#Bitcoin and inheritance: how to solve the dilemma?

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legendary

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Crypto Swap Exchange

Quote from: dkbit98 on December 26, 2024, 03:15:11 PM

You can find several wallets and services that support Bitcoin inheritance on TheBitcoinHole website.
For most people Nunchuk wallet would work fine, but there is a price you have to pay for using this service.
It's best to check comparison of all services and see what is best suited for your specififc case:
https://thebitcoinhole.com/inheritance

There are a lot of options here where there is a dependency on a third party, which doesn't seem like an ideal choice to me. There is no guarantee that the third party will be active in the same form after a certain period.
Also, I would not ignore the price for such services.

alexeyneu

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'The will is supposed to be filed with the court for "safekeeping" and is a public record. However, if there was also a trust, the will is likely to give everything to the trust . This is called a pourover will. As a named beneficiary, you were entitled to receive a copy of the trust, and it sounds like you have. There is no requirement that these documents be signed on each page, but the will (unless holographic) needs to be witnessed, and the witnesses names and addresses appear on the last page. The trust does not need to be witnessed but is often notarized, especially if the trust contains real estate. If you think there was undue influence, or that he was incapacitated at the time, you can ask a court to determine the validity of the documents. You will need an attorney to bring that action.'

https://www.avvo.com/legal-answers/are-wills-and-trust-filed-in-california-if-so-wher-284090.html

you can put private key into trust. (you can see above it'll be copied and this stuff) But it's easy to find a way based on this
say two activated cards from tangem wallet will work. With nothing more, no phone no pins no codes, nothing.
https://www.youtube.com/watch?v=jnhDZE22KLI
(how to restore wallet from a card, it mentions some code but you can restore latter having two cards with no codes at all)

dkbit98

legendary

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Quote from: LiskPro.com on December 04, 2024, 03:17:16 AM

Do you have any other solution in mind that we can discuss to update this thread?

You can find several wallets and services that support Bitcoin inheritance on TheBitcoinHole website.
For most people Nunchuk wallet would work fine, but there is a price you have to pay for using this service.
It's best to check comparison of all services and see what is best suited for your specififc case:
https://thebitcoinhole.com/inheritance

Tibu

full member

Activity: 316

Merit: 159

Hardware and open source software solutions.

I came accross this post.
Really interesting!

There are a lot of online services popin' here and there to offer such "inheritance" service for the retail.
Be sure to NEVER give any private information such as your private key or your seedphrase!

A word on Seedkeeper.io, the seedphrase and password manager, this solution is really interesting and should be considered as one piece of a multi-backup solution.

An interesting setup could be:

- 1 metal plate cuz' it's fireproof
- 2 x Seedkeeper -> One in your place with PIN code A, one in the vault with PIN code B. And the PIN code B written on your will.

Z-tight

legendary

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Wheel of Whales 🐳

Quote from: LiskPro.com on December 05, 2024, 04:11:03 PM

Any thoughts on this product?

Thoughts on security or on inheritance planning? The subject of your topic talks about inheritance plans, but your posts in this topic is mostly talking about security of seed phrases. I will prefer to either back up my seed phrase on paper or on stainless steel than using this card.

However, maybe it can help you with inheritance plan if you decide to use it, in a way that you store your seed phrase in the card and hand it over to a heir and the pin to unlock the card will be in the hands of another trusted person, but take note that there's still a risk of compromise in this.

LiskPro.com

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We love blockchain !

Any thoughts on this product?

https://www.youtube.com/watch?v=nwMteSphmro

I like the fact that it's based on a smartcard cuz' this is long lasting.
Less electronics is also a good point when it comes to take your secrets for the long run.

Z-tight

legendary

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Merit: 1124

Wheel of Whales 🐳

Quote from: Mia Chloe on December 04, 2024, 04:27:03 PM

Now except you are storing your keys and seed phrase on a cloud, all other methods have a general flaw of not being safe in the case of natural disasters like earthquakes most especially.

It is recommended to make more than one backup of your seed phrase and keep it in at least two different locations, so if you are ever unlucky and one location gets hit by an earthquake or a natural disaster, you'll be able to recover your funds with your back up in a different location, that is of course if you survive the earthquake or any other natural disaster.

Quote from: Mia Chloe on December 04, 2024, 04:27:03 PM

it's ok for you to tell someone who is very close to you that you trust very much about it and I suggest if they have no idea about crypto you can possibly inform them about security a little to be on a safer side.

Op clearly does not buy this idea and it is understandable.

Mia Chloe

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Mia's Creative

Firstly let the concept of no method of storing data like your seed phrase in this case is 100% safe. Now except you are storing your keys and seed phrase on a cloud, all other methods have a general flaw of not being safe in the case of natural disasters like earthquakes most especially. There are a variety of methods for storing seed phrases but the fact is the best method in my opinion is that which is best for you.

But still it's best you let them know about it. Like Hatchy mentioned, it's ok for you to tell someone who is very close to you that you trust very much about it and I suggest if they have no idea about crypto you can possibly inform them about security a little to be on a safer side.

Churchillvv

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Eloncoin.org - Mars, here we come!

Quote from: Pmalek on December 04, 2024, 08:16:45 AM

But I have also heard people saying they are afraid their wife will leave them and rob them of their bitcoin. Same thing with their kids or closest family. Some people are in weird relationships.

It's worth saying man! I wonder what their definitions of family is, basically the people you should trust with the least of your self is family but when people say they don't trust their family I get bothered so much because how then did you get into the relationship when you're afraid of them stealing from you.

Well if insecurities was a person I I've seen so many of them. for me I have my seed share with my sister and I grow up in a cool family I have no reason to be afraid.

Z-tight

legendary

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Merit: 1124

Wheel of Whales 🐳

Quote from: hugeblack on December 04, 2024, 05:08:08 AM

- Use a centralized service to distribute your inheritance, it is good, but it is centralized.

It is not good, i don't know the type of centralized services you are talking about, but this should not be a recommended option. I believe the centralized service would hold your funds up until the time of death, it is very possible they'll be hacked and you would lose your money when death is still a long mile away from you.

Passing down BTC to heirs isn't an easy one, especially if you do not want to tell them where to find your seed phrase if you are gone, for obvious reasons. However, i don't think one should consider anything that could compromise their funds while they try to work out an inheritance plan.

Pmalek

legendary

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Quote from: bitmover on December 04, 2024, 05:15:48 AM

Just share the seed with someone you trust. If you don't trust them, why leave anything anything at all for people that would rob you in life?

I ask myself the same thing whenever I see topics like this. One logical answer would be to prevent your heirs from revealing and talking about how much bitcoin you will leave to them. Subsequently, you could have the wrong people hear about that from your wife or kids. Those are things a man should discuss with his family and clear up. But I have also heard people saying they are afraid their wife will leave them and rob them of their bitcoin. Same thing with their kids or closest family. Some people are in weird relationships.

bitmover

legendary

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bitcoindata.science

Quote from: hugeblack on December 04, 2024, 05:08:08 AM

You are comparing ways to secure your coins, not ways to inherit your coins, and there is a big difference.
One way to inherit your coins safely could be:

- Save the seeds in a bank vault that can only be opened with your death certificate, you can discuss the pros and cons.
- Create a multi-signature wallet 2 of 3, but it requires trusting your heirs so they can spend it before you die.
- Use a centralized service to distribute your inheritance, it is good, but it is centralized.
- Buy shares that have the same value as Bitcoin and then distribute them accordingly.

The problem with those services is that they will require all bureaucracy and taxes when someone dies. I believe the word for that in English is "to take inventory "

I see no reason for that. This is a very complex and expensive procedure in Brazil, which may take years and about 10% fees just for the lawyer.

Just share the seed with someone you trust. If you don't trust them, why leave anything anything at all for people that would rob you in life?

hugeblack

legendary

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You are comparing ways to secure your coins, not ways to inherit your coins, and there is a big difference.
One way to inherit your coins safely could be:

- Save the seeds in a bank vault that can only be opened with your death certificate, you can discuss the pros and cons.
- Create a multi-signature wallet 2 of 3, but it requires trusting your heirs so they can spend it before you die.
- Use a centralized service to distribute your inheritance, it is good, but it is centralized.
- Buy shares that have the same value as Bitcoin and then distribute them accordingly.

ABCbits

legendary

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Crypto Swap Exchange

Quote from: LiskPro.com on December 04, 2024, 03:17:16 AM

- Encrypted USB stick:

Pros:
-- Easy to setup
-- Long lasting and robust

Cons:
-- Costly, especially if you want to make multiple backup
-- Will it still work in 20yrs?

FYI there are some storage drive which claim itself have very long durability. For example, Sandisk Memory Vault claim up to 100 years and M-Disc claim up to 1000 years.

Quote from: LiskPro.com on December 04, 2024, 03:17:16 AM

Do you have any other solution in mind that we can discuss to update this thread?

Are you aware of existence of software or service which create address with custom spending condition such as Liana[1] or Heritage[2]?

[1] https://wizardsardine.com/liana/
[2] https://btcherit.com/

Pmalek

legendary

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The people inheriting your bitcoin should be comfortable working with the system you have set up and the basics of bitcoin and online security. You can teach them that without telling them how much bitcoin you own if you don't want to. If you have a hardware wallet, teach them how to use it. Use the one you already own or buy one for teaching purposes. If you are using an airgapped machine, teach your heirs how to work with PSBTs and cold wallets. If you are using multi-sig, teach them about that. You should definitely cover the importance of creating and storing seed backups.

These are all things that you can do gradually. Sadly, many people who ask these questions don't trust their life partners and family members. That complicates the whole process.

LiskPro.com

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We love blockchain !

Quote from: Hatchy on December 04, 2024, 03:30:29 AM

When it comes to inheritance, planning ahead is crucial. Life is unpredictable, and no one knows when they might pass away. If someone owns a large amount of Bitcoin and doesn't inform their family, they might be left unaware of the assets.

To avoid this, it's good to share information about your Bitcoin holdings with someone you trust. This could be a family member, such as a spouse or child. However, choose wisely, as this is a serious decision.Only share necessary information, and do so in person, rather than online. By planning ahead and sharing this information with a trusted individual, you can ensure your Bitcoin holdings are managed according to your wishes.

Indeed, the best remains the anticipation. No need to have huge amount of Bitcoin as we can't predict the price for the upcoming years.

But I disagree about informing people around you about your Bitcoin holdings; no need to tell them. You just have to teach them what Bitcoin is and how great it is... Optionally teach them how to use a S/HW wallet and the best practice regarding the seedphrases.
But don't tell them how much Bitcoin you have - bad practice imho.

Hatchy

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The Alliance Of Bitcointalk Translators - ENG>PID

When it comes to inheritance, planning ahead is crucial. Life is unpredictable, and no one knows when they might pass away. If someone owns a large amount of Bitcoin and doesn't inform their family, they might be left unaware of the assets.

To avoid this, it's good to share information about your Bitcoin holdings with someone you trust. This could be a family member, such as a spouse or child. However, choose wisely, as this is a serious decision.Only share necessary information, and do so in person, rather than online. By planning ahead and sharing this information with a trusted individual, you can ensure your Bitcoin holdings are managed according to your wishes.

LiskPro.com

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We love blockchain !

Hi,

I was wondering how to solve the inheritance problem regarding my BTCcorn' stash:

- How can I pass on my wallet to my children without compromising security?
- How can I do this without trusting a third party?
- How can I be sure that the solution in place will outlast me?
- How can I do this without spending too much money - because I prefer grain BTCcorn'.

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I would like to explore with you a few solutions, their pros and cons:

- Metal plate:

Pros:
-- Long lasting
-- Fireproof
-- Weather proof

Cons:
-- Written in plaintext
-- Cannot be easily duplicated
-- Costly

- Paper:

Pros:
-- Easy to setup
-- Free

Cons:
-- Risky because you can make multiple typing errors
-- Not long lasting
-- Weak support

- Encrypted USB stick:

Pros:
-- Easy to setup
-- Long lasting and robust

Cons:
-- Costly, especially if you want to make multiple backup
-- Will it still work in 20yrs?

---------------------------------------------------------------------------------------------

This video gives some tips but I can't find the best solution... https://www.youtube.com/watch?v=QvRZ0PjZuH0

I also came across this one about a smart card called Seedkeeper: https://www.youtube.com/watch?v=nwMteSphmro
What do you think of it?

Do you have any other solution in mind that we can discuss to update this thread?

Topic: #Bitcoin and inheritance: how to solve the dilemma? (Read 259 times)