What Happens to Your Crypto After You Die?

Source from openai chatgpt

Yes I know, you don't like to think about death or how you're going to die. You and me both in this one. I wish I was immortal but nobody has successfully invented immortality pills yet so death is still inevitable regardless of how old you stay alive. This means you're going to have to prepare yourself for it, and by that I mean your will.

That's something to think about especially if you have some significant financial assets with you. Who do you pass it on to? Will there's already a system for that. But what about the crypto millionaires all over the world, who gets to decide where Micheal Saylor's Bitcoin go to? For now, I doubt his crypto has been factored by law in his will.

The Binance founder Changpeng CZ Zhao, is now asking crypto platforms to step in and be a part of the process where we prepare for death. Something called a will function would allow users to designate heirs to their digital assets after death.

Binance implemented a new inheritance feature. If someone has not logged in for a set period of time, the platform will notify the emergency contact selected by the user and the emergency contact can claim the crypto assets. I hope they do it right because if a bad kid is aware the parent he doesn't like has willed crypto assets to him if he dies, ain't that more temptation for the kid to seek the death of the parent. That's why I think they'll make this private by default as all wills should be.

Bringing in this service is so important, as people die without giving any instruction, leaving their families unable to access this money. Are you aware that each year, there is over $1 billion worth of crypto that goes unclaimed.

There are people that approved of the feature in the crypto community and then there are those who feel this feature should be broader and allow for the entire account or online influence to be passed along.

It is imperative to make a will that clearly lists your digital assets and gives clear instructions on how to access them.

So don't go trading and making millions without this will, let someone you trust in on it should in case you purchase a Ferrari with with your meme coins and crash it into a tree out of excitement and celebration