This is something commonly followed all around the world. Once after the death of a parents automatically the possessions and everything that is owned by his/her parents belong to him/her. This takes place through documented procedure. With cryptocurrencies too the same practice is followed. With cryptocurrencies only with the pass phrases it is possible to have control over the wallet.
There were several ways through which the information about the pass phrases of the wallet can be shared once after the death of a person. Just because nothing is shared there might be good number of bitcoin and other cryptocurrencies sitting idle, unable to be used.
Topic: A good man/woman leaves an inheritance - page 4. (Read 909 times)
Cryptocurrency goes beyond an a currency as an asset and even currencies are willed so, Cryptos shouldn't be any different. It is ethically true to say that, your private key and seed phrase stays private but, I doubt it does any good if, it doesn't get to be transferred to someone else or put in any useful form even when your gone. Hence, I think there would come a point in time, when you would just have to put some things in place, to ensure that your coin could be inherited.
If you are a kind of person who is selfish and doesnt mind about your family or something talks about inheritance then you wouldnt tend to share up thosekeys on the beginning but instead you would keep it for yourself but most people wont do such thing yet it would be such a waste if those coins wont really
be benefited out by your loved ones. On where you do all these things for? Of course it would be because of them which its just normal for you
to do such thing.
Cryptocurrency goes beyond an a currency as an asset and even currencies are willed so, Cryptos shouldn't be any different. It is ethically true to say that, your private key and seed phrase stays private but, I doubt it does any good if, it doesn't get to be transferred to someone else or put in any useful form even when your gone. Hence, I think there would come a point in time, when you would just have to put some things in place, to ensure that your coin could be inherited.
It's similar to the question of what happens to my bitcoin after I die if I didn't share the seed or password with anyone before my death.But in that case, you already gave the solution that we can give the seed to someone. I can transport it to anyone. It can be anyone or any organization, like what people do with general property. Because bitcoin is also a financial service, you can use it for any need. So if you grab it for your family, then make something possible so that after your death, they can use it. That is what I am doing. I am teaching my younger brother about bitcoin.
Passing on the inheritance would be tricky if the receiver is not well-versed in the tech-savvy crypto industry. It's not going to be easy to recover those funds, let alone people understand it right away. I agree with hosseinimr93 the thread of LoyceV will have different insights when it comes to inheritance.
Agree. Not all crypto enthusiasts has their family exposed to what we called blockchain technology and it is too complicated or hard for them to understand the way we deal with crypto, that is why I think if we are planning to do that in the future we need to educate them right now. I recon that in the coming years folks are going to will their wallet seed and passphrases to their family members, their favorite charity, and even their kids unborn. As an investor or crypto trader is this a legacy you would want to leave behind?
The case of Bitcoin and other decentralized crypto is different then physical and fiat assets that somebody left behind. Every country has its own law for distribution of assets of deceased to legal heirs but thats not the case in crypto. If you havent passed your keys to your next of kin then after you passed away your assets are gone. Please pass your keys to the people you trust in your life, otherwise nobody can use them after you quit.
I recon that in the coming years folks are going to will their wallet seed and passphrases to their family members, their favorite charity, and even their kids unborn. As an investor or crypto trader is this a legacy you would want to leave behind?
I have never thought about leaving Bitcoin or any cryptocurrency as an inheritance. That sounds quite good, but everyone has different plans for themselves, some people might not want to do that and they would prefer to just leave other things for their family. But, if you know a way that you can go about that and leave cryptocurrency as an inheritance for your children, then you can go ahead and do that.Though my advice would be that – while you are alive, it is best that you work hard and make sure that your family are in a good position, now that you are alive. Instead of talking about inheritance, because you are not even sure of what happens when you are gone. So, your main target should be taking care of your family while you are here now and giving whatever they would need when you’re gone, any inheritance after you will just be a bonus.
I personally would want to leave inheritance to my family, loved one, or on a charity, if the situation permits. If I would to acquire such capacity and assets that I could leave behind the aforementioned, I would do so. As they say, it is useless to be selfish on such things because you cannot bring these in the afterlife, so might as well be given to others so they can make use of it, right?
ya.ya.yo!
ya.ya.yo!
If a person dies then he or she must leave something for their heirs or those mentioned in the will. In the case of crypto currency, giving your seed phrase to someone can be risky because he or she may have access to everything before your death and there is another chance that they may be become the owner of everything all alone
An old proverb says “A good man/woman leaves an inheritance to his children's children…”. Since the inception of the world, whenever a person dies, their personal assets like money, possessions and property are either shared as stated in a will or in accordance with the law of succession where the deceased leaves no will. In most cases, the beneficiaries include may their spouse(s)/civil partner, child or children and grandchildren. In other cases, their brothers and sisters, parents or parent, nephews and nieces, favorite charity organization and state (where there is no relative) get to be the beneficiaries.
I recon that in the coming years folks are going to will their wallet seed and passphrases to their family members, their favorite charity, and even their kids unborn. As an investor or crypto trader is this a legacy you would want to leave behind?
I recon that in the coming years folks are going to will their wallet seed and passphrases to their family members, their favorite charity, and even their kids unborn. As an investor or crypto trader is this a legacy you would want to leave behind?
I think, it's better to teach your loveones or family members about crypto and how to use it so that they know what they will do with your crypto assets if ever you die. It's not safe to share your private keys or passphrase to anyone because it might be a way for others to steal what you have in your crypto wallet. So, be careful and never trust to anyone.
That's the natural thing to do, I mean what else would the deceased use the materials that he/she has left behind? We will definitely see that happen unless crypto becomes totally useless in the near future, seed phrases for your wallets wouldn't be a must for you to be leave behind to your loved ones.
Good men and women, will definitely leave their inheritance for the people they love, such as their children, wives and parents, because if they don't leave their inheritance, their price will definitely be wasted, if I personally I will definitely leave the keys to my wallet, for the family I love, because all this time I have worked for them too, because family is the inspiration of my life..
LoyceV's topic is much more useful when it comes to inheriting our BTCs. I've read his thread recently and I've learned something new here. Of course, there are risks if I don't know what I am doing, so I have to take time to implement this very carefully.
We can't just simply share our private keys and seed phrases to our close ones that easily. We don't know when our time is up here on this world. They could simply take advantage or misuse these BTCs while I still exist.
We can't just simply share our private keys and seed phrases to our close ones that easily. We don't know when our time is up here on this world. They could simply take advantage or misuse these BTCs while I still exist.
It's not a good idea to share your seed phrase with others. Because once you give them your seed phrase, they become the owner of the fund and you don't know when you will die.
To anyone who wants to have bitcoin in a will, I recommend to read the topic created by LoyceV.
Using Locktime for inheritance planning, backups or gifts
It's not a good idea if you don't trust the person that you want to leave your things in the case of death, but if you do trust them with all your heart then probably you're already in good hands. You're suggestion of using LockTime is actually nice but to others who find it hard to use that one, you can probably go with a lawyer and discuss your will and testament.To anyone who wants to have bitcoin in a will, I recommend to read the topic created by LoyceV.
Using Locktime for inheritance planning, backups or gifts
simple is you teach brother about the basic, and the rest just leave on your pc.
I think the first approach is to bring around one child or a trusted family, sit them down and teach them all about crypto before that time. One thing is dying and leaving with them the seedphrase of the wallet holding the crypto assets another thing is knowing what to do about it, whether to sell it instantly for fiat or continue the crypto journey left by their father or relatives.
As an investor or crypto trader is this a legacy you would want to leave behind?
Probably the reason why we are striving to gain from our crypto investment is to become financially stable and give our loved ones a comfortable life even we're not around already. Hence, its just right to pass what we worked hard for to the next generation and that is if you care for them.Thats why I already made sure that someone special to me knows what im up to so I dont have to worry incase something happened.
how do you make sure everything you have prepared for your inheritance can be understood and understood easily by the child or person you are referring to?
it relates to the interests and potential of the person you want to teach. because whatever you give them must be something of value which they may not like.
Pack what you mean, to become the most valuable legacy for him. and it will be something very useful for the people you leave behind.
I can not make sure but I can try to teach them until they understand and can use it with the right while I can still guard them and watch them using that in their wallet. I do not just teach my child but my closest family and for my child, I am sure if they can follow my advice and do what I say, they will not have a problem. The main thing is how they can secure the wallet and make a transaction. We should discuss many things with our family so we do not have to see a misunderstanding between us because I am sure everything will be fine if we can be open-minded and accept that. it relates to the interests and potential of the person you want to teach. because whatever you give them must be something of value which they may not like.
Pack what you mean, to become the most valuable legacy for him. and it will be something very useful for the people you leave behind.
An old proverb says “A good man/woman leaves an inheritance to his children's children…”. Since the inception of the world, whenever a person dies, their personal assets like money, possessions and property are either shared as stated in a will or in accordance with the law of succession where the deceased leaves no will. In most cases, the beneficiaries include may their spouse(s)/civil partner, child or children and grandchildren. In other cases, their brothers and sisters, parents or parent, nephews and nieces, favorite charity organization and state (where there is no relative) get to be the beneficiaries.
I recon that in the coming years folks are going to will their wallet seed and passphrases to their family members, their favorite charity, and even their kids unborn. As an investor or crypto trader is this a legacy you would want to leave behind?
I recon that in the coming years folks are going to will their wallet seed and passphrases to their family members, their favorite charity, and even their kids unborn. As an investor or crypto trader is this a legacy you would want to leave behind?
Your thought about leaving inheritance for incoming generations is much appreciated and Bitcoin is the best anti-deflationary asset to inherit. We don't what will be the situation of inflation 5/10 years from now. Most likely Fiat currency will continue to depreciate as they are being printed massively by Central banks of all countries so our unborn grand children will have some digital which is precious and worth owning and holding.
I think that is my legacy to my family, especially for my kids so they can use my legacy for their lives and benefit from that. If we can give them a better life and use it with the right, I think we can leave this world with peace without thinking about how they will survive in the hardest of their lives. But we must prepare them with right and make them understand what we want so they will get in the wrong direction while using our legacy. If we can teach them how to use our legacy by giving them a letter on how to use it, they will be okay and will not have any future problems.
how do you make sure everything you have prepared for your inheritance can be understood and understood easily by the child or person you are referring to?it relates to the interests and potential of the person you want to teach. because whatever you give them must be something of value which they may not like.
Pack what you mean, to become the most valuable legacy for him. and it will be something very useful for the people you leave behind.
Doesnt matter if its out of their likings because in talks of something valuable then they would definitely be forcing it up to learn at least.
Leaving out inheritances is something not really necessary but its just common sense that everything you have worked hard for would come to waste
if you dont pass it out just because of your selfishness.
I think that is my legacy to my family, especially for my kids so they can use my legacy for their lives and benefit from that. If we can give them a better life and use it with the right, I think we can leave this world with peace without thinking about how they will survive in the hardest of their lives. But we must prepare them with right and make them understand what we want so they will get in the wrong direction while using our legacy. If we can teach them how to use our legacy by giving them a letter on how to use it, they will be okay and will not have any future problems.
how do you make sure everything you have prepared for your inheritance can be understood and understood easily by the child or person you are referring to?it relates to the interests and potential of the person you want to teach. because whatever you give them must be something of value which they may not like.
Pack what you mean, to become the most valuable legacy for him. and it will be something very useful for the people you leave behind.
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