Topic: Can you 'Will' your bitcoin to your children? (Read 574 times)

Before you pass on your bitcoin to your children, make sure they are old enough to handle it, Bitcoin holders are supposed to keep the secrets to themselves because the society we live in today is not as safe as many think, although it depends on the country you are from, I won't dare go public about Bitcoin I hold here.

I wouldn't really give my private key to my kids yet, Bitcoin was just a great technology, and it's a waste if I will not teach them to my family or even to my kids. So when I think it's the right time I will totally teach them about bitcoin, investing, and everything. I mean it's a good way to also teach them to invest on their selves so that in the future they might have investment funds etc. Giving them your private key was not a great idea I think since it adds risk to your wallet and that might spoil them.

What I will do is just wrote everything in a notebook or paper I will hide everything that they needed there in order to access everything that is related to cryptocurrency. And then when I die they can easily access those funds since they know bitcoin and you teach them about it.

That's a great idea, leaving something valuable for your children will show your love towards their better future but the implementation of it is of great essence as some people make their "Will" and select someone from their family or from friends to share the "Will"  with there child after death but as far as I saw this does not go well. Those who have the "will" become desirous as the economy started to come down and prices of properties and assets start to go up. This urges those will protectors to steal money.

So, I will advise you to tell them about your will and thoughts on your own so that after death there occur no fights and disputes among them.

Divide the BTC accordingly as you want or as it is legalized to distribute in your country. Then make different accounts and distributes them among them.

There are plenty of projects that actually can take care the inheritance nowadays. People can use a specialized service that can help manage the distribution of cryptocurrency assets after your passing. These services, sometimes called "crypto estate planners" or "crypto inheritance services," are designed to help individuals plan for the transfer of their cryptocurrency assets to their heirs in a secure and transparent way.

These services can provide a variety of tools and services, including multi-signature wallets that require multiple parties to sign off on transactions, secure storage solutions, and detailed instructions for the distribution of assets. Some of these services also offer legal and financial planning advice to help ensure that your assets are distributed in accordance with your wishes.

If you are considering using a crypto estate planning service, it's important to do your research and choose a reputable provider with a proven track record of success. Look for providers that have experience working with cryptocurrency assets and a strong reputation in the industry. Consulting with a financial planner or estate planning attorney can also help you make an informed decision about the best way to manage your cryptocurrency assets after your passing.

Teaching your children about Bitcoin and how to manage their assets is cool, but are you going to will your crypto to them when they are 18 or when you are so old?

There are some conditions that may happen.
1. What age are they? Are they ready with Bitcoin if they are told about it? Is the age enough to be wisely accepting Bitcoin without any trouble later? And will you give or share your Bitcoin with them entirely?
2. If I were you, I will tell them about it, and divide the Bitcoin into 4 wallets. the amount will depend on the ways you share it. Because in my area or my religion, there are some laws in sharing assets. That is why you must pay attention to it, regarding a fair decision.
3. After dividing the assets into 4, I will tell them, the one that has been enough ready to work with Bitcoin, one by one.
4. Ensure that you have told them about Bitcoin being an investment, not to sell directly once you give it.
Actually, it will also depend on your children, how their personalities and individual, mental also must be considered whether they are ready enough or not. 

They are all your children, you should talk to them as one big, joyful family and refer to them as such as a good father. You can't "Will" to your cherished child; all you need to do is explain it to them; however, you shouldn't give them all access to the private key. You should also teach them how to invest and help them learn more about bitcoin; obtain five wallets; and share your will that each of them deserves to be your child with each of them while also giving them their individual private keys.

The major question about this is how smart are the children when it comes to crypto? Are they new to crypto or they know nothing about Bitcoin? That should be the perfect way to start this plan, make sure they understand what Bitcoin is and how to keep their coins safe or else you will waste your hard earned money because today there are too many scammers out there hoping that someone makes some silly mistake.

I think most of the responses you have gotten so far are valid and you can seamlessly divide the bitcoin and assign each wallet to each of your children. I have also learned from this thread, thanks for starting it. I think it is also important to start exposing our heirs to bitcoin education.

Although it might be off-point I want to speak about the issue of having a special or favorite child. Regardless of the behavior of our children, we should ensure we treat all of them in a just and fair manner. You might indeed end up loving one or two so much because of their unique character but we should not let others know that we love others more. Unequal treatment might give rise to jealousy and conflict among them.

That's probably the better way to do it. Instead of creating a will I would prefer teaching my children how to use bitcoin properly.
Making them learn about its fundamentals and technicality would make them more wise and hence they will be able to secure the coins by themselves.
Just letting them know about the possible locations where the keys are, after they are well trained ofcourse, will probably solve the problem.

OP this is a very earnest matter and a tempting one, when you say "favorite child" it will be some how if the other children gets to hear about it that the father gets to choose one ahead of the others and it might cause hatred. So the best is to make it look equal.
Well, for me I'll make it easy by giving the pass key to the eldest child and make it known to them that it's there own but he/she should be incharge of it. Is like where they'd get all funds to support each other if other properties can meet up to their needs...

An excellent question. In this situation I will divide my bitcoins into 5 wallets. Because I know not everyone in 5 will be able to keep it carefully. Those who wish will sell and some may hold for a long time. What will I give them by opening their separate wallets so that they don't feel any discomfort in the future. I will try to make them aware of the potential of Bitcoin before giving them the assets.

Keep in mind, every child has the same rights to assets owned by their parents. There is no term favorite child in the distribution of assets, each child will receive equally. I will not give up private keys to my five children, they have different minds and not all of them understand blockchain technology.
To prevent something unwanted from happening in the future, I will sell all the assets in the wallet and then share them equally. That way they can make the money for their business capital.

I don’t know your children’s age, but I thinking if the are uptill 18 years and above, I don’t think you should hide anything from them again, it will be better if you just introduce bitcoin to them then create wallet for all of them and share the bitcoin to them, am sure they will want to hold it and am sure some might even want to buy more, so that they will top up the bitcoin you give them.

There are some ways you can hide when notarizing it even without a notary only a signature and a video testimonial will suffice just notarize it after the assets are handed down, in my case I will distribute my Bitcoin asset while alive so I can oversee and teach them how it works and even motivate them to HODL it, there's a little complication when it comes to an asset like Bitcoin compared to all the other assets, so distributing when you're still alive will ease the burden.

Anything can happen, that's why it's advisable to leave your back up in the safest and unknown place. The better way is set a multisig wallet where you need at least 2 private keys, so when someone discover a private key, he will not able to take your coins. You can also create a time lock transaction where you've setup the transaction will occur after x date, your kids need to protect the back up of the new wallet and don't need to care with your old wallet.

Yeah, I had the same logic in my mind as well. Just like any other assets, we can pass our bitcoins to our children.
But then a thought struck into my mind. What if a person from the notary steals the keys and then destroys the will ?
Even if the will is not destroyed but the coins will be gone since he would have the keys.
He will be easily able to take the coins and nobody would know how to prove him guilty of the theft.

Yes, you can. Well with or without a will, all your estate will be be divided to your heirs upon death, and estates are taxed. When it comes to taxation of cryptocurrencies, it is very complex in every country and there is no universal rule yet for its accounting. So unless you want your children to suffer the rough road of estates along with the emotional pain of you passing away, you should rather find an attorney who will execute your will on your behalf and who will find out how bitcoin is accounted for in your country because that is where the tax rate will be based. Either way, your heirs will still pay estate taxes because if not, transferring of your properties to them will not happen. But if you want your death to be a little bit easier and peaceful, liquifying your assets before is also an option.

It would be great to pass on your knowledge about bitcoin to your children while you can still do it. And along with the knowledge, transfer to each of them the seed phrase from the wallet to which you transferred the bitcoins owed to them. Let your children know that you take care of them while you are alive, not after your death.

The first thing I'd like you to do before sharing your Bitcoin with your five children, because they have no idea what it is. If you want to guide them on how to use crypto currency, they should go and do some research on it. Once they understand what crypto and Bitcoin are and how to use it and invest in it, you can open five wellets for each of them and share it with them as needed.