CZ Proposes A Will Fuction

Binance founder and former CEO Changpeng “CZ” Zhao has called on cryptocurrency platforms to prepare for the future by enabling users to pass on their digital assets in the event of their death.

In a recent post on X, CZ emphasized the importance of a “will function,” noting that this is a taboo topic, but we still have to come to terms with our immortality.

"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’s remarks coincide with Binance’s rollout of an emergency contact and inheritance feature as part of its June 12 update.

The new functionality enables users to assign heirs who can claim their crypto assets if they pass away.

Additionally, when a user's account is inactive for an extended period of time, a designated emergency contact will be notified and the emergency contact can initiate an inheritance claim.

Community Responds to Binance's new feature

The crypto community has largely welcomed Binance’s initiative. X user CryptobraveHQ praised the emergency feature as “really thoughtful,” pointing out that over $1 billion in crypto assets go unclaimed each year due to untimely deaths and the lack of proper inheritance mechanisms.

However, some users have highlighted limitations in the current approach. For example, Uniswap12 noted that Binance accounts often hold not just cash assets, but also tokenized wealth and intangible value—such as articles, social presence, and community influence.

Uniswap12 said, suggesting that platforms should consider allowing users to transfer full accounts to heirs, similar to how phone numbers can be passed down.

Other community members echoed the need for robust inheritance planning in the Web3 space. X user Ghazi described it as “a reality we can’t ignore,” while Binn praised the update as a significant step toward true decentralization, emphasizing that users will feel more secure knowing their digital wealth can be passed on.

Legal Experts Stress the Importance of Digital Estate Planning

The need for crypto inheritance solutions is underscored by legal experts. In 2023, Dubai-based lawyer Irina Heaver told Cointelegraph that many families struggle to recover digital assets after a loved one’s death.

She urged crypto holders to discuss their holdings with family members and formally include them in estate planning.

Heaver noted that most crypto investors fall between the ages of 27 and 42, a demographic that is less likely to prioritize end-of-life financial arrangements.

Nevertheless, she emphasized that preparing a will is the minimum essential step, and that wills should include detailed, technical instructions for accessing digital assets—not just a mention of their existence.

As the crypto ecosystem matures, the need for comprehensive inheritance solutions becomes increasingly urgent.