What happens if I forget to add in Crypto inside my Will?

We are living in a Digital Age. The demand for digital assets has been growing in Malaysia, especially among younger investors. According to SC 2021 Annual Report, a total of RM21 billion in digital assets traded across all registered DAX. And there are about 760,000 accounts registered in 2021, four times the 190,000 accounts recorded in 2020. Investors age 35 years old comprised the largest segment at 62%, holding more than 470,000 accounts as at end 2021.

Presently there are four SC-registered DAXs in the country : Luno Malysia Sdn Bhd, MX Global Sdn Bhd, Sinegy DAX Sdn Bhd and Tokenize Technology (M) Sdn Bhd.

Have you wonder what will happens to the digital assets after the demise of a person? Is the estate distribution of the digital assets same as other assets we own?

Crypto is a form of currency that exist digitally and are encrypted. It is different from other physical assets we own such as cash, properties or business where it can be detected by heirs through bank or any agreement signed earlier. For crypto assets, if no one knows the existence of the assets or no one knows how to access to it, this digital assets may lost forever.

Let’s say today the executor do not know which bank the deceased’s park his money, the executor can send out letter to all the banks in Malaysia to request an answer. If today, the executor unable to track the deceased’s username and password in online banking or Unit Trust, the executor can proceed to the institutions to retrace it physically. But, can crypto assets follow the same steps? If the deceased dies without leaving anyone the details of how to access to it, your crypto is nearly impossible for your loved ones to access into it. 

Matthew Mellon, a well-known person in fashion industry, who died on Apr 2018, had made his 1st billion in crypto.  His crypto locked in his e-wallet and no one can access those e-wallets without his passwords. Gerald Cotten, the founder of Quadriaga CX (a Canadian crypto exchange) who passed away suddenly in Dec 2018, lost $190 million in crypto because he was the only one with password access.

Bitcoin estimates that approximately 4 million Bitcoins have been lost due to the deaths of owners and missing private keys. That is more than $240 billion today.


If you do not have a Will, write one and remember to state the Digital Assets inside your Will. Appoint a Digital Facilitator in the Will, who knows how to access to your digital assets. If your appointed Digital Facilitator have zero knowledge on how to operate it, include it inside your Letter of Endearment. Pen down the steps on how to operate this digital assets step by step.

Update your Digital Asset Memorandum whenever you change password or add in new digital asset. You may want to back up all your details in an USB or hard disk drive. Used reliable apps to safe your password, create a strong password and left a note on the Letter of Endearment where to find the password. Remember to update the password whenever you change your password.

The KEY is let your crypto traceable after your demise. Otherwise, it just vanished into thin air, just like that.

Still in doubt? No worries, at Rockwills we have a complete road map on how you can include your digital assets safely inside your Will to minimize the risk of losing the digital assets forever after death.

Feel free to book my time for further details. 

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