diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -2285,12 +2285,6 @@
     return NullUniValue;
 }
 
-static void LockWallet(CWallet *pWallet) {
-    LOCK(pWallet->cs_wallet);
-    pWallet->nRelockTime = 0;
-    pWallet->Lock();
-}
-
 static UniValue walletpassphrase(const Config &config,
                                  const JSONRPCRequest &request) {
     std::shared_ptr<CWallet> const wallet = GetWalletForJSONRPCRequest(request);
@@ -2380,8 +2374,21 @@
     pwallet->TopUpKeyPool();
 
     pwallet->nRelockTime = GetTime() + nSleepTime;
-    RPCRunLater(strprintf("lockwallet(%s)", pwallet->GetName()),
-                std::bind(LockWallet, pwallet), nSleepTime);
+
+    // Keep a weak pointer to the wallet so that it is possible to unload the
+    // wallet before the following callback is called. If a valid shared pointer
+    // is acquired in the callback then the wallet is still loaded.
+    std::weak_ptr<CWallet> weak_wallet = wallet;
+    RPCRunLater(
+        strprintf("lockwallet(%s)", pwallet->GetName()),
+        [weak_wallet] {
+            if (auto shared_wallet = weak_wallet.lock()) {
+                LOCK(shared_wallet->cs_wallet);
+                shared_wallet->Lock();
+                shared_wallet->nRelockTime = 0;
+            }
+        },
+        nSleepTime);
 
     return NullUniValue;
 }
diff --git a/test/functional/wallet_multiwallet.py b/test/functional/wallet_multiwallet.py
--- a/test/functional/wallet_multiwallet.py
+++ b/test/functional/wallet_multiwallet.py
@@ -8,6 +8,7 @@
 """
 import os
 import shutil
+import time
 
 from test_framework.test_framework import BitcoinTestFramework
 from test_framework.test_node import ErrorMatch
@@ -354,7 +355,11 @@
         assert 'w1' not in self.nodes[0].listwallets()
 
         # Successfully unload the wallet referenced by the request endpoint
+        # Also ensure unload works during walletpassphrase timeout
+        w2.encryptwallet('test')
+        w2.walletpassphrase('test', 1)
         w2.unloadwallet()
+        time.sleep(1.1)
         assert 'w2' not in self.nodes[0].listwallets()
 
         # Successfully unload all wallets