The $700 Million Mistake: Why Tracking Your Assets Is Key to Protecting Your Legacy
Imagine unknowingly throwing away $700 million. It sounds like fiction, but that’s the real-life story of James Howells, a computer engineer from Wales. In 2013, he accidentally tossed a hard drive that contained the only access to 8,000 Bitcoin (BTC) he had mined years before. At the time, Bitcoin was already rising in value—but today, those lost coins could be worth over $700 million and potentially exceed $1 billion in the future.
For over a decade, Howells has pleaded with city officials, offered massive incentives, and even attempted to take legal action to gain permission to search a landfill. All attempts have failed. That drive—and the fortune it holds—may be gone forever.
While most of us don’t have cryptocurrency fortunes buried in a landfill, this story underscores an estate planning truth that applies to everyone:
If you don’t know what you own, where it is, or how to access it—and your loved ones don’t either—your assets can be lost forever.
The Hidden Risk in Today’s Digital World
These days, our assets aren’t just limited to bank accounts and real estate. Our digital and online lives create new challenges when it comes to tracking and protecting everything we own. You might have:
Cryptocurrency in digital wallets
Retirement accounts at former employers
Frequent flyer miles or credit card points
Digital photos or videos stored in the cloud
Online banking, investing, or insurance accounts
Personal items with sentimental or family value
If these assets aren’t tracked and recorded, they can be easily overlooked—even by the people closest to you.
What Happens When Assets Are Forgotten?
Across the U.S., more than $60 billion in known assets have already been turned over to states’ unclaimed property divisions. And that doesn’t include digital assets that haven’t yet been identified as “lost.” Without a current asset inventory, these are the risks:
Assets may never be claimed by your heirs
Probate may become unnecessarily long and expensive
Important accounts (like insurance policies) may be missed entirely
Digital assets may be inaccessible due to missing passwords
Sentimental items may be discarded without knowing their importance
Family conflicts may arise over undisclosed or “discovered later” property
If someone like James Howells can lose access to such a significant asset while he’s still alive, imagine how easy it is for your loved ones to miss something after you’re gone—especially if it’s never written down.
Why Traditional Estate Planning Falls Short
Most estate plans focus on legal documents—wills, powers of attorney, maybe a trust. But what they don’t include is a reliable, updated inventory of your assets. Without this, even the best legal documents can’t help your family recover everything you’ve worked for.
That’s why we take a different approach at Starsia Law.
Life & Legacy Planning: The Clear Path Forward
Our Life & Legacy Planning Process goes far beyond paperwork. We help you organize everything—so your plan actually works when your family needs it most.
Here’s how we protect your peace of mind:
✅ A Personal Resource Map
We help you create a full inventory of all your assets—from financial accounts to heirlooms to digital items. This is the foundation of any solid estate plan, and we believe in helping you build it whether you hire us or not.
✅ Regular Reviews and Updates
Your life changes. Your plan should too. We stay in touch to ensure your inventory and estate documents remain current.
✅ Secure Documentation for Digital Assets
We provide systems to record login info, private keys, and access instructions so digital assets aren’t lost due to missing credentials.
✅ Support for Loved Ones After You’re Gone
We’ll be there when your family needs guidance—so they aren’t left guessing, stressed, or at risk of missing something important.
✅ Communication Without Compromising Security
We help you strike the right balance between privacy during life and clarity for your family after death.
Don’t Let Your Legacy End Up in a Landfill
James Howells’ story is a dramatic example, but the lesson applies to everyone: If your estate plan doesn’t include a comprehensive, regularly updated asset inventory, you’re leaving too much to chance.
As your Personal Family Lawyer®, I’ll help you get financially organized and create a plan that’s built to last—one that keeps your family out of court and out of conflict, and ensures nothing you’ve worked for is lost or forgotten.
Ready to start protecting your legacy?
Click below to schedule a complimentary 15-minute consultation and learn how our Life & Legacy Planning Process can help you safeguard everything that matters.
This article is a service of Starsia Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.