Topic: Bitcoin Inheritance Planning - page 3. (Read 713 times)

I only believe in my wife and child. they must have my assets after I die. and we don't need law. we only give him an account and wallet password. even I always teach BTC to my family. trading, investment or bounty. because it will be their income in the future.

Pray that your friend doesn't ever get in trouble or in serious debt like gambling debts with some violent people. He'll choose his own life and well-being over friendship, you'll see. Friendship is nice but given a serious life threatening choice he'll prefer to steal from you than lose a limb or get beaten up.
Don't trust anyone with money!

I have already showed my daughter how to retrieve my wallets in the
case of my early passing.
I know some people wouldnt care what happens to the coins when
they die but it is quite easy to put something in place when you can
trust someone and if you dont well it doesn't matter then what happens
to the coins.

You can reach conclusion by research, most probably projects were created about it. But IMO we do not need it. This is not a physical thing you legalize with a deed. Little paper is enough to bequeath it to your son or his child. Also Nano Ledger flashcards may be useful as a solution : www.ledger.com

Well cryptocurrency is a decentralized network that does not deal with third party and since there is total freedom and your security is in your hand such thing as passing on to another person requires you own involvement such as compromising you security keys to another person only that way can you pass it on as an inheritance.

You should accept the fact that inheriting Bitcoin after death is not feasible. Most people use Bitcoin storage platforms provided by some companies. Inheritance based on whether or not you can use the previous person's account, especially if many users of private key platforms become more difficult if you cannot know it.

I've written about that extensively in the past

Back then there were no smart contracts (and they are still lacking in Bitcoin other than in sidechains like RSK), while with them it could be done pretty easily. The simplest that I can think of right now is just unreservedly transferring funds after some time (say, one year) to a certain wallet (address) belonging to your children, spouse, whatever. This will be an effective method without involving a third party risk, and you, as the owner of the keys, only need to sign a new contract every year until you pass away one day. Then your inheritors receive your coins (at most in a year)

Right, my son know my password in my bitcoin wallet I trust him so much he is smart and easily catch up about in cryptocurrency so whatever happens to me someone taking care of my cryptocurrency. Lawyer I don't need it cause I know my son is very responsible and trustworthy .

The Bitcoin has to be inherited because it is an encrypted currency and It works on the encrypted blockchain technology and there are many users of that that want their credentials to be secured. That is why the inheritance is required.



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Find a charity that accepts bitcoin and leave it to them. If you give your loved ones a private key they won't know what to do with it and will simply get scammed anyway

Its not safe leaving a private key and password of your BTC address to someone or somewhere at home for your kids. I guess you jsut have to educate your kids about crypto and then let them know how unsafe it is to expose even just the QR code to anyone.  When it comes to money even your biological sisters/brothers aren't someone you can't trust.

You will sooner or later

People into the cryptocurrency network have never been into the inheritance plans. Always people need to have a perfect plan, so that the wealth can be used by the future generations. For this people can teach the kids about the wallet data, also can have a secure filing system for all wallet information which can be accessed only by the family members. Without proper planning lot of users have lost their cryptocurrency wealth which is not useful for the future generation.

When it comes to crypto inheritance, we don't need any lawyer. Of course when you're holding a bitcoin, you have someone to know about it. Atleast whatever happens to you. Someone will handle it. Atleast your wife/husband or most trusted friend, or any of your relatives, much better.

yes, maybe a topic like this has often been talked about, but let's consider it as a reminder to large asset holders who are only known to themselves, someone's death nobody knows and when it will come, it is very important that there is a family who knows the private key we have, the family is the real heir

I have no plan for inheritance using my crypto holdings,but your point makes sense ,no one knows when death will come so I think it will be easier if one has a lawyer ,not just any lawyer a trustworthy lawyer then you can at least drop your private keys for the lawyer just incase

You need to have some serious discussions with the people who are going to inherit your Bitcoin fortune. Make sure they understand how Bitcoin work and how to access your private keys/Seed words for wallets/Passwords for sites and hardware wallets. I did not give the secret information to them in advance, but I explained to them how to extract it from the information that was provided to my lawyer.

Hint: A simple template that could be placed on one of your favourite books, would mean nothing to a lawyer, but it will reveal everything to my family. 

Of course we should trust our own family, and for sure we are working hard to get the money simply because we love our family and we all want to provide good things for them. I also want to inherit all my money for them, they deserve it but since cryptomarket is still new there is no system like this. I have my black book, where I wrote everything so they can easily use my money to live and continue their life using my money.

I've published a bunch of free resources to help you create your own bitcoin inheritance plan. You can find templates on medium.com/@pamelawjd or on my website empoweredlaw.com. I've also given talks about this topic at LaBitConf, Honey Badger, Hackers Congress and similar events. You can watch them for free on youtube (they're not lectures, hopefully they're kinda entertaining). If you like the style and want to do more, I also published a book last year called Cryptoasset Inheritance Planning; A Simple Guide for Owners. You can see the table of contents and read free excerpts at amazon https://www.amazon.com/gp/product/1947910116/.

Just so you know, you don't have to hire a lawyer and you don't have to trust any third party. Those are common myths, lots of people believe them but they're simply not true.

Good planning is more than just having someone find your keys. Because you won't be around to help them, and they'll be grieving and probably not too interested in your magic internet money, they might forget or worse get swindled by someone who offers to "help them". Leaving keys in a picture frame is usually a bad idea -they'll probably never find it if something happens to you - or they'll give it away to someone or send it to a charity as a donation. If you actually care about your family and friends getting your bitcoin, then you have to do something.

Of course you can always choose to do nothing, but if you do make a plan you could donate it to an open source project that you care about or directly to a developer whose work you want to support. Or an organization like the EFF that works to support free speech online.

Hope this is helpful. Good luck.

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.