The landmark legal change every private client solicitor needs to understand—and how to get ahead of it.
For years, the legal status of digital assets existed in a grey area. Crypto wallets, online accounts, NFTs, digital photos, domain names—these modern stores of value and memory weren't explicitly addressed by traditional property law frameworks.
That's now changed.
UK law has formally recognised digital assets as personal property. This isn't a minor footnote—it's a fundamental shift that will reshape how private client teams approach estate planning, will drafting, and executor responsibilities.
Here's what you need to know.
What's Changed?
The Law Commission's recommendations have clarified that digital assets—including cryptocurrencies, digital tokens, and other intangible digital holdings—can be treated as personal property under English and Welsh law.
This means:
- Digital assets can be owned, transferred, and inherited just like physical property
- Executors have formal responsibilities to identify, secure, and distribute digital assets
- Law firms face new obligations to include digital assets in their fact-finding and estate planning processes
In plain terms: ignoring digital assets is no longer a comfortable option. The law has caught up with modern life, and client expectations will follow.
Why This Matters for Private Client Teams
1. Your fact-finding process needs updating
The standard will instruction meeting now has a gap if it doesn't explicitly cover digital assets. Consider:
- Does your client hold cryptocurrency, tokens, or NFTs?
- Do they have online-only bank or trading accounts?
- What about airline miles, digital photo libraries, or gaming accounts with real value?
- Where are passwords and access credentials stored—and can executors actually retrieve them?
If these questions aren't part of your intake process, you're potentially exposing both your clients and your firm to risk.
2. Executors need a practical path to access
Knowing a client *has* digital assets isn't enough. Executors need:
- Secure storage of access credentials
- Clear documentation of what exists and where
- A process that survives the testator
A handwritten list in a desk drawer doesn't meet the standard. Neither does "my son knows my passwords." Executors need reliable, secure, and accessible information.
3. This is a compliance issue—and an opportunity
Firms that get ahead of this change can:
- Offer Digital Asset Reviews as a value-add service
- Differentiate their estate planning offering from competitors
- Proactively contact existing clients to update their arrangements
The firms that wait will be playing catch-up while early movers capture market share.
How Law Firms Are Solving This
The challenge isn't just asking about digital assets—it's giving clients a proper solution for storing and passing them on.
Forward-thinking firms are implementing digital vaults that:
- Securely store access credentials and digital asset information
- Integrate with estate planning workflows so nothing gets missed
- Provide executor access when the time comes—without compromising security beforehand
- Give clients peace of mind that their digital life is properly organised
This is exactly what BePrepared was built to do.
What to Do Now
If your firm doesn't yet have a digital asset process, here's a simple starting point:
1. Update your intake questionnaires to include the five questions above
2. Brief your team on the legislative change and its implications
3. Audit your existing client base to identify those who may need a digital asset review
4. Implement a secure storage solution that works for both clients and executors
The firms that act now will be positioned as leaders. Those that wait risk being the firm that missed an obvious gap—while their competitors were sending proactive client communications.
Ready to Get Your Firm Ahead of the Curve?
BePrepared helps private client teams offer their clients a secure digital vault for access credentials, digital asset information, and the documentation executors need.
Our customers were already aligned with this legal change before it happened. Now they're using it as a marketing moment—reaching out to clients to demonstrate their forward-thinking approach.
We'll walk you through how to integrate digital asset management into your existing workflows—and give you ready-to-use materials for your next client communication.
