Topic: Can you 'Will' your bitcoin to your children? - page 2. (Read 574 times)
If according to the conditions you provide, it's better for me not to give access to my bitcoin wallet to my 5 children, this is to prevent conflicts between them, because there will definitely be conflicts between them if I give access to only one person . Therefore it is very important for us to be able to teach our children about cryptocurrency and how to use it from the start, this is to make them understand more about how to use crypto and be able to continue the legacy of their parents who used to be pro towards crypto development.
Depending on the children's ages, if they have matured a bit, have had some exposure to life, and are possibly able to operate and use the internet, you can teach them a lot about Bitcoin so that they can handle the private key on their own. After teaching them, you might as well create separate wallets for each of them so that you can send each of them their respective shares so that they both have access to them. But its not wise to teach them before they get of age so it won’t be a distraction to them and their studies.
@Op It won't really make sense if you WILL the private key to your favorite child, you are already dividing your children already, I know you will definitely be having a favorite child, but you don't have to show it. If you want your child to share your bitcoin if you are no more around, then you can carve your bitcoin private key on a metal steel and hide it, in your WILL, you will discribe where the private key is been kept and you will ask them to share the bitcoin between themselves, just write the amount of bitcoin that will be allocated to each of them.
You never said how old the children are. Are they old and responsible enough to understand what bitcoin is, how to keep a secret, and how to use it?
I would do this in advance and without getting lawyers involved.
Prepare their inheritance yourself. Top up 5 different wallets with unique seed phrases and teach them how bitcoin works and how they can spend their coins. I am guessing they respect you enough to understand that the coins are meant for the time after you are gone and that they shouldn't waste it. It's on you to guide them on how to safeguard their digital assets and teach them the basics of how to stay safe.
I would do this in advance and without getting lawyers involved.
Prepare their inheritance yourself. Top up 5 different wallets with unique seed phrases and teach them how bitcoin works and how they can spend their coins. I am guessing they respect you enough to understand that the coins are meant for the time after you are gone and that they shouldn't waste it. It's on you to guide them on how to safeguard their digital assets and teach them the basics of how to stay safe.
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them?
5 children of different ages and different levels of knowledge? It is impossible to give the same explanation in one place. At some point, one of the children can trick the other to get the privatekey.
Giving them their private keys at a separate place and time (and secretly) also teaches them some important lessons about security.
That's why you can't leave seeds or private keys to a notary, if they are not encrypted with a password.
Tbh it's a weak security method. If I had doubted the notary from the start, I'd not have trusted him at all instead of giving him an encrypted privatekey that would likely be tampered with with some bruteforce attempts and the capabilities of the future technology you describe. 
The simple way you can do this is to distribute the assets you have to five wallets, each of your five children will receive the same amount of assets for the distribution you make, but there must be some kind of reminder so they can access the wallet, when we leave this world. For example writing a will somewhere, that you have saved some assets and wallet keys for the five of them and when the time is right they can retrieve them.
This is more fair for what you give to the five children, so it doesn't raise suspicions about the distribution of the will that you have and most importantly all of them can reach the access that you have stored and you have distributed it equally.
Unfortunately what is safe with fiat money is no longer safe with cryptos. If the notary, one of his associate or successor is dishonest, he will be able to easily steal the funds without leaving any evidence that he is the thief. And you will never know if the seeds have been hacked on your computer/smartphone, robbed by a housekeeper or randomly broken by a supercomputer if it happens in 10 years. That's why you can't leave seeds or private keys to a notary, if they are not encrypted with a password.This is more fair for what you give to the five children, so it doesn't raise suspicions about the distribution of the will that you have and most importantly all of them can reach the access that you have stored and you have distributed it equally.
But if this method doesn't work and you have another method that is much safer, then it's worth a try, of course everyone has their own method that can be used, although sometimes the level of security is not good enough. Problems like this must have a solution, so that people who want to bequeath their wealth (bitcoin) have a level of security.
The simple way you can do this is to distribute the assets you have to five wallets, each of your five children will receive the same amount of assets for the distribution you make, but there must be some kind of reminder so they can access the wallet, when we leave this world. For example writing a will somewhere, that you have saved some assets and wallet keys for the five of them and when the time is right they can retrieve them.
This is more fair for what you give to the five children, so it doesn't raise suspicions about the distribution of the will that you have and most importantly all of them can reach the access that you have stored and you have distributed it equally.
Unfortunately what is safe with fiat money is no longer safe with cryptos. If the notary, one of his associates or successor is dishonest, he will be able to easily steal the funds without leaving any evidence that he is the thief. And you will never know if the seeds have been hacked on your computer/smartphone, robbed by a housekeeper or randomly broken by a supercomputer if it happens in 10 years. That's why you can't leave seeds or private keys to a notary, if they are not encrypted with a password. This is more fair for what you give to the five children, so it doesn't raise suspicions about the distribution of the will that you have and most importantly all of them can reach the access that you have stored and you have distributed it equally.
-Snip- Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
The simple way you can do this is to distribute the assets you have to five wallets, each of your five children will receive the same amount of assets for the distribution you make, but there must be some kind of reminder so they can access the wallet, when we leave this world. For example writing a will somewhere, that you have saved some assets and wallet keys for the five of them and when the time is right they can retrieve them.OK guys is up to you!
This is more fair for what you give to the five children, so it doesn't raise suspicions about the distribution of the will that you have and most importantly all of them can reach the access that you have stored and you have distributed it equally.
In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
The safest and simplest way is IMO to use 5 BIP38 encrypted private keys or 5 mnemonic seed with a password and to leave one different password for each child in your will or to put each password in a sealed envelope for each child that you will leave to a parent. The notary or the parent won't be able to do anything with the passwords because he won't know the encrypted key or the mnemonic seed, but your children will have access to them on your computer. With their password they will be able to try each mnemonic seed/encrypted key to find the one working with their password and belonging to them. Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
If the children knows nothing about Bitcoin it is better to advise them to learn about Bitcoin first, before handing over the private key to them, again, I don't like the idea of giving up the private key because, I am sure that me of the kids will stir up a fight among them. Better tell them to get their own wallets and send you the addresses, do the transfer from your own wallet to the addresses and keep some for yourself, you are not dead yet, and who knows? you can have a long life too, hopefully.
In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
If you decide to [will] the private key to your favorite child, it is possible that the other four children may feel left out or resentful. This could create tension and conflict among your children after you are gone and perhaps if you choose to reveal the private key to all five children at once, they may not fully understand the value of bitcoin and could potentially make poor decisions with it. It perhaps good to consider is to seek the guidance of a financial advisor or estate planner that expert on this who can help you explore all of your options and determine the best course of action based on your specific circumstances. They may be able to suggest alternative solutions, such as setting up a trust or gifting portions of the bitcoin to each child over time. But of course --dont ever share with anyone the private key that you wanted to will. Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
Good question- this is something that I have been personally debating whether to reveal the private keys to my children (though it would be complicated); or to assign it to someone who is trustworthy enough to reveal it to the kids once they reach the age of majority (or at least the age where they could understand it). Both decisions have their respective pros and cons, especially on the latter, as it is difficult to look for someone whom I can trust completely.
If I were in that position, I would take 70% of my BTCs and convert it to cash so that I could allocate it in a different investment (e.g. stocks, estates, etc.). From there, I would invest the remaining 30% as BTC and put the private key in a safety deposit box where they could have access in the future. I do believe that once they attain the age of majority, their knowledge would help them decide on what to do with it.
A wise father will go ahead and purchase five hardware wallets for the children, and send the amount of Bitcoin he wish to give the children into each of the wallets, doing this will neutralize any possible conflicts among the children.
No one will be able to know how many Bitcoin the others get from the father. Keep some apart for yourself, since you are still alive and you don't know how long you are going to be here.
You can make this preparation with a reliable lawyer or the mother (wife) just in case, death can be tricky at times, it's risky, even when we go to sleep at night.
No one will be able to know how many Bitcoin the others get from the father. Keep some apart for yourself, since you are still alive and you don't know how long you are going to be here.
You can make this preparation with a reliable lawyer or the mother (wife) just in case, death can be tricky at times, it's risky, even when we go to sleep at night.
This is the best solution I can come up with, divide bitcoins equally among 5 hardware wallets and put their names on each wallet they will receive after we die. But I will not trust a lawyer or 3rd party, instead, I will share it all with my wife or most trusted relative, who will hand over my children's bitcoins on my behalf if I have a problem outside desire. Lucky for me, I only have 2 kids, so I will only have to buy 2 hardware wallets
. 
In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
If you think your life is near at the end point much better if you liquidate you asset and convert it to cash or maybe to physical asset like plot/house so that it easy for them to understand about what they are receiving once you depart on this world.
But if you can't avoid that since you want to earn an interest for what you think long term holding can generate you more value then teach your children about it to avoid confusion in future.
Also split it up to your children and don't let your favorite child handle it because you never know this will create a conflict since money is root of evil and they might think bad to take advantage on what's left for them.
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
OK guys is up to you!
Why not use a multi sig Bitcoin wallet to store your Bitcoin then give each children their split private key so that you can make sure that no one can be greedy to solo all the Bitcoin since they need everyone to cooperate just to access your Bitcoin holdings.
I believe giving private key is allowed to be on the will. Just make sure that the lawyer that you will get is informed about it so that he can do research on how to handle this things. Lawyer can adjust and they can accept this kind of will under there care.
I think if you give Bitcoin to your five then it is necessary to teach him about Bitcoin so that when Bitcoin is inherited to the child he can better understand or at least he has prepared the best wallet to choose and you just send bitcoin to your child.
Not the favorite child of all the same children is the same favorite for us even though there are 5 children more just and there is no jealousy so it is better for the average bitcoin so that this does not cause other problems among the 5 children.
The most important thing is they must understand bitcoin at least about the basis that must be understood.
Not the favorite child of all the same children is the same favorite for us even though there are 5 children more just and there is no jealousy so it is better for the average bitcoin so that this does not cause other problems among the 5 children.
The most important thing is they must understand bitcoin at least about the basis that must be understood.
Everything you can do with cash, you can do with bitcoin, so that anyone who knows the private key owns those coins just as if it were you.
You can set up a multi-signature wallet so that if a certain number of children do not agree, the money will not be spent.
So all the options in your mind are available, if you can lock the coins so that they are unlocked on a certain date or you can put them in a safe and keep the key and other things.
If I had kids I wouldn't tell them about Bitcoin, I'd let them grow up and know how to handle money and then I could tell them.
You can set up a multi-signature wallet so that if a certain number of children do not agree, the money will not be spent.
So all the options in your mind are available, if you can lock the coins so that they are unlocked on a certain date or you can put them in a safe and keep the key and other things.
If I had kids I wouldn't tell them about Bitcoin, I'd let them grow up and know how to handle money and then I could tell them.
The arrangement is to leave your five kids with bitcoins when you no longer exist. When it comes to dividing it and deciding who will hold the keys, this is actually not hard to do because you can easily set up five different addresses for wallets with the same number of bitcoins to make it equal and keep them away from fighting over the differences. The hard aspect is the manner is guarding the keys over an extensive stretch of time. Perhaps you can conceal it among your personal belongings, where no one in your household keeps checking it.
If you want to leave something like that to each of your five children, then make 5 wallets and "fill" each one with as much BTC as you want. When I say "wallets", I mean creating seeds, which is much easier than extracting private keys from public addresses and manually writing them down, which can easily lead to errors. On the other hand, if you want to print private keys, you run the risk that your data will be compromised, just like if you use the camera on your smartphone.
When you have 5 wallet seeds, write them down on paper and store them in an envelope with the name of each child and an explanation of how to use them. How you store those envelopes is up to you, but I personally wouldn't entrust something like that to a lawyer or someone I don't trust completely.
Most time sharing of money inherited from parents always bring misunderstandings between siblings because maybe the elderly ones would want to receive the higher portion of it. I think the best thing to do to avoid disagreement on how to share the money is for the parent to segment the amount of bitcoin that is to be will to 5 children and specify wallet that belongs to each of the kids.When you have 5 wallet seeds, write them down on paper and store them in an envelope with the name of each child and an explanation of how to use them. How you store those envelopes is up to you, but I personally wouldn't entrust something like that to a lawyer or someone I don't trust completely.
Leaving it in a particular wallet till when it is to be shared among the five children may cause conflict expecially when the amount of bitcoin might have gone down due to volatility in price of the market. It will be easy for them if it is already segmented in different wallet and stated which one belongs to each of them.
In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.
Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
Depending on the age range of the children, if they have grown up a bit and they both have exposure to live and possibly can operate and use the internet, then you can teach them so many things about Bitcoin so that they can handle the private key themselves; perhaps after teaching them, you can as well open a separate wallet for each of them so that you can send each of them their share so that they can both have access to them.Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!
If you believe they are too young to understand the concept, you can create a Bitcoin wallet for each of them and keep their respective private keys.
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