$700 Million, Poof! The Price of Not Tracking Your Stuff
Imagine tossing $700 million into the trash. Sounds like a bad Netflix script, right? But that’s real life for James Howells, a computer engineer from Wales, who’s spent over a decade trying to recover a hard drive he accidentally threw away—one that holds the private key to his Bitcoin treasure chest.
Back in 2013, Howells was cleaning out his office and unknowingly chucked the one drive containing access to 8,000 Bitcoin (BTC) he’d mined way back when. By the time he realized the mistake, Bitcoin had exploded in value. That drive? It’s now worth around $700 million, and it hit as high as $848,000 at the peak. Experts say it could top $1 billion someday.
Howells has tried everything to get it back—offering to split the BTC with the city, taking the matter to court, even offering to buy the entire landfill. But Newport City Council keeps slamming the door, and UK courts say there’s “no realistic prospect of success.” He’s now threatening to take it all the way to the European Convention on Human Rights.
So, what’s the moral of the story? If you don’t know what you own, where it is, or how to access it, your wealth could disappear the moment you’re gone. And when it comes to digital assets, the risk of permanent loss is real. No inventory, no access, no legacy. Let’s not make your family dumpster-dive for your fortune.
Modern Wealth, Modern Problems: Let’s Talk Asset Tracking
Sure, most of us aren’t tossing $700 million in crypto into the trash, but let’s be real—plenty of folks are losing track of their stuff on a much smaller (but still painful) scale. Our assets these days aren’t just cash and keys—they’re scattered across the digital universe and tucked away in logins, apps, and cloud drives.
Think about it. You might have:
Crypto floating around in mystery wallets
Family photos in three different cloud accounts
Banking apps galore with different institutions
Insurance info buried in your employer’s benefits portal
Frequent flyer miles and reward points worth a mini vacation
Be honest—do you know exactly what you have and where to find it? Because Howells didn’t.
And here’s the kicker: if he lost track of something that huge while alive, how will your loved ones find your assets after you’re gone? If you’re not 100% sure, that’s your cue. Because what they don’t know can hurt them (and your legacy).
What Really Happens When You Don’t Keep Track of Your Stuff
Across the U.S., more than $60 billion in assets have simply gone poof—lost, forgotten, or turned over to the state because no one knew they existed. We’re talking bank accounts, retirement funds, insurance policies… and that’s before we even get into crypto, Venmo balances, or those “I’ll-deal-with-it-later” digital wallets.
Here’s the harsh truth: if you don’t have an up-to-date asset inventory, here’s what could go down:
• Assets get lost forever
• Your loved ones never even know they existed
• Probate drags on and drains everyone
• Family fights over “mystery money”
• Digital accounts vanish without the right passwords
• Sentimental stuff gets tossed with the junk
Worst case? Some of it ends up with the government (yep—Unclaimed Property is a real thing), and reclaiming it is a bureaucratic headache.
As a Personal Family Lawyer®, I’ve seen this movie—and trust me, it’s a tearjerker. But it doesn’t have to be. The better way? An Estate Plan that tracks your assets, protects your people, and actually works when life throws its curveballs.
Estate Planning That Actually Works
Let’s be real: the old-school approach to estate planning? Kinda broken. You get a will, maybe toss in a power of attorney and a trust, stick the documents in a drawer, and call it a day. That’s how most people do it—until the plan falls apart exactly when their family needs it most.
Here’s the truth: “Set it and forget it” estate plans often lead straight to court, conflict, lost assets, and family drama no one saw coming. That’s not what I call planning.
At 20West Legal, we do things differently. My Planning Session isn’t about dropping a binder in your lap and wishing you luck—it’s about building a plan that actually works when life happens. Here’s how:
Your Personal Resource Map
We don’t guess what you own—we map it out. Together, we’ll build a full inventory of your assets, from your home to your Venmo balance to Grandma’s wedding ring. And yes, I’ll help you create it even if we don’t work together.Built-In Reviews & Updates
Life doesn’t stand still, and neither should your plan. Whether you gain new assets, move, or make changes in your family—your plan evolves with you.Digital Security (Without the Drama)
Your digital assets (crypto, photos, passwords, oh my) need to be accessible but secure. I’ll help you lock it all down and ensure your trusted people can find what they need—without playing detective.Clarity for the People You Love
I’ll guide you in how to talk about your plan without oversharing during your lifetime. And I’ll be there for your family after you’re gone, so no one’s left confused, scrambling, or in court.
Clarity (and Calm) in a Complicated World
James Howells’ $700M mistake might be one for the headlines, but it’s a real wake-up call: in today’s wild, digital-heavy world, if you don’t know what you’ve got—or haven’t properly documented it—it could disappear.
As your go-to Personal Family Lawyer®, I’m not just here to toss you a bunch of documents and call it a day. I’m here to help you make confident, empowered decisions about life, legacy, and everything in between. That’s why we start with a Life & Legacy Planning® Session—where you’ll get more organized than you ever thought possible and walk away knowing you’ve made the best choices for your people.
Book your complimentary 15-minute consult and let’s get to work: https://go.20westlegal.com/meeting-scheduler
This article is a service of 20WestLegal LLC. 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 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. You can begin by calling our office in Sudbury, Massachusetts today to schedule an Estate Planning Session and mention this article to find out how to get this $750 session at no charge.
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.