Digital assets, such as cryptocurrency, have become increasingly popular in recent years, and it's important to consider what will happen to them after you pass away. In Scotland, there are legal frameworks and governing bodies that provide guidance on this issue. The Society of Trust and Estate Practitioners (STEP) is one such organization that offers advice on how to manage digital assets in your estate plan.
The first step in managing your digital assets is to make an inventory of what you own. This includes any cryptocurrencies you own, as well as other digital assets such as online bank accounts, social media accounts, and digital files. Once you have a complete list of your digital assets, you can then begin to plan for what will happen to them when you pass away.
In Scotland, cryptocurrencies are generally subject to inheritance tax, just like any other asset. However, the tax treatment of cryptocurrencies can be complex, so it's important to seek advice from a qualified professional to ensure that your estate plan is tax-efficient.
The Society of Trust and Estate Practitioners (STEP) is a professional body that provides guidance on estate planning, including digital asset management. They offer training and support for professionals working in this field, as well as resources for individuals who are planning their own estates. If you're unsure about how to manage your digital assets in your estate plan, it may be helpful to consult with a professional who is a member of STEP.
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