Topic: Can you 'Will' your bitcoin to your children? (Read 575 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.

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. 

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.

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.

You don't need to store it at a notary or in a place that you can't guarantee, just provide a small safe at home with sufficiently secure equipment and after you write down the private key then enter it. For me, saving something manually is much safer than online, for example, saving on a computer.

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.

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.

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.

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.

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.  

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.

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.

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 .

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.

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.

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.

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.

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.

 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.

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.

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.

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.

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.

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.

Would ask them to create 5 wallets themselves, and send them equally divided btc from my wallet, possibly through some mixer.


1st option sounds good, just reveal the pvk to one, no one else would even know. 2nd option may create quarrel.

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.

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.

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.

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.

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.

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.

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.

I recommend contacting a lawyer about inheritance tax with cryptocurrencies because I think it depends on the country and inheritance might still be taxed even if Bitcoin has not been converted to fiat. It would only take legal advise from people who are qualified and not members on the forum because it could land you in a lot of trouble if they have given you the wrong advice.

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 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?

-
Regards,
PrivacyG

This idea is good.


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.

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.

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.

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.

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.

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

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.

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.

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!