Estates may be undervalued as digital assets potentially go undeclared

Executors could be unwittingly undervaluing a deceased’s estate by failing to declare unsuspected digital assets such as online bank accounts, Paypal accounts, cryptocurrency, ownership of internet domains and so on, says the Institute of Legacy Management.

Its response to the Office of Tax Simplification’s current consultation on inheritance tax system notes the risk is higher where an elderly testator has appointed someone of the same age as their executor.

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