In recent years, the emergence of cryptocurrencies and NFTs has radically transformed the asset landscape, posing new challenges in the field of inheritance law. These digital assets, which can represent significant value in the estate, require specific treatment in successions. In our daily practice, we encounter the growing need to integrate these new assets into inheritance inventories, ensuring their proper valuation and compliance with tax obligations. This article addresses how to manage these assets in the context of an inheritance in Spain, paying special attention to practical and regulatory aspects.
Localization and Inventory of Digital Assets
The first challenge we encounter when managing an inheritance that includes cryptocurrencies or NFTs is their localization and correct inclusion in the inventory. Unlike traditional assets, these goods are not found in conventional financial institutions but are associated with private keys that often only the deceased knew. This poses a significant risk of irreversible loss if there is no adequate access plan.
To address this issue, it is crucial to identify any signs of the existence of digital wallets, such as mentions in personal documents, crypto asset management applications on electronic devices, or even transaction records in emails. Once located, the transfer of private keys must be carried out with extreme care to avoid any loss of access. We recommend collaborating with cybersecurity experts to ensure the protection of this critical data.
Valuation of Cryptocurrencies and NFTs for ISD Purposes
Once located, the next step is the valuation of these assets in the context of the Inheritance and Donations Tax (ISD). Current regulations require that assets be valued at market price on the date of death, a task that, in the case of cryptocurrencies, can be complex due to their high volatility.
To determine the market value, closing prices from major exchange platforms on the relevant date are generally used. However, this practice can be contentious, as seen in recent resolutions from the TEAC (2025), which emphasize the need for detailed and documented valuation to avoid future challenges by the Tax Administration. Regarding NFTs, their valuation can be even more controversial, largely depending on the unique characteristics of each token and market demand at that time.
Declaration Obligations and Taxation before the AEAT
The tax treatment of cryptocurrencies and NFTs in the inheritance context is not limited to their valuation. There are specific declaration obligations before the State Agency for Tax Administration (AEAT) that must be strictly complied with to avoid penalties. In particular, it is essential to declare these assets in model 720 if their value exceeds the established thresholds for foreign assets.
Spanish tax regulations, reinforced by the reforms of 2026, establish that failure to declare or incorrect declaration of these assets can result in severe penalties. Recent doctrine from the DGT has emphasized the importance of transparency in the declaration of cryptocurrencies, highlighting the duty of diligence of heirs and executors in managing these assets. Therefore, it is advisable to conduct a thorough analysis of the tax situation of the inheritance to determine the exact obligations.
Risks of Loss and Common Disputes
Despite advances in regulation, digital assets still present significant risks of loss, especially when stakeholders lack the technical knowledge to manage them. Additionally, disputes regarding the ownership and transfer of these assets are not uncommon, given that the intrinsic characteristics of cryptocurrencies and NFTs can generate particular disputes.
In our experience, the most common disputes arise from a lack of clarity in the documentation of private keys or the absence of a will that specifically addresses these assets. Recent jurisprudence, such as the Supreme Court ruling of 2025, has begun to set precedents regarding the validity of digital wills and the importance of including clear instructions on accessing digital wallets. This jurisprudential evolution highlights the need to advise clients on the proactive planning of their digital assets.
- Identify all possible digital wallets of the deceased.
- Thoroughly document the market valuation on the date of death.
- Include detailed instructions on managing private keys in the will.
In conclusion, managing cryptocurrencies and NFTs in the inheritance context requires a meticulous and updated approach, both from a regulatory and practical standpoint. Tools like LexPartis assist legal professionals in integrating these assets into the inheritance management process, ensuring rigorous and efficient treatment that minimizes risks and disputes.