Bitcoin Forum

How many coins are you confident in to still do well after a couple of years? After you have already passed away? How many coins would you want to pass on to your children? For me, the answer is bitcoin. It is one of the few, if not the only one, I am confident that will still have good value over 10 or 15 years or maybe even more. It has always been a topic of discussion how to pass on the bitcoins we are holding now when we pass unexpectedly or not.

Well, Binance founder CZ has suggested a function to be used in binance where one can set up a will and put in a contact to which the coins will be given to after you have passed. Either the coins will be passed to your trusted person if the account is inactive for a specific amount of time or your family can submit a death certificate. This sounds to me a fool proof function. Could there be downsides to this function?

See here (https://cointelegraph.com/news/binance-will-function-crypto-inheritance).

CZ proposed this I think two weeks ago, but my advise to people is that they should not hold any coins on an exchange except the money they are actively using to trade.

The best place to hold your coins are on cold noncustodial wallet that are open source.

People should learn about multisig, timelock and other inheritance means.

I've come across this for some time now, and is still see no good use of it aside for those people who blindly neglect the fact the fact that we are not supposed to store our coins using exchanges. Exchanges are centralised, meaning you storing coins with them, you are giving them full access to your funds. Let's not forget that not your keys, not your coins and if we use such features we literally are handing over our funds to these centralized bodies. Chances are that your family might not even get the funds probably because the exchange got hacked and all funds were stolen. Let's all try to see the bad side of this feature as it makes no sense to me...

These are scary things in my opinion. In general, I would use a CEX, but only to buy and immediately withdraw coins. I would never keep coins in there. As such, I would never trust a CEX to have any legal right to pass my inheritance to my descendants. Like Charles-Tim said, there are safer solutions. Perhaps not easier or more convenient, but definitely safer.

While it is important to plan what would happen to your bitcoin (the only real choice for your scenario) using a centralized exchange is just a bad idea.  If history is any guide it is extremely risky to store them there for any longer period of time.  

Don't do it.

If I am keeping cryptocurrency as an inheritance for my dependents, it would be Bitcoin only. I don't have confidence in any altcions.


This option might be favored by many since some people don't make plans about their future. Since crypto owners are within their youthful age they might think it is needless to make plans for death. This has led to a high amount of unclaimed assets or funds due to untimely death.

I wouldn't keep my assets in a centralized platform because it's unsafe. My dependents already know what to do if I am no longer alive because I have exposed them to Bitcoin.

The feature in itself is. In order to be eligible for this, you have to store your coins in Binance, so what other downside are you looking for that could be worst than that. Congratulations to cz and binance for always coming up with ways to encourage people to store their funds in the exchange, the other time cz was saying 99% of people would lose coins in their self custody and now this.

If you are looking for an inheritance plan, i recommend you use one that doesn't put the custody of your coins in the hands of a third party, so you don't lose your coins while you are still alive, lol.

Bitcoin has nlock function that can be used for inheritance. There is another way that is easily for inheritance, create a non custodial wallet and pass its backup information to your lovers. It is safer than storing your bitcoin on Binance and hope that Binance exchange will not die and your loved ones will be able to claim your bitcoin after your death.

Binance exchange can die even before your death.
Reminder: Do not keep your money in online accounts. (https://bitcointalk.org/index.php?topic=5421039.0)
https://www.cryptowisser.com/exchange-graveyard/

For me this is not the best way because even though binance is a well-known exchange they are not immune to hacking so storing coins there for children inheritance, grandchildren is not the right move. I agree more with @ Charles-Tim. Storing coins in non-custodial cold wallets is still one of the best ways. Remember when storing on an exchange you only have a claim not direct ownership. Not your keys, not your coins.

CZ is a very smart guy and always comes up with features that ensures longevity and dominance of Binance in this crypto space. This feature would convince a lot of ignorant masses that Binance is safe for a long-term and increase their trust for the CEX, while in reality, they are placing their funds at greater risk by leaving it there.

Personally, anything that keeps my funds in the hand of a third party for long is a big NO for me. It is always non-custodial for long-term storage or nothing.

The question about if there is a downside has straight answers, there are multiple down side to this, starting from the fact that this is encourages you keeping your coins on the exchange, this defeats the purpose of self custodianship and you “not your keys, not your coins”. Aside leaving your funds on the exchange another scare is the exchange might not even live long, if care is not taken the investor might out live the exchange because it is not immune to been hacked and no body should even bring the SAFU thing up here.

Another thing is binance is a centralized platform just like traditional banks we all know the rigorous protocols family members pass through to get a family inheritance off this platforms and this platforms can even just lock you out of your account or freeze your assets for flimsy excuses like tainted coins getting in. Personally I think the usual time lock of your self custodian wallet is the best thing for inheritance purposes

What do you expect from someone who own a centralized exchange, to scare people out from keeping funds in their exchange, I don't think so. This is another way to decieve the public that Binance is safe whereas we know that it has all the flaws as a centralized exchange.

Bitcoin should be kept in a noncustodial wallet till whenever you want it and not in CEX. Only dumb people will fall for this because there are good and safe way to pass on your bitcoin to your heir and not this. Who knows if Binance will be hacked in future.

Its perfect for those who are not savvy enough to go through stuff they know nothing about. Importing is easy with our wallets but to guys who are only into investing using their binance account, its all there is. I think they will likely be using this option still.

And CZ may actually incentivized users who will be holding coins inside their exchange also just to make sure, the advantage is on their exchange. If they are trying to keep Binance on top of its competition, they are going to push this feature.

CZ is smart with his idea, now how can people avoid Binance?

Binance got hacked, they have SAFU.
Someone have no access to their account and then after they die, the heirs will receive the coins.
Someone die due to accident, the heirs will receive the coins.
Another plus benefit, holding coins in Binance will earn interest.

But, but, this kind of idea is similar like product by insurance company, they will try to do any way to make you not able to claim the coins.

100% agree.

The centralized exchanges will definitely find a way to take your money. Kucoin is already imposing "dormancy fees" on people.

Why would anyone trust a business rather than a trustless system is beyond me. It is always a trap. Always.

I would even go as far as to say do not hold your money on exchanges, even for trading purposes. If you need to trade there are better alternatives. Even DeFi is a better alternative than giving someone else custody of your entire wallet.

I smell Bull crap. This is an opportunity to convince uninformed to use binance as a holding wallet.
A dead man can't defend himself
There are many ways they can deny your next of kin of your funds.
Best still remains self custody and implementing strategies towards acquisition by the next of kin.

Let's be honest, this is a feature most normal businesses like banks have used for decades. When your relative dies, you submit the death certificate and his last will and the money is yours.

It's amazing that Binance and other exchanges that legally operate as registered businesses act like it's a novelty. After all they are required by law to allow access to it's dead clients closest relatives if the court orders them to do so. So these things have functioned, just that you probably had to go to court first. Now it's much easier, but it's not as big of an improvement as CZ describes it.

Why not hold all the coins to hardware wallet and passed it to your beneficiary through a lawyer or safe. This way you will not rely on decentralized exchange feature just to transfer your holdings when you are gone.

Using this feature means you are storing your coins on exchange for a long time which is not advisable due to safety concern.

Not your keys not your coins. Hardware wallet is the best option to physically transfer ownership of your coins.

The most preferred way but I do believe that there would be those people who would be making use of this feature because they dont want to hassle themselves on keeping out their keys but instead they would be that trying out to put up their coins into the exchange and trying to make use of this one and be contented and confident that once they do passed away then their family would be that told into, but here are the possible situtation could happen before you do possibly passed away unexpectedly:

1. Exchange hacks before you die.  ;D
2. Binance would be just that simply keep silent after you die, since your family doesnt know about your holdings then they can opt in not to give it into your family.
3. Setting up a will and wallet lock on a custodial service is a big NO-NO.

Nothing beats out if you are the ones who had been holding your coins into your own open source, non custodial wallet and having that full control.
Setting up things in regarding about inheritance isnt that hard to follow after all.

CZ is the founder of a centralised exchange called Binance. So his thinking will be centralised as well. I am not surprised about his suggestion. It's something like a banking system where nominees are mandatory; in case of passing away, funds will be handed over to the nominees. He suggests from his perspective that since a lot of people are using Binance, he will never suggest not storing funds in Binance. Because this is his business, he will do everything for his business. I won't mind about his suggestion.

But, for our safety, we have to think for ourselves, not from a CZ perspective. I never feel comfortable with centralised exchanges, and I never trust them. Even with Binance, I have a bad experience regarding seized funds. So no question to store funds in a centralised exchange, especially if the amount is big. We must maintain a hardware wallet to secure our funds. We need to maintain a real-life notebook to write down everything, from where our next generation could get access to all my funds.

I am sure that many will focus on one main drawback - this is that your funds will be stored with third parties (Binance) until the transfer of the "inheritance". Anything can happen before the trusted person actually receives the coins: bankruptcy of the company, theft by hackers or employees, technical problems leading to the impossibility of receiving crypto.

Despite this, I assume that this function will become popular, knowing that the company has a huge user base and resources, as well as trust. After some time, users who neglect their privacy, which is the majority, will massively use this function. Binance is becoming a de facto analogue of banks (+notary office) in the crypto niche.

It is also convenient and will allow users to "shift" responsibility from themselves in the matter of ensuring the safety of assets. In a world in which robberies of bitcoiners are becoming common.

I won't say that I like these trends, where centralized platforms gain too much power over users (which is exactly what happens if your resources are in their hands), but it seems like this is the direction the industry will develop.

CZ is a good salesman, selling shit to people but leaving a very important part; the requirements to claim the funds. Like banks, I believe the exchange will also be asking for death certificate, Letter of administration, KYC and everything they can think of.

It's not worth it, self custody is still the best. It's better to share the seed phrase with a family member you trust in case you pass on, than to enable such feature on a CEX.

There is nothing wrong with this idea... CZ conveyed how his idea would be but as easy as saying but it would be complicated when claiming his inherited coins, usually centralized exchanges will have many other reasons to rob money.

Another possibility... what if the exchange is hacked and goes bankrupt? Don't say Binance is the most secure exchange with large cash reserves anything can happen that we don't expect.

Keeping more of it in a non-custodial wallet would be safer, and if it is to be inherited to children, I think you should learn about this from a non-custodial wallet.

And reading through the news update as quoted
Let us take the Binance exchange app for instance which detects a wallet account to be inactive in a duration of 12 months (exactly year). Which experience user would even have to hold their Bitcoin or crypto assets there for such a long time if not for emergency or Short term use and want to hold funds there for such a long term even with how porous the custodian exchange platforms are?
Really insane.

My thoughts on this new feature proposal : it is a format to lure crypto users interests to store their funds in the exchange following the lookout to persons not having access to their Wallets as a case of lost of seed phrase. Such a misleading option because users funds are either no more on their custody alone neither it is a sure safe.
So reclaiming it through a successor on the designated inheritance contacts will be seen as option.
Other lookout people will fall victim to this is the intensifying news about those who had lost their relatives and inaccessible to their wallets forever.

The ulterior motive is that... They want you to exercise that service of holding your assets on the long term with them.

You’ll be fine with Bitcoin as you don’t need to entrust your future to some company, because just like people, they can still be greedy. And if they suddenly go out of business or pull off an exit scam, everything you’ve worked hard for could be gone.

Family is still the best people to trust. If you pass from this world, at least give them a way to access it. Maybe split the key combinations and store them in different banks. That way it stays secure, and when the time comes, just tell them to check the deposit boxes you’ve set up.

Ain't no way, I'm keeping crypto under someone's custody for extended period. That's non-negotiable. All these platforms are constantly being targeted by bad actors, it wouldn't be odd for hacks to happen. There's no guarantee that all hacks will always be reimbursed in full and in a timely manner, either. Too risky IMO.

Othe folks in bitcointalk have shared bitcoin lock time usage for this. Though I think I wouldn't mind keeping few seeds in a safe with my fam knowing the pin as that's a palatable risk for me.

Bitcoin is the one coin that would always top that list and the major reason why I say this is not just because it’s the first or the place it stands in the cryptospace but because it is the only truly decentralized currency there is. With Satoshi Nakamoto completely detached from Bitcoin and having it rely on the consensus of users or investors alike to build its strong network, ain’t no way it’s going to get fizzled out.

These are means of taking users money after the death of the owner because not everyone will sign in that features to leave assets for his descendance, so the user that fails to do that will be tracked by Binance engine, watch over it and detect the owner no longer alive.
Once this is discovered, it would be secretly used by Binance inside investors for inner investments, like would be done in a way that if they are caught, they could easily replace any used funds.

I don't find keeping my funds in the Centrslized exchange like I want to save it there but only when I want to do transactions that I know only the platforms offers the services otherwise, there is no I can not.
The vulnerability for users Privacies not secured and sites are vulnerable to hack are key factors why I don't like it and muchly, it encompasses comprise of the decentralization of bitcoin and users anonymity will be contrarily too.

Acquiring any wealth is difficult and time-consuming. Especially acquiring valuable assets like Bitcoin. People earn for themselves and for their future generations. If they suddenly lose their balance or their family or future generations cannot enjoy the wealth they have earned in their life after their death, then their entire life's work is in vain.

So I think wealth is not only for earning but also for its proper preservation. So centralized exchanges should only be used for buying and selling coins and it is better to withdraw it immediately and keep it in your wallet. Because there is no legal guarantee of getting the wealth back from there. Binance is a very important institution for Bitcoin. Its interface is simple and its liquidity is high, that is, it is a perfect institution for buying and selling. But not for preserving the wealth of others. So I am in favor of keeping my own coins to myself for personal safety.
I will write down my 'keys' in advance and tell a trusted person in the family so that my inheritance can use it properly after my death.

1.I'm not so sure about Bitcoin having extremely high value after 10 or 15 years. Maybe AI and quantum computing will change the crypto world forever.
2.I don't have children, so I couldn't care less about crypto inheritance and all that stuff.
3.Should we really trust a big centralized crypto exchange like Binance holding ours coins and giving them to our children, after we die?
What if Binance finds a way to block the accounts for a "valid reason" and never give the coins to the people in the will?
Just look at Binance's trustpilot score. 1.5 out of 5... Binance seems like a totally legit and trustworthy company.  ;D What could possibly go wrong? ;D

The percent is very small, yet it's always there, so I agree - your privacy should be your biggest concern in the space, and it's rightfully addressed by the situations where your coins were not in your custody - and they were lost forever.

We know the difference and the disadvantages/advantages between the custodial and non-custodial arrangements, what CZ pushed for is good, still, we should not forget that "Not Your Keys, Not Your Coins," and if when some people are alive Binance is denying them their money, how much more when they are dead? No CEX should be trusted, self-custody is the best, and it is the person holding their coin who should know how to get the access to the account known to their trusted person(s).

Many crypto owners are young people. It's a serious ambition from CZ to add that function to their exchange because experience tells us that exchanges get hacked or bankrupt very often. Since many crypto users are young people, I don't think that Binance will be successful for 20-30 or more years and these are the years when people in their 40s, 50s and 60s will probably die. I wouldn't trust an exchange to hold my coins for so many years. If someone has money on exchange for trading and accidentally dies young in a few days, weeks or months, then this feature might be good for the family members but I think that we all should hold our coins on non-custodial wallets and give keys to our family members as an inheritance.

Sometimes decisions that are actually disadvantageous for people are presented as a great benefit and advantage, but in reality, they can lead a whole lot of paperwork, bureaucratic hurdles, fees, and charges, making the process even more complicated. It's quite possible that similar difficulties will arise here as well when dealing with inheritance procedures. I always view such "innovations" with skepticism and distrust.

There is no second-best . The hardest money always wins  and that’s Bitcoin. All other crypto will go to zero compared to Bitcoin. Bitcoin will absorb the monetary premium from other forms of money, including real estate.That doesn’t mean Bitcoin won’t face serious challenges in the future. The people who control the current monetary system owners of central banks and commercial banks . have no interest in seeing a competing or alternative form of money succeed. They’ve built their system over centuries, and they will fight to preserve it.

We should expect attacks on Bitcoin. After all, Bitcoin is software, based on social consensus  unlike gold, it is not physically immutable. As Bitcoin continues its path toward monetization, there will likely be forks and attempts to corrupt or co-opt it.People are vulnerable  and money corrupts easily. Many can be bought or coerced

But history shows that such forks almost always go to zero. Why? Because humanity desperately needs hard money and Bitcoin, as the hardest money ever created, is positioned to absorb the entire global monetary premium

To have a safe means of passing ones crypto holdings down to his decent, it should be through assets stored on wallet address. Any of the wallets will serve, though depending on the value of assets.

It is a good option from CZ to make a way-out for passing on one's holdings to his/her decent, but how trusted can this process be? It is possible that one might have big sum of asset on an exchange (as a big trader), and life can happen. Will the documentations provided be considered enough as proof for the transfer of ownership? It is a good idea, but not safe enough to trust on.

Yeah, smart enough to deceive gullible people who do not understand something as easy as 'not your keys, not your coins'. I have actually met people in real life who believe that Binance is safer for them than self custody, despite all i explained to them, they completely disagreed, that goes to show you how much influence cz has over people in the industry.

This feature would appeal to a lot of gullible people, that i am sure of, because even without this feature, there are still a lot of people who use binance as their wallet.

That's another side of the coin - CEXes are seen as these reliable giants because they are advertised to the brim as such.

And that's the reason why some give up their custody..

the only coin that i believe that it will be able to do well in the next few years is bitcoin. we don't need to question how it will perform in the long run, because from the time it was launched until now it has performed very well despite various major events and global geo-political conflicts. and because of that bitcoin is only perfect as a coin to pass on to your children and grandchildren since its value can increase very well in the long run.

and the best place to hold it is just a non-custodial wallet. not a wallet on an exchange. because the exchange has the risk of collapsing at any time, there are many examples of this. whereas in a non-custodial wallet a person can have full control over their own bitcoin and they can use features suitable for inheritance such as multisig and timelock.

Why lose the privacy of holding your Bitcoin that is decentralized and should be in a none custodial wallet to storing it in Binance, a centralized exchange, it doesn't really add up for me, everything about Bitcoin for long term holding should be personalized. I think that what CZ is doing is to market Binance to encourage investors to hodl their coins in his exchange for a long term, I know that people who don't understand 'not your keys not your coins ' will embrace the proposal. Any Bitcoin knowledgeable person must know that exchanges are not safe to hodl their coins, they can be hacked or go bankrupt and they might never recover their coins again.

Only Bitcoin that will I give to my children before I pass away. I hope that will be enough for them to continue what I did now. I will not give the coin in the exchange because that is risky and I don't know how long the exchange can operate.

I feel it is better if I give Bitcoin in private wallet to them and not my credential exchanges. I don't want to use Binance to give my legacy to my family.

We don't know what negative sides effect from that service. But I guess Binance will add fee services to those who use it.

The problem is trusting a third party for that. Bitcoin solves the problems of children who do not honor their parents, of adulterous women, and all the issues involving people who are only interested in money. The owner of the coins can give them to whoever they want, or even be buried with them if they don't see anyone with integrity to receive them. That is one of the wonders of Bitcoin.

There are ways to set up automatic emails after a certain period of inactivity. In that email, you can include fragments of words that, combined with other elements, form the actual seed. From there, it’s up to each person to do what they think is best.

Personally, I will leave mine to those who honor me, whether children or a spouse. If they love me with genuine, selfless intent, they will inherit the coins. Otherwise, the coins will die with me.

How long have you been on this forum without realizing the drawbacks of custodial wallets (CEXs)? I wouldn't give that criminal 1 satoshi to keep for me, but you and those who admire him for some strange reason should definitely do it.

The man who thinks that 99% of crypto currency users are literally stupid and that they will lose everything sooner or later is really a true role model for all who admire him - send him your coins today because they are the safest there ::)

That is a good point but where else will you put your other coins when you pass away? The rich men always say stuff like their money will be distributed to people but what about us average people? I guess we are still stuck to square one.
Possibly. They are still a profit making company after all.

^ All for the control, all for the visibility of what you do when you are there and not there too ;)

The first downside about the whole idea on this is that we are dealing with a centralized exchange here. And anything could go south, either through an act of the exchange or through external attacks and users could lose their funds.

Best any bitcoin holder could do to themselves and posterity is to have their coins stored in self custody, by using a noncustodial wallet. And good enough, there are now different available recommendable ways users can use to timelock and keep their coins safe for the future or pass it to next of kin instead of using an exchange.

It is definitely bitcoin for now because it is the only coin that I trust that will not lose its value overtime even after been faced by many backlashes to make it crumble and not be a valuable asset in the future. Other altcoins are there also, but they’ve not really given me that confident to be a stronghold to pass on to anyone I’m willing my asset to in the future. So no altcoin is a good choice, only bitcoin it is for now.


We should not forget easily that a centralized exchange will still remain one and that your funds are never safe with them no matter how they manage to come out with convincing tips to make your funds safe and pass it to your loved ones when you’re no more. Anything can happen, they can reject your death certificate and still deny your relations from the inheritance if they wish and can still get the whole custody of the asset. Non-custodial wallet is still the best option to keep your funds and pass to your loved ones when you’re no more using timelock.

I will keep in separate wallet and explain that to my family member who will continue what I did. They/he/she can use that coins whatever they want but I always hope that they can grow the amount of potential coins.

I will distributed some percentages of my money to those who needed. I will tell that to my decendants to follow what I say. But I don't know what other people will do with their coins. At least, that is what I will do.

It need awareness from us not to keep the coins in the exchanges. We need to responsible our coins and not let the exchange do that.

If the situation is such that the person who made the will cannot know in advance who the WILL is for .when the account owner dies the information will somehow reach that person  then it seems safe. When the account owner is inactive for a long time or dies the information will reach the designated person through an automated or verified method only then can we call this process safe and effective. But here an important question remains  how can one be sure that the account owner is really dead, or has simply not logged into their account for a long time? Generally speaking, the process will only start if the family or heirs submit a death certificate. But there is also the risk of misinformation or fraud in this process especially if the heirs are not trustworthy. Another thing is that no matter how close the person is, sometimes there can be various kinds of harmful for the owner. Therefore keeping these issues in mind, it is necessary to launch a new effective program for crypto WILL in a correct up to date and secure manner.

I really do not know how you plan to do this, but if you must setup cues for your heirs to be able to inherit your funds should anything happen to you, then i believe it has to be done offline and in a more secure way than using an email address or any online service, which of course includes binance.

There are a lot of topics in this forum that has covered this subject, i believe anyone looking for an inheritance plan should simply search for it and select what works for them.

You will do all you can, but what others will do would be their concerns partially too - you can't be their brains all the way of their journey, you can only help and tip on how to do things better  ;)

Who knows if the CEX also have an inside plan of saving your coins for there own future generation  :D - Just saying since we do not trust them with our Bitcoin even for the shortest period of holding, compared to when it needs to be passed as will.

When we decide to stop exaggerating how to pass our Bitcoin through generations then it will be easier for us not to look for any other means (third party), instead of giving your Bitcoin to CEX for holding, a multi signature wallet can resolve will case.

To cut the long story short, next of kin might be denied access probably because he doesn't match or he fails to pass the whole verification process, because for sure, there is definitely going to be tons of verification process. We can't be too relax when it comes to Cex and their security features. I think next of kin doesn't have to go through too much stress just to claim inheritance.

Not your keys... Not your coins.

Honestly it is not ridiculous to think in this way. After a person passes on without a proper strategy, then those wealths remain there and no one finds out what is happening in the background. There is no guarantee that centralized exchanges will be transparent, and with no regulation that will require them to behave fairly in these situations, one can just imagine misuse. That’s why self custody matters so much. This can truly be solved by a well planned multisig wallet with instructions. It leaves the control of what you choose in the hands of the people you trust and not the third party who may not mean to have your best interest.

Of course, Bitcoin will achieve a much better position than the position it is in now. In addition, we have been seeing Bitcoin achieving a very good position every day. However, I have high hopes that I will leave some Bitcoin investment for my children and I will think about keeping a little more as far as possible. The current position of Bitcoin is very attractive and will make every investor and young man and woman love Bitcoin more. Also, what position will be created if we wait 15 to 20 years, but we can only say without considering the current time. So I want to tell every person that you can leave Bitcoin for your child's bright future because Bitcoin is still a very good time to invest.

I don't think anyone will want to dump bitcoin over altcoin, I believe bitcoin has come to stay, bitcoin has been test and trusted over the years now, many who has invested into shitcoins are regretting some has lost huge amount of money when shitcoins pump it dump and even go zero but as we can see bitcoin has been appreciating in value over the years now and those Investors who has been accumulating some years back will be filled with joy to see the price now. I too have confidence in bitcoin and it will continue to grow as years passes and it a perfect coin to keep.

This is perhaps the most important thing that anyone who buys a serious cryptocurrency should understand and apply. Everything else is simply wrong and poses a high risk that at some point something bad will happen that will result in the loss of digital assets.

However, it should be made clear that even those who apply this rule must know how to properly store their backups (more than one, of course) to ensure that they will always be able to recover their wallet. In addition, you should be careful of fake wallets, phishing, clipboard malware, and all the other threats that lurk from all corners of the internet.

Therefore I think multisig wallet is the best option I know so far. I agree with most of the members in this topic. Storing assets in CEX has risks if the CEX has problems in the future. Even if it is Binance but I trust non-custodial wallets more. I might give multisig wallets to some people I trust but I will also divide my Bitcoin into several wallets. Maybe I will give one wallet to my child and my wife. And the rest I will keep in multisig wallets that I give to people I trust. I know no one can really guarantee whether my Bitcoin can be received by my child or wife or whoever is entitled to receive it. Because non-custodial wallets still have risks of phishing, malware, being stolen, damaged, forgetting seed phrases or other things. But at least a personal multisig wallet is still better than other options I know.

I've heard many cases where people can reclaim their deceased relative's crypto by submitting death certificate to certain exchange although sometime it took considerable amount of time until final resolution.

This sounded like a good plan if CZ and their people can do this to their exchange, after all nobody knows what the future hold might as well secure the asset so it won't lost by these means for people who store their money in exchange.

Setting up complicated clues for your family members to access your coins might make them lose them. They might end up seeking help if they don't understand the process. This might make them expose the seed phrase to the wrong set of people, which could lead to the theft of the assets.  I know people prefer this option because of trust issues. I prefer to enlighten my next of kin about how to recover Bitcoin and keep the process as simple as possible.

But keeping my assets with a third party for my dependents is never an option. The stressful bureaucratic process people go through to claim deceased family funds from banks is discouraging. Sometimes they lose the funds or they are shortchanged.

Well, I think my wife would be able to access most of my Exchange account because she knows my mobile device password. In most exchange apps, she needs to know my mobile PIN code to log in and even make withdrawals. Fortunately, I do not hold much on the exchange. I am holding some Bitcoin on a cold wallet, and the seed phrases are in my wife's hands.

So, I don't need such a feature from exchanges. I don't store my crypto there. I believe no one should hold a lot of money on exchanges. We have seen several cases where Exchanges ask for proof of source of funds, which sometimes we cannot provide. If we cannot do it, our family members won't be able to do that as well.

Exactly because people should not make those exchange as their wallet since even if they would function after death we don't know if they are still safe especially if they experience more bigger breach which especially if they lost billions from potential hackings.

Much better if we safekeep our funds to our own wallets and just let our love ones knows that we have funds left there since for sure that everything is safe and we can make sure that they can take the money out especially if there's something bad happen to us.