A good man/woman leaves an inheritance - page 7.

davis196

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Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

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?

OP,this topic has been discussed a million times.I don't see a clear question in your post.What exactly are you trying to ask?If you are asking about whether or not I will leave my BTC as inheritance to my children,then my answer is no.I don't have children and I'm not planning to have children.I'm not that rich so I won't leave a big inheritance.I guess that I won't leave any inheritance at all.
Everyone is free to decide whether or not to leave it's Bitcoins to his/her children or grandchildren.
Bitcoin should be treated as any other financial asset/form of wealth,so I don't see a legislative problem here.There's shouldn't be any obstacle for giving BTC/private keys to the successors.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: blckhawk on September 12, 2021, 09:37:04 AM

That depends, there are people who are poor but they can't leave inheritance, are they not good people? Because you've got it all wrong, some people always forget the fact that not everyone is as privileged like us to the point that they have to worry about inheritance.

I dont think that is what the OP meant. People who are poor will not be likely to invest in bitcoin. After all, you need a working electricity supply, a working internet and a working smartphone to be able to buy/sell bitcoin and in major cases, poorer population do not have the luxury of this sort.

They are more likely to pass on their children with what fiat they already own. I think there is no problem in that. In future if they are able to get a better living condition they may be able to buy their bitcoin. But defenitely not something that one should do as a risky move, because they are already poor.

Quote from: electronicash on September 12, 2021, 09:14:01 AM

i hope there is one project that will provide passive income and that he can only withdraw the earnings and not the whole investment. this way he will continue to receive and not lose anything.

That is a fixed deposit. I would keep that into the fiat category and till date, I dont think there are much of such worthy passive income methods like that. One good investment that could run such numbers was a casino bankroll investment, but few casinos do that anymore.

blckhawk

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That depends, there are people who are poor but they can't leave inheritance, are they not good people? Because you've got it all wrong, some people always forget the fact that not everyone is as privileged like us to the point that they have to worry about inheritance.

electronicash

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we all have prized possession that we want to hand over to someone dear to us. the rightful person that should benefit from what we have worked all our lives. i have a kid too that i wanted to give my coins to i just hope he understands well how to preserve it and make use of it.

i hope there is one project that will provide passive income and that he can only withdraw the earnings and not the whole investment. this way he will continue to receive and not lose anything.

20kevin20

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It makes sense to leave BTC as some kind of inheritance, but I would not do it through a will. I think there are far better ways to do it. I have already planned my way of leaving crypto as inheritance and those who I wanted to know have been already noticed about it. At the end of the day, for me the best thing is not having a centralized/untrusted party know about this. I would rather do it my own way. Truth is, as mentioned above, there's no reason not to leave your crypto for future generations since you don't take it into the grave.

hugeblack

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I think that the technical aspects have allowed the development of the issue of inheritance and then it is possible to create wallets related to the biological state of the human being and when he dies he can approximate the control of the private key (I don't know if it was actually implemented but it is possible)

Likewise, when a person dies, the money does not move with him, but rather remains in this world, and therefore there is no point in destroying the seeds or not sharing them with the children or the husband.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

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?

Definitely something that one needs to do if they are saving bitcoin in their lifetime. To make sure their future generations can also have something to start their journey with.

I am yet to see any such wills made that maker the next of kin owner of their parents bitcoin, but I am sure in the next 20-30 years depending on how bitcoin gains in price and popularity this may become a new thing.

But the more important thing is teaching your children on being diligent about expenditure and saving. If they dont learn these traits they will never be able to grow that stash that one has amassed. They will likely squander it away. This is common in fiat inheritance too.

blockman

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It's likely to happen in the future. I'm even thinking of it a long time ago on how shall I pass some of my crypto holdings if I pass out. Like the wallet or the seed phrase and I have to at least educate them so that they will not share the phrase with anyone but only with my family and not outside with my first family. A few mbtc will do when the price of bitcoin goes on high and as well as few alts if ever I still have that when I pass out unless I sell them when the price is already high.

Natalim

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Quote from: rhomelmabini on September 11, 2021, 04:37:46 PM

Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

As an investor or crypto trader is this a legacy you would want to leave behind?

I'm perfectly fine to do this but perhaps it would take lot of decision making on my end on who to leave this legacy. I don't know if this has been shared or discussed but I think to make it more on a thrilling scenario was by making it an actual treasure hunting, well, it should be by my heirs to find but if circumstances comes and other people may know it that's my problem anymore but I'd share it to them first with some clues. Sounds weird but it's your inheritance and it's your choice or decision on what to do with it.

Crypto assets will be very valuable in the future but leaving as a means of inheritance might be very risky too. So its more on good decision making so it will not create any confusions by the time you'll be gone.

I just want to share my own idea. I think it will be good and easier if we can put all our private keys in a vault machine that will be remain secret until the owner dies. It will only be known once a trusted lawyer read the will and testament to the beneficiaries and also stated there where the key can be found. I think this might be something new but quite interesting.

verita1

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OP, looking at it from that point of view. Your post makes sense. It sounds a bit funny but you are right we should think about it. For my part, I am teaching my family about how to invest in bitcoin and cryptocurrencies because I do not want them to be left behind, I want them to wake up and also participate in the crypto space. I have taken a half break from my job so that my closest family can be successful as a crypto investor.

rhomelmabini

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Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

As an investor or crypto trader is this a legacy you would want to leave behind?

I'm perfectly fine to do this but perhaps it would take lot of decision making on my end on who to leave this legacy. I don't know if this has been shared or discussed but I think to make it more on a thrilling scenario was by making it an actual treasure hunting, well, it should be by my heirs to find but if circumstances comes and other people may know it that's my problem anymore but I'd share it to them first with some clues. Sounds weird but it's your inheritance and it's your choice or decision on what to do with it.

taufik123

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The discussion of inheritance like this has been discussed several times in this forum. Inheritance in the form of a private key with a wallet containing several assets such as Bitcoin and other valuable assets will be a very valuable inheritance in the future for the heirs.
Many methods are used. including by writing the private key on paper or copying it in other media and can be read by the heirs.
I've even discussed using Time Capsules to store papers containing private keys that can last for decades.

Silberman

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Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

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 think this is something that we all have thought at some point during our journey however all the options that you could pick have disadvantages, after all if you leave your seed words in a will then whats stopping any person that reads that will to steal those coins from you, basically you will have to trust the lawyer completely about this which goes against the principles of bitcoin which is supposed to be trustless, so if you do things the wrong way you could lose your coins before you have a chance to inherit them.

teosanru

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Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

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?

It's obviously a bad idea to hand over your private keys to anyone because unlike a bank account if someone has your private key he/she can get access to your wallet without your personal presence or signature. A better idea is to use something like E-Mail scheduler. I know E-mail too can be quite risky but provide the person you want to leave your legacy a clue regarding how to get the key, Schedule 3-4 emails by dividing your private key in 4 parts with 4 different vendors and provide the order to your offspring, schedule an email every month and keep deleting it until you are alive. Once you die, your children can find it.

Lanatsa

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Quote from: Davidvictorson on September 11, 2021, 01:09:58 PM

Quote from: hosseinimr93 on September 11, 2021, 09:12:40 AM

Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

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.

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

Wow. I never knew something like this existed. Well, at least I know now. And I must say I like the idea of Locktime. The post by LoyceV is very explicit. The caveat is that only do it when you fully understand how it works.

Not that really too technical for you to understand since there are really some instructions or steps which you can follow and I do fully agree that timelock method is much more better compared when you
are making some will but if some people doesn't recognized nor prefer on this one then they would really be having this kind of option.

Leaving inheritance is off course a default thing specially if you do have some assets specially been stored on crypto which it is a waste if you don't really consider on making out some back ups
in case you do die and your family will able to claim or benefit from it.

Davidvictorson

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Quote from: hosseinimr93 on September 11, 2021, 09:12:40 AM

Quote from: Davidvictorson on September 11, 2021, 09:01:04 AM

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.

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

Wow. I never knew something like this existed. Well, at least I know now. And I must say I like the idea of Locktime. The post by LoyceV is very explicit. The caveat is that only do it when you fully understand how it works.

checkmatesir

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I don't even think that most of the people will do this and share their passwords and wallets phrases etc with anyone whether with their family members and with anyone and one more thing their is no guarantee of life with any one because no one know about his life. So, i don't think most of the people will share.

bamb

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It depends on what is important to me as a person. I do not like idea of giving people free money no matter who they are, be it my children or spouses! I believe people should make their own money. In case of death, I will set up a will with an attorney describing how I want my money to be spent after death! I'll probably burn some of my coin to increase scarcity and more value for the holders in the future!

sheenshane

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This has been discussed so many times here about inheriting your Bitcoin when you passed away.
Here are some example threads,

I picked some that you have an idea but actually, there are tons of threads, just research the word "Inheritance" in Bitcoin Discussion you will see different kinds of discussions regarding that matter.

For me, to answer your question, I better hire a trusted lawyer than trusting anyone with my private key, that's not good disclosing to anyone else your private key, once they have it, they are the ones who have full control of your crypto asset. You can hide your assets at once and write down your last will testaments about your asset and your trusted lawyer will responsible for it.

crwth

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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.

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