Bitcoin and Heritage | Bitcointalksearch.org

calkob

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Quote from: wh04m1 on February 17, 2017, 11:02:31 PM

Normally, after the person is kill, the wealth remains with the family. It is easy to share assets such as houses and cars. But what if the property of the person is bitcoin? What if the deceased person is not saying the seed words?

What solution can be applied to this?

This is a really good point which i thought about myself awhile back. this is why i told my son where my paper wallets are and how he can you a mobile app to move the bitcoin. everynow and again i test him on what he should do if he needed to get to the bitcoin and he remembers, so at least someone can get them, i would say in the future this will be a problem.

xuan87

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Quote from: wh04m1 on February 17, 2017, 11:02:31 PM

Normally, after the person is kill, the wealth remains with the family. It is easy to share assets such as houses and cars. But what if the property of the person is bitcoin? What if the deceased person is not saying the seed words?

What solution can be applied to this?

No solution can be applied, when you don't know the private key for the account, it will remained sealed forever, for now, it is still to difficult to brute force to crack the account, and I doubt there will be a way for crack the account, so in this case you better forget that you got heritage

cryptoblazter

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Quote from: wh04m1 on February 17, 2017, 11:02:31 PM

Normally, after the person is kill, the wealth remains with the family. It is easy to share assets such as houses and cars. But what if the property of the person is bitcoin? What if the deceased person is not saying the seed words?

What solution can be applied to this?

This might gonna be a big problem if you saved lot of bitcoin in your storage wallet then all of a sudden you die in unexpected moment in time. I think You can save all the information about the password in whatever wallet do you use just keep the seed words, or the private key, instruction how to do it, from withdrawing it going to transfer into a real currency/money.

countryfree

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Your country may be your worst enemy

It's very easy. It happens all the time. You leave a will in a sealed envelope at a lawyer, with instructions regarding your BTC in it.
You may also rent a safety box in a Swiss bank to store (to hide) an USB key.

wh04m1

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Quote from: hatshepsut93 on February 18, 2017, 10:29:52 AM

There can be many ways to solve this situation. You could entrust your bitcoins to your lawyer so he will release them to your family in case of your death or illness. You could also build some dead man's switch that will give your private key to your relatives. For example you could build a smart contract that would require you to enter some password once per month or per week, and if you will fail, your private keys would be released to your family.

This is a wise method. Such a system can be installed instead of storing private keys in the bank. If a person does not have enough knowledge to set up such a system, he can keep it in private strongbox of banks.

It can also store private keys on software or hardware that it will create. Relatives can access this equipment. And, as you said, special keys are accessible if you do not enter the password for 1 week.

This and similar applications can be done. Bitcoin is also creating different business opportunities at the same time

LeGaulois

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The ideal is to hide your keys and toencrypt in the way that only your family members can find and decode them (to do with accuracy and without spending months), and this only after your death.

Mometaskers

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Quote from: Eodguy149 on February 18, 2017, 05:57:38 AM

Yeah that is definitely a tough situation. I guess at that point the total pool of Bitcoin that will ever be in existence shrank. Bitcoin causes so many interesting questions like this. It is definitely nice to have a third party that can handle fringe cases like this but that is what happens. Total control over your money is a double edged sword!

Just as we are condemned to be free dear, sigh. Sad

Just like what everyone here has said, make proper estate planning. That's much more important in bitcoin than in other traditional assets where it's easy for them to be traced back to the owner (with the government more than happy to help Wink

) So leave whatever necessary information there is for your family to be able to get your bits. On the plus side, unless they cash out, the government would probably have no idea the money changed hands (especially in countries with weak law implementation).

Quote from: hatshepsut93 on February 18, 2017, 10:29:52 AM

There can be many ways to solve this situation. You could entrust your bitcoins to your lawyer so he will release them to your family in case of your death or illness. You could also build some dead man's switch that will give your private key to your relatives. For example you could build a smart contract that would require you to enter some password once per month or per week, and if you will fail, your private keys would be released to your family.

Now that's interesting. I've always thought that it would be nice for things to be released after death but I had no idea it's already being used.
How is it done? Do you like sign-up for a service, enter a password at regular intervals and if you don't they show up outside your house?

bitbunnny

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If no one knows that this person has Bitcoins then is the problem, there will be forgotten. If people know but they don't have access to wallet then is problem again. If there is some kind of issue with this person legacy and heritage I don't know how lawyers would manage to handle this since Bitcoin is not regulated in many countries. This is the good question since Bitcoin is not like other property.

cotton ball

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Quote from: FlightyPouch on February 18, 2017, 08:57:54 AM

I think that will be really hard to accept. Well lets say I have a grandfather that is a bitcoin user at his early age and is really earning in big amounts.
He died accidentally and noone knows he is a bitcoin user. After years and years I discovered that he has a lot of bitcoin but I cannot get it because I dont know his account.
That will be really dissapointing. I think i well my family know my bitcoin wallet account when I feel that I will die soon.

This is the only reason most likely to happen. At least beloved wife or our children is one of the bitcoin users. If we use the official wills, it will be abused by your lawyer, because bitcoin is not an asset that is legally valid. You must have a trusted person to share your account data, because there is no legal entity that is trusted to insure total of bitcoin we have.

hatshepsut93

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There can be many ways to solve this situation. You could entrust your bitcoins to your lawyer so he will release them to your family in case of your death or illness. You could also build some dead man's switch that will give your private key to your relatives. For example you could build a smart contract that would require you to enter some password once per month or per week, and if you will fail, your private keys would be released to your family.

FlightyPouch

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I think that will be really hard to accept. Well lets say I have a grandfather that is a bitcoin user at his early age and is really earning in big amounts.
He died accidentally and noone knows he is a bitcoin user. After years and years I discovered that he has a lot of bitcoin but I cannot get it because I dont know his account.
That will be really dissapointing. I think i well my family know my bitcoin wallet account when I feel that I will die soon.

Tyrantt

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Need some spare btc for a new PC

There's been a discussion here regarding lost bitcoins. My suggestion was that if the bitcoins, that are in someones wallet, get stuck there for ever due to the death of the owner of forgotten/lost keys, then after some period of time (about 10-12 years) if those bitcoins weren't used or wallet accessed then they should be sent back to the original miner. Since we know that bitcoin has a fixed amount of btc and therefore cannot be replaced if lost.

Eodguy149

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Yeah that is definitely a tough situation. I guess at that point the total pool of Bitcoin that will ever be in existence shrank. Bitcoin causes so many interesting questions like this. It is definitely nice to have a third party that can handle fringe cases like this but that is what happens. Total control over your money is a double edged sword!

RhodaGila

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Here you may have to share it, I mean you do it if only for one member of the family or a few families?
What must you do is create address how private keys and their wallets, seed, encryption password for a nominal amount in accordance with your wishes. But if some members of your family who would you give it does not quite understand about Bitcoin and wallet, my suggestion to use only the password only to make it easier to understand and write or print it in the paper or the place where you want.

Hydrogen

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In the united states, if the BTC value were greater than $5.45 million, the "death tax" / estate tax would kick in, 40% of the total value would be taxed away.

Example if the deceased had $20 million in bitcoin, the death tax/estate tax would collect $8 million in btc, leaving only $12 million btc for inheritors.

Of course, this assumes the IRS is effectively taxing btc and keeping track of btc whales. Whether or not this is true, I cannot say.

Also Hillary Clinton wanted to increase the tax rate from 40% to 60% and lower the minimum taxable value to $3.5 million.

Donald Trump supports abolishing the death tax/estate tax.

I think this and similar their stance on similar issues has much more to do with winning/losing the election than russia.

bob123

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I think the only way to get access to those BTC would be a Last will.. or you just tell your wife/Family where you stored your BTC... Since this isnt the best idea i would do as followed:
Take your priv key/seed/.. encrypt them with (kinda) Bad cryptographic Algorithm.. and give it to them..
They won't be able to decrypt it without Key, neither they can Break the crypt Function..
But after you dies several years later.. it should be able to crack the "older" crypto functions and get access to the BTC's

Kemarit

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Quote from: wh04m1 on February 17, 2017, 11:02:31 PM

Normally, after the person is kill, the wealth remains with the family. It is easy to share assets such as houses and cars. But what if the property of the person is bitcoin? What if the deceased person is not saying the seed words?

What solution can be applied to this?

If the person die and he has bitcoin in his wallet then it will remain
and probably will be lost forever. If the deceased person has left a
clue, like vanity address which generate a private key base on the
individual's desired public address or something then you can start
from there but its impossible to brute force private keys.

Maybe the person just want to bring his bitcoin to the grave so that
no one can actually used it Grin

wh04m1

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I do not expect heritage. Some friends are misunderstanding. Maybe I will leave a legacy.
Anyway. Bank safe systems can be used for this event. When a person writes and kills his will, he may wish to open the cradle and leave it as an inheritance to his loved ones. So the owner of BTC needs to take precautions in advance.

No one will reach the other bitcoins.

Xester

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Quote from: wh04m1 on February 17, 2017, 11:02:31 PM

Normally, after the person is kill, the wealth remains with the family. It is easy to share assets such as houses and cars. But what if the property of the person is bitcoin? What if the deceased person is not saying the seed words?

What solution can be applied to this?

If that is the case then the bitcoins will stay untouched. At this point of time it is but unwise to keep the username and password of your account if you are already near death. We are working with bitcoins so we can give our family enough provision so that is why we must not keep it secret to them. The moment we experienced an emergency and we need an implant if our family doesnt know about our stored bitcoin then we will just die due to the secret we have. Instead of bitcoin saving our lives at times of emergency it will be the reason of our death if we keep it secret.

neochiny

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If the person has already died and you don't have the seed words/private keys/complete details then those bitcoins are lost. Cheesy

Unless those coins were in his desktop wallet (like Electrum) and is not encrypted or password protected in any way, then you'd be able to send the coins to an address you have full control of. Grin

That's the only scenario I could think of were you might be able to recover bitcoin funds of deceased loved ones.

So, make sure there is always a proper back-up and detailed account of every fund held/owned.

Topic: Bitcoin and Heritage (Read 2222 times)