The $700 Million Mistake: Why an Asset Inventory Is an Essential Part of Your Estate Plan
Imagine accidentally throwing away $700 million.
It sounds like the plot of a movie, but it’s a true story. James Howells, a computer engineer from Wales, has spent more than a decade trying to recover a discarded hard drive that contains the private key to his Bitcoin fortune.
The Costliest Cleanup in History
In 2013, Howells mistakenly threw away a hard drive during an office cleanup. What he didn’t realize was that this particular drive held the only access to 8,000 Bitcoin (BTC) he had mined years earlier.
At the time, the loss didn’t seem catastrophic. Months later, however, the value of Bitcoin surged and the forgotten hard drive suddenly became worth hundreds of millions of dollars.
Today, those same 8,000 BTC are worth roughly $700 million, and could easily exceed $1 billion in the future.
For over ten years, Howells has fought to search the local landfill for his hard drive. He has offered to split the recovered funds with the city, gone to court, and even proposed to buy the landfill himself. Yet every attempt has been denied. His case is now heading to the European Court of Human Rights, though experts say the chances of recovery are slim to none.
This heartbreaking story highlights a truth that affects everyone, not just Bitcoin holders.
If you don’t know what you own, where it is, and how to access it, your assets could be lost forever.
And when you’re gone, your loved ones may also lose it.
The Modern Challenge of Tracking What You Own
Most people won’t lose hundreds of millions in cryptocurrency, but many are losing something — often without realizing it.
In today’s digital world, your assets are likely scattered across multiple platforms, accounts, and devices:
Bank accounts, investment accounts, and retirement plans
Life insurance policies and annuities
Cryptocurrency or digital wallets
Cloud-based files and photo archives
Online subscriptions and business accounts
Reward points, airline miles, and digital credits
Without a clear, up-to-date record of these holdings, even well-intentioned family members or executors can’t track everything down.
If Howells could lose a fortune while alive, imagine how easy it would be for your heirs to overlook assets after you’re gone — especially digital ones.
The Real Cost of Poor Asset Tracking
Across the United States, over $60 billion in known assets sit unclaimed — forgotten bank accounts, insurance proceeds, stock dividends, and more. That number doesn’t even include the billions in digital assets that may never be recovered because access is lost forever.
Without an organized inventory, several things can go wrong:
Assets are never discovered or claimed
Probate and estate administration becomes longer and more expensive
Family conflict arises over missing or “found later” property
Digital accounts become permanently inaccessible
Sentimental possessions are lost or discarded
Even if your estate is modest, the problem is the same: if no one knows what exists, no one can protect or inherit it.
In most cases, unclaimed assets eventually end up in California’s Unclaimed Property Fund. Reclaiming those assets later can take months — or even years — and may require paperwork your family no longer has.
Why Every Estate Plan Needs an Asset Inventory
A complete estate plan doesn’t start with legal documents; it starts with an understanding of what assets the client owns. Creating and maintaining an asset inventory provides the following benefits —
Every asset is accounted for — from your home to your crypto wallet
Your executor and heirs can easily locate what you own
Your estate avoids unnecessary taxes, delays, and costs
Nothing of value — financial or sentimental — is lost
Peace of Mind in a Digital World
James Howells’ story is an extreme example of what happens when assets are untracked, but the principle applies to everyone.
In a world where much of our wealth lives online or in the cloud, the simple act of listing what you own and where it is can prevent massive financial and emotional loss later.
Creating a thorough, regularly updated asset inventory ensures your loved ones won’t spend months—or years—searching for what you’ve left behind. It’s one of the smartest, simplest steps you can take to safeguard your legacy.
Start Your Estate Plan Today
Don’t let your hard-earned assets vanish because of poor organization or lack of documentation.
An estate plan is more than just a set of legal papers — it’s a living roadmap for the people you love.
If you’d like help creating a clear, secure, and complete plan that ensures your assets are protected and accessible, schedule your complimentary 15-minute consultation today.
