When most people think about writing a Will, they consider leaving their home, savings, investments and potentially items of jewellery to their loved ones.
However, at Vault Private Client, we have seen an uptick in the number of “unusual” assets that can easily be overlooked or not dealt with properly (without expert guidance).
Assets such as cryptocurrency wallets, digital assets, social media accounts to vintage wine collections can often be lost, disputed or taxed in unexpected ways. Such assets often carry significant financial or sentimental value.
The below gives a brief overview of some of the main points to consider to ensure the safe passage of your “non-traditional” assets.
Digital Assets – Looking Beyond Bitcoin
Unlike bank accounts, there is not always a paper-trail with digital assets and executors must be alert to the fact that Crypto, NFTs and NFTs all form part of an individual’s estate.
Vault’s top tips to secure your digital legacy:
- Store access details securely and ensure that someone (ideally your executor(s)) knows how to retrieve them. Never store these in the Will itself.
- Keep an up to date list of digital assets and log-ins.
- Make it clear who should inherit these assets and / or access to social media accounts (note that some platforms have their own rules and policies (Facebook, Apple etc)).
Luxury goods
At Vault, we find that “valuables” are often the most disputed items in an estate. Dad’s vintage car, Mum’s diamond ring. These are typical items that are highly valuable most financially and sentimentally.
Vault top tips for valuables:
- Be specific (if you want certain people to receive specific items).
- Decide if you want “replacement” items to be covered or if it is only the specific item that should be included to a particular person. The law favours detail and specificity. Be careful!
- Obtain regular valuations during your lifetime to prevent beneficiaries being upset if one specific gift ends up being considerably greater than another (think Grandma’s favourite chopping board vs her 1926 Steiff Teddy Bear).
Quirky business interests
Vault advises many entrepreneurs and business owners and for these clients, the business itself is often the estate’s biggest asset. At Vault Private Client, we have seen all sorts of business ventures from racehorses, film productions, forests in other continents as just a small sample.
Vault top tips for ventures beyond the ordinary
- Regularly review shareholder agreements, articles of association and Wills in order to ensure a joined up approach.
- Work with a firm that can advise on the commercial aspects of business assets (such as IP, franchising agreements and other “non-standard” assets that form part of the business’s value).
- Consider Business Relief (particularly in light of recent changes) to ensure that, in particular, between married couples no reliefs are unused or wasted.
Issues to avoid by undertaking proper planning with Vault
- Disputes over “who gets what”.
- Paying more tax than necessary
- Assets missed completely by executors causing loss to the estate
Vault Private Client specialises in dealing with the unusual every day. Our experts are here to guide you and help you and your family avoid the pitfalls than can be catastrophic from a financial and emotional perspective if not advised on correctly.
At Vault Private Client, we have a track record in helping entrepreneurs, business owners and high net worth families protect their life’s work. We recognise that this doesn’t always fit neatly onto a spreadsheet!
Make sure your legacy is protected, no matter what form it takes and receive expert advice today. Contact us at [email protected].
