Can we transmit his cryptos as we bequeath a house? Failing to have been adopted largely as a means of payment, cryptocurrencies are on the way to becoming a placement like the others. If we believe the latest study carried out by the Deloitte firm for the Adan (the Federation of web players in France and Europe), last April, one in ten French people has at least one cryptocurrency. A proportion already higher than that of private investors having carried out at least one purchase or sale of actions listed in 2024, – 2% of French people, according to the Autorité des Marchés Financiers (AMF).
But the propagation of cryptoactives (as the Banque de France prefers to name them), is not without asking a few questions – not always joyful -, especially on what they become on the death of the subscriber. It should be remembered that “cryptos” are held in “wallets”, digital or physical wallets (in the form of encrypted USB keys), which in principle prevent heirs from being able to access it. Furthermore, what value should be retained to sell these extremely volatile assets? Their price at the time of death or succession? So many questions that we wanted to clarify with two experts, Stéphanie Némarq-Attias, tax lawyer and founder of the Cabinet Qomit, and Gwendal Texier, associate notary of AP Notaries.
Are cryptos integrated into the succession, like any other property (real estate, shares, etc.)?
Stéphanie Némarq-Attias and Gwendal Texier: Yes, cryptos are fully part of the estate assets. Like any other good, they must be identified, attached to the deceased, evaluated, taxed and transmitted to the heirs. As a new class of assets, they however pose new challenges that notaries must now integrate into their practice.
What is the value chosen for cryptocurrencies? That at the time of death, or when the heir recovers it?
The rule is clear: it is the course of the day of death that is proof, and not that of the day when the heirs recover the cryptos. To determine this price, we refer to the value displayed by certain platforms recognized by the French regulator. The important thing is to be able to justify the method chosen in the event of tax audit. One point of attention, however: between the death and the closure of the succession (period which can last several months), the heirs do not have their hands on the assets. They therefore remain completely exposed to market fluctuations. If the course drops after death, the heirs will have paid inheritance tax over a value greater than that which they really recover. To limit this risk, we support our customers in the implementation of strategies that protect their heirs.
How can an heir contact a platform to recover assets?
It is the notary in charge of the succession who will contact the platform. It is still necessary to know where the assets are detained: there are hundreds of platforms in the world. The identification of the platform is therefore essential. The procedures are often complex (support in English, limited access). Some platforms develop succession services, but it remains uneven.
How to make sure that his cryptos can be transmitted to his beneficiaries?
Anticipation is the key to a successful transmission of its cryptos. It involves securing access (public keys, private keys, identifiers), the choice of a suitable conservation mode (regulated platform, walletdigital safe), and finally by setting up legal tools (donation, posthumous mandate, will) to prepare this transmission. Without preparation, the heirs may never be able to recover the assets of the succession.
How do inheritance rights apply?
The classic inheritancer scale now applies to cryptos as well as any other good, depending on their value on the day of death. The abatements and rates depend on the relationship of kinship and the total amount transmitted. The notary centralizes these elements and proceeds, during the tax declaration, to the payment of rights possibly due to the administration.
Are the transmitted cryptocurrencies subject to a tax in the event of later transfer by the heirs?
When an heir resells cryptos received by succession, the added value is calculated according to a complex formula which takes into account the entire portfolio, with as a price of acquisition the value chosen at death. In the event of gain, the capital gain will be taxed at the flat rate of 30% (PFU or flat tax), in addition to possible surcharge on high incomes. Given the complexity of annual declarative obligations, it may be wise to be accompanied by a tax lawyer.
