The idea of reference-counted object is that by the time it's deallocated there _are_ no references left to update. Now you might reasonably be asking about the memory left behind by those old references which contain now-invalid pointers. The use-after-free risks of any single given reference to the object is something the Rust compiler can reason about quite easily. Once you drop one of them (and the refcount decrements) you are guaranteed not to be able to get at that pointer again; not until that memory is reinitialised with something else valid.