Binance founder and former CEO Changpeng “CZ” Zhao is encouraging crypto platforms to add a “will” feature so people can pass on their digital assets after they die.
“This is a topic people avoid, but the fact is, humans cannot live forever, 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,”
CZ wrote on X.
This comes after Binance launched a new update on June 12 that lets users add an emergency contact and set up inheritance options. If a user is inactive for a long time, Binance will alert their chosen contact, who can then start the process to claim the user’s crypto.
In 2023, Dubai-based lawyer Irina Heaver told Cointelegraph that many families struggle to recover crypto assets after a loved one passes away. She urged crypto holders to talk about their assets and include them in formal estate plans.
Heaver pointed out that most crypto investors are between 27 and 42 years old, an age group that usually doesn’t think much about end-of-life planning. Still, she stressed that creating a will should be the bare minimum for anyone holding crypto.