Exchange or self-custody wallet?

One decision determines the route after a crypto death: is the asset with a company, or self-custodied? Everything that follows (the documents, the procedures, who can help, how long it takes) branches from this single answer.

Why it matters

When crypto sits with a custodial exchange, a company holds the keys and controls the procedures. There is a defined party to deal with, and its official procedure for account holders who have passed away applies.

When crypto is self-custodied or with a non-custodial service, technical access is central, but the access route varies by wallet. Classic wallets may depend on a seed phrase, passphrase, device or wallet file; modern non-custodial wallets may additionally use, for example, key shares, passkeys, account factors or provider-supported recovery mechanisms. First identify the exact product and recovery model. The custody model determines the primary route: with custodial assets the provider’s procedure is central; with self-custody the keys, configuration and technical access are central. In both situations, legal, tax, identification and practical questions may also play a role.

The four custody models

• Custodial exchange — an account with a company (Coinbase, Kraken, Binance, Bitvavo…). The exchange holds the keys; you hold a login. After a death: the official procedure for account holders who have passed away applies — death certificate, probate or equivalent documents, transfer request. No password is needed; documents are.
• Self-custody, keys held by the owner (hardware wallet, software wallet, paper). After a death: technical access depends on the specific product and recovery model. Classic wallets depend on the seed phrase, passphrase, passwords and devices; modern wallets may additionally use key shares, passkeys, account factors or provider-supported recovery mechanisms.
• Multisig, several independent keys; a threshold must sign. After a death: find the key holders and the quorum rules; the wallet’s descriptors and derivation information matter.
• Smart-contract wallet (Safe and similar), governed by an owner list and threshold, no single seed phrase. Access is determined by the current owner/signer configuration, threshold and any additional authorisation paths; if enough valid owner authorisations are available, the normal route can keep working, otherwise a preconfigured recovery route may be relevant. Not password guessing.

How to tell them apart

Emails, account statements, logins and 2FA devices point to an exchange. Devices, recovery sheets, wallet files and public addresses point to self-custody. A QR code or address alone does not tell you which. When in doubt, collect both kinds of evidence and let the inventory answer it later.

Your next step

• Exchange: follow the official procedure and never log in without authority.
• Self-custody: preserve everything, then identify the components.
• Multisig/smart-contract: document the structure before anything else, and note that the rules of the contract keep running after a death.