All of these solutions in the user level not protocol, and therefore will be central at some point or need to trust a third party, which manages that private keys, for example, put it at the bank or a third party safe and allow access to it after consulting lawyers.
Code-level solutions can include:
- Multi-signature wallet: A person creates a multi-signature wallet so that several people can withdraw to it according to a certain number of keys.
- Biometric sensor: a chip may be implanted in the person's body, and when his heartbeat stops, the private key is sent to a specific person.
- Social wallet: pvt key is managed according to the consensus of a certain number of people, either by dividing it or by any distributed method for managing the private key.
These are the usual ideas and there may be more ideas, but the code solutions seem more efficient.
Topic: Crypto Testament (Read 234 times)
Is better to give your private key to your next of kin,or to 2of your children in case one forget the other one will not,rather than outsider called lawyer,besides only God knows if you will die before the lawyer,what of if the lawyer dies before you, or if the lawyer becomes greedy and transfer your cryptocurrency to his own account, so the best thing is to give your key to your family so that your crypto will not be lost when you die.
Acting like as an escrow? I think a holder will trust more and directly tell his private keys to his closest relative or family. There's no need for that as it will just consume a fee.
Well, we have different thoughts and opinions regarding the service but if it works for their clients then good for them. But I think that the majority would just have out their seeds to their first-degree family.
I would trust my own family more than my relatives because my relatives are living from a far but it can also depend on the situation. If you have hard feelings for your family, you can opt and trust your keys with your relatives but if ever both family and relatives are not available, that can be time to use a service like this. Well, we have different thoughts and opinions regarding the service but if it works for their clients then good for them. But I think that the majority would just have out their seeds to their first-degree family.
You can chose another person or a charity of your choice if where would like to donate your cryptos the moment you leave this world. I do not think they will ask for too much fee because the service is still new or not in demand yet and why this is much needed in Italy when the rate of crypto holders are only 18 percent? I think that is small compare to other countries.
First and foremost, I don't have much Bitcoin so there is no point for me to be using the service of this firm. Now, I understand why many Bitcoin and crypto hodler are not really comfortable dealing with a third-party inheritance settlement company because in the first place it is centralized...and we are in fact going away from that arrangement all the way to decentralization. As for me, it would be better to devise something on our own because i am sure all of us can do it with a lot of common sense customized to our unique situation.
To recover bitcoins after the death of the owner
But what if both of the lawyers in question, also die in the process of recovering those BTCitcoins?- This is one of those things that most of us would probably be able to argue for both sides [in other words, not worth the trouble].
It is a needed service, because at present based on a survey 18% of Italian people hold cryptocurrencies.
You have a point, but we're talking about a country with one of the highest life expectancies [83.86 years]. 
Acting like as an escrow? I think a holder will trust more and directly tell his private keys to his closest relative or family. There's no need for that as it will just consume a fee.
Well, we have different thoughts and opinions regarding the service but if it works for their clients then good for them. But I think that the majority would just have out their seeds to their first-degree family.
Well, we have different thoughts and opinions regarding the service but if it works for their clients then good for them. But I think that the majority would just have out their seeds to their first-degree family.
Personally I don't trust those services. However, for people who don't have good plans just in case some accidents happen with them, their loved ones don't have any choice. And such services are their only hope.
It's not my advice for all but I do let my loved ones know where I store my keys and tell them that in case something bad happens with me, they will know how to restore it. I tell them the importance that in such terrible case, they should try to recover the wallet by themselves, and should not leak the keys to others. I warn them about risk if they leak keys, others will steal cryptocurrency in those wallets.
It's not my advice for all but I do let my loved ones know where I store my keys and tell them that in case something bad happens with me, they will know how to restore it. I tell them the importance that in such terrible case, they should try to recover the wallet by themselves, and should not leak the keys to others. I warn them about risk if they leak keys, others will steal cryptocurrency in those wallets.
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The success will be highly dependent on the lawyers integrity tho
Exactly, because bitcoin is not a physical property, people cannot not detect if the lawyer was given the deceased private keys before he/she passed on. If the lawyer decides to move on with the funds because the rightful owner is no longer here on earth they will be no instrument to threaten such an ill action. It's better to save the private keys somewhere in the house where the heir can see them after the owner's disappearance on this world. Truly, I cannot trust anyone with my private keys including the law firms. A lot of people that will patronize this service will belong to the set of people that know less about the importance of private keys to the funds enclosed in their wallet.
People are going to have to figure out what works for them.
Having lawyers / the government get involved is probably just going to cause more problems.
Have a will with instructions of how to dispose of your crypto and a way to get to it and it should be no different then any other asset.
-Dave
Having lawyers / the government get involved is probably just going to cause more problems.
Have a will with instructions of how to dispose of your crypto and a way to get to it and it should be no different then any other asset.
-Dave
If the company that will launch this service has a license and properly established. I don't see any problem using them as an insurance for my crypto assets. I'm not fully knowledgeable on the Country law where the this company will established but if there's a proper execution, I think this will definitely because they are lawyers and last will are supposed to be handle by them to fairly distribute the assets of the deceased to the family. Because greediness might occur on the person who receive the private key.
The success will be highly dependent on the lawyers integrity tho.
People are going to have to figure out what works for them.
Having lawyers / the government get involved is probably just going to cause more problems.
Have a will with instructions of how to dispose of your crypto and a way to get to it and it should be no different then any other asset.
-Dave
Having lawyers / the government get involved is probably just going to cause more problems.
Have a will with instructions of how to dispose of your crypto and a way to get to it and it should be no different then any other asset.
-Dave
The proposals are always good but the implementation is not always a planned. Bitcoin works on trustless protocol, any attempt to trust the legal practitioners and include some kind of centralization, I don't like it.
I will give my keys to my next of kin. If I am not comfortable with that I will buy a save space in the bank where I will save my documents and keys inclusive and also tell my next of kin.
I can still use sig wit and make sure my next of kins need to save unanimously before a fund will move. I will run to Bitcoin anytime, I do not trust centralized systems.
I will give my keys to my next of kin. If I am not comfortable with that I will buy a save space in the bank where I will save my documents and keys inclusive and also tell my next of kin.
I can still use sig wit and make sure my next of kins need to save unanimously before a fund will move. I will run to Bitcoin anytime, I do not trust centralized systems.
This is a much discussed topic about the legal occurence of crypto holdings of the owner to his/her heirs. More suggestions can be seen in the below threads
What happens with my crypto when I die?
What happens to my bitcoin if I die today?
What happens to your Bitcoin when you Die?
Now something has come with supporting this kind of issues. The trademark Crypto Testament and Crypto Will is being registered to Ministery of Economic Development, Italy by two lawyers named Rocco Greco, from Montichiari, and Gianluca Bertolini, from Trapani.
What service they provide ?
To recover bitcoins after the death of the owner
The goals of Crypto Execution
This is being developed to ensure families that the cryptocurrency holdings of the deceased isn't lost. In many cases it is possible to see the owner alone holding the private key. This makes it impossible to recover the holdings. In such a way more bitcoins and altcoins were lost.
Crypto Will act as guarantors for both the person making the will and the heirs. Both the lawyers together have studied the need and have found a solution for the transfer of ownership, even if there is nothing mentioned about the possession of cryptocurrencies. This is expected to solve the big problem. It is a needed service, because at present based on a survey 18% of Italian people hold cryptocurrencies.
Data : Crypto Testament
What happens with my crypto when I die?
What happens to my bitcoin if I die today?
What happens to your Bitcoin when you Die?
Now something has come with supporting this kind of issues. The trademark Crypto Testament and Crypto Will is being registered to Ministery of Economic Development, Italy by two lawyers named Rocco Greco, from Montichiari, and Gianluca Bertolini, from Trapani.
What service they provide ?
To recover bitcoins after the death of the owner
The goals of Crypto Execution
This is being developed to ensure families that the cryptocurrency holdings of the deceased isn't lost. In many cases it is possible to see the owner alone holding the private key. This makes it impossible to recover the holdings. In such a way more bitcoins and altcoins were lost.
Crypto Will act as guarantors for both the person making the will and the heirs. Both the lawyers together have studied the need and have found a solution for the transfer of ownership, even if there is nothing mentioned about the possession of cryptocurrencies. This is expected to solve the big problem. It is a needed service, because at present based on a survey 18% of Italian people hold cryptocurrencies.
Data : Crypto Testament
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