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.
Topic: Can you 'Will' your bitcoin to your children? - page 3. (Read 574 times)
What prevents you from dividing bitcoin into equal shares for each child? Or do you think that BTC is not divisible?
There is another option: divide btc not into equal shares, but depending on the abilities of each child. Why leave a legacy to a child who is prone to rash and irrational actions. For example, lose all the money in gambling. Then it’s better to leave the assets to the child who uses them wisely and increases them for the benefit of the family or even other heirs.
There can be many nuances here.
I also thought about it. Five children are always a headache for parents
. I was surprised by the OP's expression about the beloved child. This is not clear to me. If someone is more obedient, it should not be said that he is more beloved. This is a parenting and upbringing problem.But I would not reinvent the wheel but would purchase hardware wallets, dividing them completely in half between the children. Of course, so that they can properly use their funds in the future, it is worth informing them not on the last day, but diligently teaching them how to handle Bitcoin.
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.
This is a simple situation, if you wish to share the amount of bitcoins you have kept among your children, you can include a clear statement in the WILL, that the amount of bitcoins you have at the time of death will be transferred to a trusted third party that will act as an escrow for the split and sharing of the bitcoins in any percentage you have specified among your children.That way you can avoid any problems that may arise by giving it to one of the beneficiaries to share to the others.
You might want to make sure that everyone is happy with that particular arrangement though, because leaving inheritance to one child and not the others, or giving them small shares, can be a source of family feuds and internal strife. Definitely not something you want to leave behind when you depart this world.
You don't share the Bitcoin account. Actually, the Bitcoin account doesn't matter. What matters are the coins. After all, as soon as they've got the private keys already, they will probably withdraw their share from that account to theirs. Also, you can actually divide them to five while you are still alive. So, instead of putting one private key to your will, you will assign 5 private keys, one for each one of them. As to the will, yeah, you can prepare it in advance. It's up to you how you would keep it.
you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do?
Would ask them to create 5 wallets themselves, and send them equally divided btc from my wallet, possibly through some mixer.
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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!
1st option sounds good, just reveal the pvk to one, no one else would even know. 2nd option may create quarrel.
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!
Yes by the time, and until my child goes to mature up to 18 years old +. I just prepared wallet.dat and printed private keys for each of my children. and of course not only that, I will teach them how to manage their assets and how to be good investors like Warren.OK guys is up to you!
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.
You can split your bitcoins to five parts, store them in five separating wallets with five different private keys or different mnemonic seeds. Each of five wallets will be assigned to each of your children.Quote
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?
If you want each of your children inherit your bitcoins, let's do separating for each of them. If you only assign one wallet for five children, it will cause conflict of interests and when you pass away, they might start an internal conflict of interest that is not good for them and your family in general.If you have clear idea when you will give that gift to each of your children, you can use Locktime.
Using Locktime for inheritance planning, backups or gifts
I don't think children will understand well about private key and Bitcoin investment, seems need waiting until he age over 13 years or in my country have been in pass junior high school and know about bitcoin. I agree have to will our children with Bitcoin assets at the future but my children under two years and know understand yet how to manage or access bitcoin.
Not only about our children but all our family is important thing will our bitcoin assets, can't predicting bad happening to us and leave them private key or transparent with how much assets bitcoin having is the best way and help us later if got dropped suddenly.
Not only about our children but all our family is important thing will our bitcoin assets, can't predicting bad happening to us and leave them private key or transparent with how much assets bitcoin having is the best way and help us later if got dropped suddenly.
If you have the chance or capability to have a bitcoin and give those to your children it's a good idea but make sure they are aware having this kind of thing because again once they lose already the key once you are not around any more no one will use that bitcoin and it could just a waste of time and money already. In case what will you plan just leave the bitcoin in your hot wallet just keeping the key or buy them a hardware wallet which is the most ideal.
I agree with the idea above that you have to create a five wallets instead of making your children to share a single wallet which can cause a problem in the future. I don't know enough of laws in every country but you should consult your lawyer if you want that to happen but also you can follow what the suggestions above me. Having a Bitcoin to make as your gift or something as an asset to give to your children is a very complicated things and not to mention the idea of how you should protect those private keys in every wallet in order for them to not get hacked or taken from you.
First of all the father should be aware of the safety of his coins before making any WILL. I think a secured hardwallet can solve the problem of security. Five hardwallet with equally holds the same amount of bitcoin for each child. Also, the father can give that responsibility to their mother for giving them the hardwallet when they grow up.
I agree with the idea above that you have to create a five wallets instead of making your children to share a single wallet which can cause a problem in the future. I don't know enough of laws in every country but you should consult your lawyer if you want that to happen but also you can follow what the suggestions above me. Having a Bitcoin to make as your gift or something as an asset to give to your children is a very complicated things and not to mention the idea of how you should protect those private keys in every wallet in order for them to not get hacked or taken from 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.
It depends if you want to split your Bitcoin to five equal amounts for each child, or you want someone to get more and others less coins.To avoid all the complications I would split and prepare coins in advance, every kid can receive exact same seed words (12 or 24) but each of them will have unique different passphrase.
That way they could all access one main account, but separate accounts would not be shared between them.
This is easy to do with hardware wallets creating multiple accounts.
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?
I don't think private key alone is safe enough, so it's better to use something like multisig setup.Whatever option you choose, having multiple backkup options is needed, to avoid single point of failure.
First of all, depending on the place of residence, the execution of the will and its taxation may be different. So you should keep that in mind when drafting a will.
Is it taxable on inheritance of bitcoin and cryptos? Sorry but in our country, as far as I know as long as you dont change it to fiat its not taxable unless you convert it.Im thinking also the same doing so but of course need to study first if the crypto has implemented worldwide regulations for something like this.
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!
What prevents you from dividing bitcoin into equal shares for each child? Or do you think that BTC is not divisible?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!
There is another option: divide btc not into equal shares, but depending on the abilities of each child. Why leave a legacy to a child who is prone to rash and irrational actions. For example, lose all the money in gambling. Then it’s better to leave the assets to the child who uses them wisely and increases them for the benefit of the family or even other heirs.
There can be many nuances here.
I have an idea. Can multi sig not help in any way to avoid a conflict post mortem or to avoid having to trust lawyers with the custody of the balance?
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PrivacyG
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Regards,
PrivacyG
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This idea is good.
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Lucius has an excellent idea, and one that I would endorse. There are humans with little or no sincerity or honesty; they can claim to be men of integrity, but in your absence they can do something totally different against your will. Trusting such information to a lawyer is something I cannot advise anyone to do. Just split the bitcoin into different wallets and keep a trace on how the kids can gain access to it when their father is dead.
In a movie I watched with this kind of storyline, the man kept a record of how his three children could discover where he buried his will. What the man did was to contain little by little all his will information in three different diaries and inform the children that when he is dead, they should look for three diaries in his room that contain information on how they can get his will. So after he died, his children were already aware because the information was not just made available to one person. The diaries contain only a few pieces of information, so the three diaries need to be combined to get the full picture.
Is it taxable on inheritance of bitcoin and cryptos? Sorry but in our country, as far as I know as long as you dont change it to fiat its not taxable unless you convert it.
As I said before it depends on the place where you live. So you might be right for your country. However, there is no worldwide universal taxation of Bitcoin, so one has to differentiate depending on the jurisdiction you are living.
In many European countries it is the case that assets up to a certain value can be inherited tax-free. Regardless of whether it is shares, Bitcoin or real estate. However, in other jurisdictions, inheriting Bitcoin may be tax-free and taxes may only be payable on a sale in FIAT currencies.
The best thing would be to consult a local tax advisor on the subject. Here in the (international) part of the forum you will hardly get a suitable answer. If there is a local forum section for your country, you might want to ask there.
First of all, depending on the place of residence, the execution of the will and its taxation may be different. So you should keep that in mind when drafting a will.
Is it taxable on inheritance of bitcoin and cryptos? Sorry but in our country, as far as I know as long as you dont change it to fiat its not taxable unless you convert it.Im thinking also the same doing so but of course need to study first if the crypto has implemented worldwide regulations for something like this.
Like I've said, tell them to download Bitcoin wallet e.g Electrum wallet and send their shares to them one after the other, if you are rich, buy 5 hardware wallets and send the Bitcoins to each of the hardware wallets and hand it over to them.
With doing this, you lose access to the fund and the children will be able to spend it while you are still alive. It's possible that one day you need the fund yourself.Your suggestion is good if you want to give bitcoin to your children as a gift.
*Then You Have Some Teachings To Do*
Since you claimed that the children had no idea that you have Bitcoin, I doubt that any of them understands how to handle a Bitcoin wallet or carry out any transaction themselves.
If your topic is referring to yourself, you need to correct your mistakes before it's too late.
I consider this a mistake because you failed to teach them about Bitcoin all this while, what would have happened if you aren't able to ask this question today and you aren't among the living anymore? Your Bitcoin will go to waste.
*Solution*
•You don't have to give up the private keys to them, because this can cause a fight among the children later, case of one been greedy than others.
•Like I've said, tell them to download Bitcoin wallet e.g Electrum wallet and send their shares to them one after the other, if you are rich, buy 5 hardware wallets and send the Bitcoins to each of the hardware wallets and hand it over to them.
•Tell them to learn more about Bitcoin by doing some research themselves, also give them some advise how they can mess it all up, I meant every possible ways they can lose their Bitcoin to scammers.
Since you claimed that the children had no idea that you have Bitcoin, I doubt that any of them understands how to handle a Bitcoin wallet or carry out any transaction themselves.
If your topic is referring to yourself, you need to correct your mistakes before it's too late.
I consider this a mistake because you failed to teach them about Bitcoin all this while, what would have happened if you aren't able to ask this question today and you aren't among the living anymore? Your Bitcoin will go to waste.
*Solution*
•You don't have to give up the private keys to them, because this can cause a fight among the children later, case of one been greedy than others.
•Like I've said, tell them to download Bitcoin wallet e.g Electrum wallet and send their shares to them one after the other, if you are rich, buy 5 hardware wallets and send the Bitcoins to each of the hardware wallets and hand it over to them.
•Tell them to learn more about Bitcoin by doing some research themselves, also give them some advise how they can mess it all up, I meant every possible ways they can lose their Bitcoin to scammers.
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