Care home cryptocurrency collapse
Earlier this year, the Carlauren Group launched a new cryptocurrency, with the promise that each coin would entitle the holder to a night’s stay in one of their care homes. Now, however, that promise is worthless, as the care homes have been closed down.
The most immediate victims are the former residents of the home, left with just 28 days to find a new place to live. However, those who invested in the coin are also potentially facing a significant loss to their savings. Some may have been sold the investment in the expectation that this would help to meet their future care needs, and now find that this is not the case.
One lesson from this story is that it is never wise to make significant investments, whether in cryptocurrency or any other form of asset, without taking proper financial advice on the risks involved. It also illustrates that, with cryptocurrency now being targeted at those considering their own residential care, it would be foolish and dangerous for any Executor to assume that just because the person whose estate they are administering may have been elderly, they do not need to check for digital assets.
In light of this, should you find yourself in the position of administering an estate, you need to think carefully about digital assets and ensure that, if you take professional advice, then your advisors are thinking about them too.
If you yourself have any kind of digital assets, then you will want to make sure that you have properly planned for how they would be dealt with after you die.
In both cases, the specialists at Ashtons Legal will be well-placed to help you.
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