Cryptocurrency being written into Australian wills doubles in 2024

The amount of cryptocurrency included in the last will and testament of Australians has exploded.

Cryptocurrency being written into the last will and testament of Australians has doubled in 2024 and skyrocketed 2400 per cent in four years.

The figures come from Australian online will platform Safewill.

While the firm cannot provide a dollar value for the amount of crypto in their Australian wills as a whole, because the coins’ values fluctuate so much, the raw data Safewill does have is illuminating.

The number of crypto ATMs in Australia has exploded in the past two years, as has the number of people leaving crypto to their families. Picture: NewsWire / Andrew Henshaw

The average amount of crypto in a will is $20,300; $25,700 in wills of men, $11,100 for women.

The split of crypto-holding wills skew about two-thirds male, and they tend to not have kids, with 28 per cent of the crypto wills including children.

Former cryptocurrency adviser and analyst Matthew Baitieri said giving next of kin access to the assets after death could be difficult.

Leaving cryptocurrency to family can trigger capital gains taxes. Picture: iStock / Coral Brunner

“Crypto is money. You want to give it to your next of kin when you pass away. Like the cash in your bank account, crypto is an asset, and you want all the assets you own in your will,” he said.

For family to access crypto in a will, they need computer passwords, website passwords, devices to transfer the assets, and most likely instructional videos.

Safewill Legal principal solicitor Isabelle Marcarian. Picture: Supplied

Safewill has an affiliate law firm, Safewill Legal.

Principal solicitor Isabelle Marcarian said there were estimated to be billions of dollars in unclaimed digital assets due to inadequate information passed onto the beneficiaries.

Crypto is treated the same as any asset in a will, but being liquidated can trigger significant capital gains taxes.

Originally published as Cryptocurrency being written into Australian wills doubles in 2024