Digital assets are now a core part of many expats’ wealth in Thailand. The country has one of the highest crypto adoption rates in Asia, with millions of people already holding cryptocurrency and usage is still growing. Cryptocurrency, online businesses, cloud accounts and even social media profiles all carry real financial or reputational value — and can be lost instantly if no clear record exists.
For expats, the stakes are even higher. Cross-border probate is complex, heirs are often abroad, and Thai law does not recognise electronic wills. Without proper preparation, your digital wealth could vanish at the very time your family needs it most.
In Thailand, a clear written will and an up-to-date digital asset inventory work together. The will provides legal authority, while the inventory offers the practical roadmap for locating and managing your online accounts and digital wealth.
A digital asset inventory is a simple but powerful way to protect against this. It gives heirs and executors the information they need to access accounts, fulfil probate requirements and prevent costly losses. In Thailand, it is often the only practical way to ensure digital assets are transferred smoothly.
What to Include in a Digital Asset Inventory
A good inventory goes far beyond crypto wallets. Expats should list every account, platform or service that holds financial, reputational or business value:
- Cryptocurrency wallets and keys: Include hot wallets, cold wallets and multi-signature wallets.
- Exchange accounts: Cover Thai exchanges (Bitkub, Orbix) and overseas platforms (Binance, Coinbase).
- Traditional investment platforms accessed digitally: Many expats manage large portfolios through online brokers such as Interactive Brokers or Swissquote. These accounts may hold shares, ETFs, bonds or cash balances, and heirs will need clear instructions to access them. Treat them as part of your digital estate, just like crypto exchanges.
- NFTs and digital collectibles: Blockchain-based art, gaming items and valuable domain names.
- Online financial accounts: PayPal, Wise, Revolut, e-commerce balances or brokerage cash accounts.
- Cloud storage and email: Gmail, iCloud, Dropbox — these often serve as gateways to other services.
- Social media and content platforms: YouTube channels, Instagram accounts, websites or newsletters generating ad revenue.
- Digital businesses: Online stores, subscription services and intellectual property tied to your name or brand.
For expats, the rule of thumb is simple: if it has financial or reputational value, it belongs in your inventory.
📥 Need help getting started? [Download our Free Digital Asset Inventory]
How to Structure Your Inventory
Your inventory should be clear, practical and easy to update. Many expats find that a spreadsheet (Excel or Google Sheets) or a password-protected PDF works best, as these formats are simple to maintain and easy for heirs or executors to follow.
At a minimum, each entry should include:
- Asset name and type
- Platform or provider
- Account ID, wallet address or relevant identifier
- Instructions for heirs (for example, liquidation preferences or whether to hold long term)
- Support contact details (help desk, customer service, or exchange contact)
- Last updated date
- Where Credentials Are Stored (for example, “hardware wallet in home safe” or “sealed envelope with lawyer”)
⚠️ Never include private keys or passwords directly in the inventory. Instead, record where and how they are securely stored (for example, a hardware wallet in a safe, or a sealed envelope with your lawyer). This ensures heirs know how to locate the credentials without exposing them to theft during your lifetime.
Best Practices for Security and Accessibility
Creating a digital asset inventory is only half the job. The bigger challenge is ensuring it remains secure while still being accessible to the right people when needed. For expats in Thailand, the stakes are high: one mistake with key codes or seed phrases can mean your assets vanish forever.
Hot Wallets, Exchanges and Cold Storage
There are three main ways crypto is stored, each with very different inheritance implications:
- Exchanges (custodial wallets): Assets are stored with a provider like Bitkub, Orbix or Binance. The exchange controls the private keys. This makes recovery during probate straightforward with court orders, but it exposes assets to hacking risks and depends on the exchange’s policies.
- Hot Wallets (software on phone/PC): Convenient for trading, but vulnerable to malware, phishing, or device loss. Probate is impossible without the owner’s keys or recovery phrases.
- Cold Wallets (hardware or paper wallets): The gold standard for inheritance. Assets are offline, safe from online attacks, and can be passed down securely — provided seed phrases or recovery methods are stored safely.
Recommendation: Use exchanges primarily for liquidity and settlement, not long-term storage. Hold significant balances in cold storage with documented recovery steps for heirs.
Seed Phrases and Private Keys — Handle with Extreme Care
Seed phrases are the master keys to your crypto. Whoever has them can take control of your assets instantly.
The golden rule is simple: never, ever store your seed phrase online.
- Do not put it in an email
- Do not keep seed phrases in standard password managers; most are not designed for offline key recovery and increase your attack surface.
- Do not take a photo of it or back it up to the cloud
Once something digital is online, it is vulnerable to hacks, phishing, and leaks.
Paper or Metal Backups
For safety, write your seed phrase on paper or, even better, engrave or punch it into a fireproof and waterproof metal backup.
- Paper: Cheap and simple, but vulnerable to fire, water, and ageing.
- Metal: Products like Cryptosteel Capsule or Billfodl allow you to engrave or stamp your seed phrase permanently onto steel. These are recommended for long-term storage because they are:
- Fire resistant – steel survives where paper does not
- Flood resistant – water damage won’t erase them
- Durable – they don’t tear, fade, or degrade over time
- Securely hidden – they can be stored in safes, hidden locations, or split across multiple places
Always Split the Seed
A single copy of your seed phrase in one place is risky. Best practice is to split it:
- Divide the phrase into at least two portions
- Store each portion separately, with different trusted people or in different locations
- Ideally, duplicate each portion — for example, give Part A to two different contacts — so that if one person dies or loses it, the backup is still recoverable
⚠️ Caution: Splitting increases complexity. Heirs must know how to recombine the parts, or you risk making the system so secure that no one can unlock it.
Custodians, Multi-Signature Wallets and Escrow
For larger estates or high-value holdings, technology can add another layer of safety:
- Custodians: Thai-licensed custodians are limited, so most services are international. They securely hold assets and release them only after legal verification.
- Multi-Signature Wallets: Require more than one key to approve a transaction (e.g. you + executor + heir). This reduces the risk of misuse and can also help prevent family disputes.
For inheritance, a 2-of-3 multi-sig arrangement (you + executor + heir) or Multi-Party Computation (MPC) custody allows secure transfer without concentrating full control in one person. - Escrow Services: Professional intermediaries can manage the release of digital assets once probate is complete, reducing the risk of premature or fraudulent access.
Regular Updates and Monitoring
- Review your inventory every 6–12 months to make sure all wallets, accounts, and logins are up to date.
- Replace or upgrade storage methods if technology improves.
- If you add new accounts or coins, immediately update your inventory and notify the executor where updates are stored.
Appointing a Digital Executor in Thailand
When it comes to digital assets, access is everything. Even if your will names heirs, they cannot recover cryptocurrency, cloud accounts or online businesses without the right keys and instructions. That’s why it’s essential to include clear provisions for your digital assets within your Thai will.
You can assign digital-asset responsibilities to the executor named in your Thai will. While Thai law does not recognise a separate ‘digital executor’ position, you can give your executor specific authority and instructions for managing seed phrases, passwords and online accounts after your death. This ensures your digital assets are treated as part of your estate and can be transferred lawfully and securely.
Because these assets are highly technical and sensitive, proper safeguards are essential. We recommend structured solutions such as split-seed storage, multi-signature wallets or custody arrangements with regulated providers. These measures protect your privacy while ensuring your executor and heirs can act when required.
At Expat Tax Thailand, we provide professional executor services with specialist support for digital assets. Our role is to make sure your instructions are carried out safely, securely and in full accordance with Thai inheritance law — giving you peace of mind that your digital legacy will be handled with the same care as your financial and tax affairs.
👉 Learn more about our digital executor service
Why It Matters
- Protects heirs from asset loss: Without access, wallets and accounts can be locked forever.
- Reduces security risks: By splitting seed phrases or using multi-signature wallets, you can ensure that no one person has unchecked power over your assets.
- Clarifies responsibilities: By stating their role explicitly in your will, you avoid confusion or disputes later.
Safeguards You Should Include
- Always combine the digital executor’s authority with controls such as split seeds, two-person access systems, or multi-signature wallets.
- Avoid storing full keys with the executor — instead, give them partial access and instructions on how to coordinate with heirs or co-trustees.
- Provide clear written guidance in your will about what digital assets exist, where access details are stored, and what the executor is authorised to do.
Thai Legal Context
Thai probate requires a full estate inventory, and any digital assets that are not listed may be difficult to recognise and administer.
Under Thai law, digital assets are classified as movable property under Section 138 of the Civil and Commercial Code. This means they can be inherited like any other personal property, but only if they are properly identified and included in your estate documentation.
Probate courts in Thailand expect an itemised inventory of all assets when an estate is submitted. If cryptocurrency, NFTs or online accounts are missing from that list, they may not be formally recognised or recoverable by your heirs.
Thailand does not recognise electronic wills. All wills must be written, signed and witnessed in accordance with Thai law. Your digital asset inventory should therefore complement, not replace, your will. The safest approach is to maintain an up-to-date inventory of your wallets, accounts and keys, and cross-reference it within your Thai will, so your heirs and executors know how to locate and manage your digital assets when the time comes.
Common Mistakes to Avoid
- Storing seed phrases or private keys online
Never store seed phrases in email, cloud drives, screenshots, or password managers. Hackers actively target these, and once compromised, funds can be drained instantly. - Not using cold storage for significant holdings
Many people leave large balances on exchanges or hot wallets, which are vulnerable to hacks or business failures. Cold storage (hardware or paper wallets) is far safer for long-term inheritance planning. - Failing to back up recovery information
Even hardware wallets can fail. Without a properly backed up recovery phrase stored safely, heirs may lose access forever. - Keeping the inventory in a single location
Fire, flood, or theft could destroy both the inventory and the assets. Best practice is to use redundancy — such as splitting the seed phrase and storing parts in separate secure places. - Not considering multi-sig or custodians
Relying on a single key holder creates risk. Multi-signature wallets or regulated custodians can add layers of protection and reduce dependence on a single individual. - Leaving instructions too vague
Simply writing ‘Bitcoin wallet’ or ‘Binance account’ without login details, wallet addresses, or recovery steps leaves heirs with nothing practical to work with.
Free Digital Assets Inventory Download
Managing digital assets without a plan is risky. To help, we’ve created a step-by-step Digital Asset Inventory you can download and complete. It covers crypto wallets, exchange accounts, private keys, cloud services, and online businesses so nothing important is missed.
👉 Download the Your Free Digital Assets Inventory
💻 For extra peace of mind, our digital clients can also use our bank-grade encrypted client portal to store their completed inventory and supporting records. Please note: passwords and seed phrases should never be stored in the portal. The portal is designed for safe, easy access and regular updates to your asset records.
Take the Next Step in Protecting Your Digital Legacy
Creating an inventory is only the first step. Without proper estate planning, even the most organised records can fall short under Thai inheritance law. Succession planning ensures your crypto, online accounts and digital businesses are passed on safely and tax-efficiently.
Our team will help you integrate digital assets into your Thai will, structure them securely, and avoid costly mistakes.
