Cryptocurrency & Digital Assets
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Recognized Platforms: Assets on local platforms recognized by the Securities Commission (e.g., LUNO) are easier to process. Clearly state the platform name.
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Foreign Platforms: Overseas platforms lack local protection. To legally transfer crypto to heirs, it often must be routed through a local platform with applicable taxes paid.
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Cold Wallets: You may specify the physical location of a cold wallet (e.g., Ledger) in the Will.
- Important: The password/private key must be communicated personally by the client to the beneficiary. Do not write passwords in the Will document for security reasons.
Foreign Assets
A client can write a Will in Malaysia for worldwide assets. However, to execute the estate overseas effectively, strictly advise the client to have a separate Will written in that specific country according to its local laws.
Bank Accounts
Avoid vague terms like "All Bank Savings Accounts." Banks have various account types (Investment, Current, Fixed Deposit). Vague wording may cause assets to be overlooked. List distinct accounts where possible or rely on a strong Residuary Clause.