However, have you ever thought about what will happen to all that money you’ve made in crypto when you have passed away? Where will it go when you are no longer around? Who can lay claim to your crypto assets when you are dead? 

Everyone knows that when you have passed away, your assets and properties will go to your next of kin in Malaysia. Whether you have a will or not, your next of kin will get it regardless of how long they have to wait for it. The only difference is whether you have a will and/or will or not. 

For crypto, it works almost similarly. Read on to find out more about where your crypto will go when you have passed away. 

Having a will 

Having a will can make things easier for you when you have passed away. If you have one, you can put in whatever assets you have there. When you have passed away, your named beneficiaries will get a cut of that distribution. That’s how wills work, generally. 

It’s the same thing here with cryptocurrency. You can list your crypto in your wills so when you’ve passed away, your beneficiaries will get whatever profit your crypto is valued at that point in time. 

It’s said that there are billions of dollars worth of unclaimed crypto assets left unclaimed according to this article by New York Times. 

In order to include your crypto in your will, it’s best that you include the private keys to your crypto in it. Let your lawyers know where you keep your cryptos and how you store them. Do you store them in cold wallets or hot wallets? Because those 2 wallets have different ways of accessing your cryptos. 

Prepare a set of instructions for your next-of-kin for inheriting your crypto assets 

Not everyone is tech-savvy, including some of your family members and relatives. What that happens, it’s quite likely they have no idea how to access your crypto accounts to get the money you’ve left behind. 

With that in mind, a lot of people are advised to leave behind a set of instructions for their non-tech-savvy family members. List down a detailed list of instructions for your relatives and family members on how to withdraw your crypto money at a later date. They will thank you later. 

Some people leave instructions in a notebook and stash it away in a safe space. In your instructions you should have the following vital information: 

• Where you store your cryptocurrencies
• The passwords and keys to your crypto wallets and accounts
• Get and assign a digital executor to delegate your crypto
• List your crypto assets in your will and specify who gets what 

Is crypto subjected to the same foreign asset tax treatment in Malaysia? 

This is a common question asked by many crypto miners and is a valid one at that. In some countries like Australia and the UK impose capital gains taxes on cryptocurrencies. Malaysia does not, apparently, according to The Malaysian Reserve news published on LHDN’s website. 

In summary – the article says that cryptocurrencies are volatile and unstable. It’s not a controlled currency like your typical MYR, GBP, USD, etc. That means no countries control cryptocurrencies, making it not recognizable as a legal tender currency anywhere. Not officially, at least, though there are some stores that accept crypto as payment. Therefore, cryptocurrencies are not taxed in Malaysia for now. 

Conclusion 

Cryptocurrencies may not be recognized by the Malaysian government. However, it does not stop Malaysians from trading it online. Just remember that you have everything prepared and listed in your wills – while you are alive, of course. Don’t wait till it’s too late and when you have passed away. If you have, your next-of-kin will have a hard time trying to retrieve your profits when you are no longer around. 

A trustee and an executor have a lot of similarities in terms of their job. However, there are some distinctive differences between a trustee and an executor. An executor may distribute assets under the probate court’s supervision. A trustee, on the other hand, may manage an estate for many years after the deceased’s death, sometimes even for life. 

Both trustee and executor may see to it that the deceased’s assets and monies be distributed accordingly after the person’s death. However, are you aware that there are differences between the two? 

Trustee and Executor Definitions 

Before we discuss the difference between a trustee and an executor, here are the definitions of both. 

Trustee; according to Investopedia, a trustee is: 

A person or firm that holds and administers properly or assets for the benefit of a 3rd party. A trustee may be chosen for a huge variety of reasons such as for bankruptcy, charity, trust fund, or certain kinds of retirement plans and pensions 

Executor, according to Investopedia, means: 

A person appointed for an estate to administer the last will and testament of a deceased person. His/her main duty is to carry out the instructions to manage the affairs and wishes of the person who has passed away. An executor is normally appointed by the country’s law courts. However, there will be occasions where the executor will be chosen by the testator.

How Are Trustees and Executors Different From Each Other? 

Now that we are done with the basic definitions of both trustee and executor, we will now talk about the differences. In this article, we will try to lay out as much differences as we possibly can. 

Conclusion 

In conclusion, there are some distinctive differences between a trustee and an executor. Most of their tasks and jobs may be similar, but there are some stark differences. We hope that you are able to learn some of the differences between the 2 roles after reading this article.