Binance founder and former CEO Changpeng “CZ” Zhao asked crypto platforms to adopt a “will function” to enable users to distribute their digital assets in the event of their death.
“This is a topic people avoid, but the fact is, humans cannot live forever,” CZ wrote on X. “Every platform should have a ‘will function’ so that when someone is no longer around, their assets can be distributed to designated accounts according to specified proportions,” he said.
The call comes as Binance rolled out a new emergency contact and inheritance feature as part of its June 12 update, allowing users to designate heirs who can claim their crypto assets if they die.
The update allows the platform to notify a user’s emergency contact after prolonged inactivity. That contact can then initiate an inheritance claim.
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Crypto community highlights need for will function
X user CryptobraveHQ praised Binance’s new emergency feature, calling it “really thoughtful.” The user claimed that more than $1 billion in crypto assets go unclaimed each year due to untimely deaths and a lack of proper mechanisms.
Other community members also welcomed the feature but expressed concerns over its limitations. One user, Uniswap12, said that Binance accounts hold tokenized wealth and intangible value, such as articles, social presence and community influence.
“This is even more important to me than cash assets,” he noted, proposing the idea of transferring full accounts to heirs, similar to how phone numbers can be passed down.
Others echoed the need for proper inheritance planning in Web3. X user Ghazi called it “a reality we can’t ignore,” while Binn praised the update as a step toward true decentralization, saying users will feel more secure knowing their digital wealth can be passed on.
Related: Big Questions: What’s with all the crypto deaths?
The need for a crypto will
In 2023, Dubai-based lawyer Irina Heaver told Cointelegraph that many families are left unable to recover assets after a loved one’s death, and urged holders to discuss their crypto and formally include it in estate planning.
Heaver said that most crypto investors fall between the ages of 27 and 42, a group unlikely to prioritize end-of-life financial arrangements. However, she said that preparing a will is the minimum step investors should take.
Hennessy said that wills must include detailed, technical instructions on accessing digital assets, not just mention their existence.
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