Topic: Bitcoin Inheritance Planning (Read 705 times)
If there exist some decentralized service through the blockchain for the Inheritance of the funds will surely attract more user communities in a short. Every user will be having some plans to keep the wallet balance secure, so that someone will make use of it if death happens or we're unable to use it.
Sharing the strategy I’m using to protect my own hardware wallet backups.
Simply described process is as follows:
Step #1: Keep Your Recovery Seed 100% Offline – ALWAYS
Step #2: Enable Passphrase On Your Hardware Wallet
Step #3: Backup First Passphrase Part Offline
Step #4: Schedule Recovery Email Containing Second Passphrase Part
More details here:
https://seedcret.com/kb/how-protect-hardware-wallet/
The benefits are:
BENEFIT 1 (for myself) – peace of mind: Even if I would forget my passphrase, I know where to look, to refresh my memory
BENEFIT 2 (for others) – inheritance plan: In advance, I can let my family know where both physical backups are (the recovery seed and the first part of the passphrase) and also that they would receive the recovery email containing the second passphrase part in case of an accident/death
Of course, I can give the second passphrase part to my family right away but I don’t want to do it because:
The more people know it, the higher the risk is, that it will be compromised (even if by an accident)
I want to make sure that my family will access my assets once I am not here but not before (when I am still here:))
BENEFIT 3: No need for lawyers or any third party that you have to trust
BENEFIT 4: Passphrase backups separated offline and online – a criminal visiting your flat won’t be able to find the whole passphrase in one place
I’ll be happy for any comments.
Simply described process is as follows:
Step #1: Keep Your Recovery Seed 100% Offline – ALWAYS
Step #2: Enable Passphrase On Your Hardware Wallet
Step #3: Backup First Passphrase Part Offline
Step #4: Schedule Recovery Email Containing Second Passphrase Part
More details here:
https://seedcret.com/kb/how-protect-hardware-wallet/
The benefits are:
BENEFIT 1 (for myself) – peace of mind: Even if I would forget my passphrase, I know where to look, to refresh my memory
BENEFIT 2 (for others) – inheritance plan: In advance, I can let my family know where both physical backups are (the recovery seed and the first part of the passphrase) and also that they would receive the recovery email containing the second passphrase part in case of an accident/death
Of course, I can give the second passphrase part to my family right away but I don’t want to do it because:
The more people know it, the higher the risk is, that it will be compromised (even if by an accident)
I want to make sure that my family will access my assets once I am not here but not before (when I am still here:))
BENEFIT 3: No need for lawyers or any third party that you have to trust
BENEFIT 4: Passphrase backups separated offline and online – a criminal visiting your flat won’t be able to find the whole passphrase in one place
I’ll be happy for any comments.
You might think this topic is useless but I think it is very important to consider because for any wealth in the real world there is a way to pass them when some one die, deceased or for any other reason and to do that effectively there are law firms or lawyers who follow well constructed formal methods but do we have such things for bitcoin because handing over its inheritance though a third party means a risky thing so how can we do it effectively ? and are there any effective methods in the current world ?
That is a very good idea. Not sure if any insurance or law company is implementing it. Giving your private keys to any entity might be scary. However, if this is done by a reputed company regulated by a government it might feel secure.
Planning on inheritance of your digital assets is a very vital issue to look into, it will be a taboo having millions of dollars on your Bitcoin wallet and your family lacks of funds to avoid this we must learn to carry some persons along by teaching them and giving the technical idea so it wouldn't look strange in case of necessity. You might not show them all your private keys but make they can access it when you are no more alive...
I don’t trust anybody so sadly if I die my bitcoin’s go too. I’m only in my late 20’s though & have nobody to leave my coins to.
You can hand over to me mate since you have anyone to leave for 😂😂😂 Don't you have family?parents,brother sisters or others in bloodlines?because it seems that it’s impossible sorry just asking
For OP well i have my mother and wife to handle my accounts,but ofcourse its my wife that knows the majority of my assets in crypto
You might think this topic is useless but I think it is very important to consider because for any wealth in the real world there is a way to pass them when some one die, deceased or for any other reason and to do that effectively there are law firms or lawyers who follow well constructed formal methods but do we have such things for bitcoin because handing over its inheritance though a third party means a risky thing so how can we do it effectively ? and are there any effective methods in the current world ?
we need governments to legalize bitcoin because of this, the exchanges should have a responsibility as banks have, the portfolios should have a responsibility that the banks have. That is, if someone dies and before that person dies said that he has 10 bitcoins in exchange Z, then his relatives will take the document that proves that he died and will deliver in the exchange, and the exchange delivered the bitcoins to the relatives of the deceased
I myself have prepared this for my family regarding my digital assets. they must know what I have and also understand. therefore try from the people closest to us to know about bitcoin or the basis of cryptocurrency to guard things like this happening they can hold the mandate from us regarding these assets
What would be my benefit without my family be part of my business! Others may have some in contrary but my family know everything about me most especially my wife. So my wealth would not lost even if am no more. My wife would continue from where I stop.
Best option is to have one of those deadman switches. You have to confirm it every month or so and if you miss it one time all the sensitive info will be sent out to your desired party.
A rhetorical question, but since you seem to still be confused of what to do (or due to laziness, and albeit the tons of topics already created discussing the similar matter), here are some suggestions:
• Hide the privkey somewhere in plain sight e.g. a picture frame, a clock, whatever. Tell your family how lovely that thing is and leave innuendos that will make them curious about it.
• Safety deposit box on banks work wonders, too. Just arrange your heirloom to be distributed to your family in the event of you dying.
• Teach them how to use bitcoin and they can perhaps, in the future, access yours if you give them your privkeys.
There are tons actually but these are the easiest and safest I can come up with on an afternoon lunch in a lazy Wednesday.
• Hide the privkey somewhere in plain sight e.g. a picture frame, a clock, whatever. Tell your family how lovely that thing is and leave innuendos that will make them curious about it.
• Safety deposit box on banks work wonders, too. Just arrange your heirloom to be distributed to your family in the event of you dying.
• Teach them how to use bitcoin and they can perhaps, in the future, access yours if you give them your privkeys.
There are tons actually but these are the easiest and safest I can come up with on an afternoon lunch in a lazy Wednesday.
I really liked reading some of the quirky ideas you have here and it's a subject that most of us overlook. Not that I have hardly anything in BTC right now, but when or if I do accumulate, I certainly have it in my mind to leave some list of PriVKeyS, Plus whatever other crypto wallets have anything inside them and a bank deposit box is one of the most solid places to leave all this very important info in or even with your family lawyer. You could also store it under the floorboards or in a safe at your office or in the home in a very good location where one very trusting member of the family, knows the location and is also written in your will.
I don’t trust anybody so sadly if I die my bitcoin’s go too. I’m only in my late 20’s though & have nobody to leave my coins to.
You can leave them to me, It would help me out a bunch
Well, you're still young to worry about it, and just live happy for now and one day you will find your destiny and I believe that can change your mind. Its not easy to entrust your money to someone who don't love you at all because if they don't your money will be wasted. I also have a problem like this but I make no rush in this world, let's keep on be positive and something good will happen in the right time.
You might think this topic is useless but I think it is very important to consider because for any wealth in the real world there is a way to pass them when some one die, deceased or for any other reason and to do that effectively there are law firms or lawyers who follow well constructed formal methods but do we have such things for bitcoin because handing over its inheritance though a third party means a risky thing so how can we do it effectively ? and are there any effective methods in the current world ?
Cryptocurrency is not an insurance plan which can be automatically inherited by your beneficiary once you died. In this you should secure your private keys and password safely with a hard copy and give your loved ones an instruction once you died. There is no formal method since cryptocurrency is decentralized. You should always make a way.
I currently live with a cat named neep, what happens when I leave my fortune to my cat? I think Crypto should not be moved as an inheritance type because the market is always volatile, there are too many risks. So sell 7/10 of your assets into paper money to make sure that everything will be useful even if the worst happens.
Thats funny, I often see those crazy news stories about wealthy people leaving all their money to pets. Part of me respects how much they truly love their animals, but its kind of disturbing that they wouldn't find another human to connect with instead.
This is really interesting. However, there are lots of consequences and the whole process may affect the holder as of the moment. For now it can be done by individual and hopefully can be kept private with no bad intention from the other party.
You might think this topic is useless but I think it is very important to consider because for any wealth in the real world there is a way to pass them when some one die, deceased or for any other reason and to do that effectively there are law firms or lawyers who follow well constructed formal methods but do we have such things for bitcoin because handing over its inheritance though a third party means a risky thing so how can we do it effectively ? and are there any effective methods in the current world ?
Sadly enough there is nothing of that sorts in bitcoin and Cryptocurrency until now. Such legacy contracts which can be inherited upon death. we have seen recently that only person who knew the private key of exchange which held a lot of bitcoin died. The whole pool of that bitcoin is now no more accessible. No lawyers would be helpful in such cases as the private key holder can do anything. It would be really challenging task to think of a solution apart from telling your offsprings your private key.
Bitcoin is not at a state where it could become an inheritance, i mean you could teach your kids and your family about it so that is one day they could continue your legacy, but if you have a large amount of bitcoin stored than if you die, it dies with you because there is no legal way to record it and transfer it to your family after your death, maybe in the future when bitcoin becomes a mainstream and relevant or implemented into government's financial system we will able to do so, otherwise if there is such as third party service that does that i personally won't trust them.
I currently live with a cat named neep, what happens when I leave my fortune to my cat? I think Crypto should not be moved as an inheritance type because the market is always volatile, there are too many risks. So sell 7/10 of your assets into paper money to make sure that everything will be useful even if the worst happens.
There could always be ways on how you could pass your bitcoin to your beneficiaries but What I was thinking here is in the event of sudden death when you were not expecting it and you’ve not prepared any of what you have in mind. It is not easy to entrust your private infos to someone even in your family specially if it is your private key while you are still very much alive. I was thinking of keeping all in an usb disc and place it together with my valuables in a safe place or in a private vault or in a bank vault. So they will be notified by the bank later about your account there.
I read the Whitepaper of a project sometime ago ,the project was talking about providing solution to the issue of transfer of ownership when someone dies .
I think the project name is safe heaven.
Although I do not know if they are still operational.
I think the project name is safe heaven.
Although I do not know if they are still operational.
really ? thats cool . does it work automatically ? like for example if something bad happen to the other and he might not be able to open his wallet for a long time , then the ownership will automatically transfer to the person that he trust the most ? we need this kind of idea because so far i have never seen an idea related to this .
This inheritance thing, this deceased thing of a bitcoin holder has been discussed so many times in this forum. If you have a trusted someone, you should share them your password on different exchange you have your money on. It is the best thing to do rather than leaving those funds worthless.
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