You have a number of options here and your actions depend on the number of people you want to trust, your situation at home, the area where you live (if it's dangerous or not).
In your case you have 5 children and you want to divide the coins equally. One of the options is to make a will with the help of a law firm and seal private keys in envelopes, each with the name of one of your children. The lawyer will keep these envelopes in custody.
As long as you live you can use the addresses, add and subtract coins from them, just that when you die they become inaccessible from your computer because only you know the password. After your death your children go to the lawyer and each gets their private key.
If you don't want to trust the lawyers, make a new wallet and share the seed between your children so that each of them gets a few words. The only way for them to get the money would be to get together and access your wallet.
Each option has a downside. First option makes you trust someone. The second can make the money inaccessible if one of your children suddenly dies before they are able to put the seed together.
Imagine if you died and they are to meet to access the wallet and one of them gets into a car accident. Then nobody gets the money.
Topic: Can you 'Will' your bitcoin to your children? - page 4. (Read 584 times)
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!
You need a lawyer for this so that will be in accordance with the law of the country, every one of your children has the right to inheritance here in our country even illegitimate children have a share, my best course of action is to divide my Bitcoin to all my children equally what you say that you cannot divide your Bitcoin is not true you can divide it on as many shares as you want.
I prefer to give their shares while I'm alive as a donation to each one of them so there are no more issues about shares when I die.
In the case you want your children to have access to your bitcoin after your death, without them being able to spend the fund before your death, you can use locktime feature.
For more information, visit the following topic and read the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts
For more information, visit the following topic and read the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts
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.
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.
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.
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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.
Regarding your example above: One Bitcoin can be divided into eight decimal places. What prevents you from writing a will that covers all five of your children equally? You then deposit this will (including the sealed private key of course) with a notary who, in the event of your death, will pay out the Bitcoin to your children according to their share.
Problem solved. After all, this is how it is done with other assets that are passed on to the descendants. With Bitcoin there is no big difference, except that the notary has to be familiar with Bitcoin and you have to include the private key in your will.
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!
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