Will cryptocurrency savings be inherited if they are not mentioned in a will?
Cryptocurrencies have already firmly entered the lives of many Belarusians. And while at first investors were mostly interested in consumer issues (for example, how to buy crypto and how to exchange it for fiat money), as it became more widespread, purely legal nuances began to appear. In particular, how to pass on savings in cryptocurrency as an inheritance on a par with a bank deposit or real estate, and what will happen to your hypothetical bitcoins if they are not included in the will.
Read more in the article by Matvey Gorodnik, senior lawyer at the law firm Art Legal, an expert in crypto regulation for the business portal Office Life.
The full text is below.
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Its main difference from traditional fiat currencies is that cryptocurrency is a decentralized digital asset that exists without state involvement, while traditional currencies are centralized and state‑guaranteed means of payment.
Let us note right away that cryptocurrency is only one possible type of token. Tokens can perform various functions: serve as a medium of exchange, confirm ownership rights, or provide access to services. In addition to cryptocurrencies, tokens also include, for example, digital securities (Security Tokens), which represent a share in a company or asset, and NFTs (Non‑Fungible Tokens) — unique tokens representing digital objects such as works of art, videos, or in‑game items.
The main legal act regulating cryptocurrency in Belarus is the presidential decree “On the Development of the Digital Economy.”
Can crypto be passed on as an inheritance?
“Individuals have the right to own tokens and to carry out the following operations: mining, storing tokens in virtual wallets, exchanging tokens for other tokens, acquiring them, disposing of them for Belarusian rubles, foreign currency, electronic money, donating and bequeathing tokens,” recalls Matvey Gorodnik.
At the same time, cryptocurrency cannot be exchanged for other property or used to pay for goods and services, meaning it cannot function as a means of payment. For example, paying wages and paying for goods in cryptocurrency is prohibited.
As we can see, Belarusian legislation explicitly establishes that inheritance of tokens is possible only by will.
This means that if a will has not been drawn up (even if there are legitimate heirs who do not renounce the inheritance), inheritance of tokens by law will be impossible.
“Thus, heirs do not need to deal with proving that the tokens belonged to the deceased, because only the deceased can decide who will receive them after his or her death. Otherwise, this would be extremely difficult, given the decentralization of the blockchain and the often depersonalized or even anonymous nature of cryptocurrency owners,” explains the Art Legal lawyer.
How to correctly pass on crypto as an inheritance. InstructionsSince cryptocurrency has no physical form and is not held in bank accounts, traditional inheritance mechanisms often turn out to be inapplicable. To ensure the transfer of digital assets to heirs, it is important to take a number of legal and technical steps in advance.
Step one. Determine the composition of digital assets
“Make a list of all cryptocurrencies, tokens, and wallets, including the addresses, exchanges, and services where they are held,” advises Matvey Gorodnik.
To do this, prepare documents confirming ownership of the cryptocurrency: screenshots of balances of exchange accounts, wallets, and transactions, as well as statements from blockchain explorers. If possible, obtain notarized statements or evidence of ownership of the keys.
When accounting for crypto assets, documents confirming the date of their acquisition and the market value of the cryptocurrency at the time of the testator’s death are crucial for determining their value.
Step two. Ensure secure access to keys
The main risk is loss of private keys or seed phrases (a set of words to restore access). Without them, even if there is a will, the cryptocurrency remains inaccessible.
To prevent this, you should:
– store access data in encrypted form (for example, through a notarized letter or a trusted person);
– use hardware wallets.
Step three. Include crypto assets in the will
As we have already noted, without a will, inheritance of cryptocurrency strictly by law is practically impossible.
“The will must explicitly provide for the transfer of crypto assets and the procedure for accessing them, including specific instructions on accessing cryptocurrency wallets and private keys or seed phrases,” our interlocutor emphasizes.
The will itself can be drawn up as an open will (certified by a notary with disclosure of its contents) or as a closed will (without disclosure, but handwritten, signed, and delivered in the presence of two witnesses).
Step four. If necessary, appoint an executor of the will
“The executor can ensure the technical transfer of assets to the heirs, acting within the framework of the will and the law. This is especially relevant when assets are held on exchanges with verification procedures,” clarifies Matvey Gorodnik.
The period for accepting an inheritance is six months, so it is important for the testator to inform the executor of the will in advance of its existence, so that, if the relevant circumstances arise, the executor can promptly begin carrying out the deceased’s last wishes.
The law does not provide for liability of the executor of the will for refusing to perform his or her duties, so such a person should be chosen with particular care.
Step five. Consult a lawyer
Inheritance of cryptocurrency lies at the intersection of several branches of law (civil, tax, and IT law). Therefore, it is important to work out the mechanism in advance with a lawyer familiar with crypto regulation.
So what is the bottom line?
Inheritance of cryptocurrency in Belarus remains a relatively new but already regulated area. The law explicitly allows tokens to be bequeathed, but excludes their inheritance by law. This means that only the owner can determine the fate of his or her digital assets by drawing up a will in advance and providing for the procedure for accessing them.
Given the decentralized nature of the blockchain and the lack of a mechanism for restoring private keys, the practical implementation of inheritance requires special preparation: compiling a list of assets, securely storing keys, and consulting with a lawyer and a notary.
In other words, preserving cryptocurrency after its owner’s death is not only a legal issue but also a matter of responsibility: a well‑designed inheritance structure makes it possible to preserve digital assets and actually pass them on to heirs.
