers to hold or sell crypto and to hire technical help
• Recovery path tested by someone other than you, without exposing any secret
• Joint or partner holdings documented, so control is not mistaken for ownership

Key sources: Property (Digital Assets etc) Act 2025 · Digital Assets (Scotland) Act 2026 · Law Commission: wills · HMRC Cryptoassets Manual · IHT thresholds · GOV.UK excepted estates · GOV.UK: intestacy (E&W) · GOV.UK: deputies · GOV.UK: deputy fees · gov.scot: guardianship and intervention orders · DoJ NI: controllers · GOV.UK: applying for probate · GOV.UK: dealing with the estate · Revolut: bereavement · Law Commission: digital assets.

Last reviewed: 23 October 2026 · Educational information only — verify current details with official sources.