I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
This is worse in the crypto world. If traditional bank accounts could remain dormant with huge money trapped inside, how much more is a cryptocurrency that many will not even know you have them talkless of having access to them? It got worse in my country a few years ago when the government wanted to move all the money in dormant accounts of some certain period to itself believing the people who had them were either no more or got the money through illicit means. It wasn't until people shouted in their heads that they stopped that ignoble plan. There are many bank managers who would have known some illicit flows through which the people responsible are now dead as well, they will be making some illegal withdrawals from such accounts, and this is not even uncommon anymore.
Now, think of it, someone has a huge crypto asset in a non-custodial wallet and the person died an unplanned death, that money is automatically lost and will not even be useful to anyone. The custodial arrangement is not left out of it as well, though this arrangement will allow the company to have access to the money, but it will still deprive the family and friends of the owner unless they have access to it through passcodes.
And I do not know how they will lay claim to it even if they know of the money with exchanges like Binance. It is even more difficult since they are not in the same country.