Binance Wants You to Pass on Your Crypto—Even After Death!

Binance has introduced will function feature, designed to tackle one of the most sensitive issues in the crypto industry. It poses the question, ‘what happens to your digital assets when you die?’

With the new update, users can now appoint an emergency contact who can claim their assets if their account remains inactive for an extended period.

The timing aligns with a recent push by former Binance CEO Changpeng “CZ” Zhao, who urged all crypto platforms to implement a “will function.”

“This is a topic people avoid, but the fact is, humans cannot live forever,” CZ said in a post 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.”

Wallet Function for Responsible Asset Planning

The Binance inheritance tool works by triggering a notification to a user’s chosen emergency contact if the account remains inactive for a specific duration. This contact can then initiate a process to claim the user’s assets, ensuring that valuable funds are not permanently lost due to forgotten passwords or inaccessible wallets.

The update has been met with strong approval from the crypto community. One user, CryptobraveHQ, praised the move as “really thoughtful,” noting that over $1 billion in crypto goes unclaimed each year due to the lack of digital inheritance planning.

Others, however, say the solution is just the beginning. A user on X pointed out that crypto accounts carry more than just financial value. These merits often represent a user’s online reputation, influence, and social footprint, which needs proper transference.

Growing Momentum for Estate Planning in Web3

The conversation around digital asset inheritance is gaining traction. In 2023, Dubai-based attorney Irina Heaver highlighted that many families cannot access locked fortunes because the deceased had no clear estate plan. She emphasized that investors, particularly those aged 27 to 42, need to leave behind clear, technically sound instructions for accessing their crypto holdings.

“Most people think just writing down the wallet name is enough,” she explained. “But if your heirs don’t know how to access the assets, they’re gone forever.”

With Binance setting the tone and CZ calling for industry-wide change, we can see a much-needed shift in how the crypto community approaches death, legacy, and long-term planning.