Topic: [deleted] (Read 242 times)

That part is actually pretty trivial. If you hand over your seed or private key(s) (encrypted or plaintext) to your brothers right now, nothing is stopping you from creating a brand new wallet with a new seed and swipe your old wallet to your new wallet once you have kids. The proceed to give the new key(s) or seed(s) only to your children.

That way your brothers could spend your funds if something happened to you right now, and later on (when you have kids) you can rest assured they're not going to be able to steal your children's inheritance once you pass away.

For a young man like myself, still at the University and I've acquired quite some funds through cryptocurrency, my guardians have absolutely no clue what bitcoin or cryptocurrency is, not even with the slightest inkling, for me it becomes more difficult to decide who to leave my funds or details of it with. Do I try to teach them about it, or do I resort to briefing my brothers about it.

I'll love to leave my funds with my kids, but as of now I do not have any, it becomes somewhat of a delima to me if something happens to me right now. So do I hand over details of my coins to my brothers for now, and if I eventually make it to have kids, how do i then retrieve such Information and make sure it is solely with just my kids?

I might add a video, Im planning to include it on my personal files that for sure they will open if ever something happens since insurance and some investment where there too which they know. I'd probably put my trezor and steps but the possibilities of changing the steps might be possible in the future, so I'll try to let my family learn trading as well crypto so they can also learn and earn at the same they will be knowledgeable when someday they find out my trezor, I just hope that time the holdings I have were already high since it's too low now.

Letting your family members practice about such steps is a lot easier than leaving them steps on how to imo. Besides, changes happen everyday and you would still need to update the steps every now and then which makes it quite inefficient at times since continuous updates to the steps are needed at almost, if not all times. I'd suggest programming something that may help them understand it at the very least but that seems complicated and needs a lot more time to work on so never mind that. A video would be nice to do as well but again, updates are required at times and can be quite a hassle but it is a lot more easier to follow a video instead of a list of instructions so I'd suggest that to be a better option than listing instructions.

Indeed, every now and then, and especially if the gui of wallet.trezor.io or ledger live have minor changes, i ask her to go trough all the steps necessary to spend funds from my HW wallets.
If i drop dead today, i rest assured only the funds in my desktop wallets will be lost (but that's the equivalent of a couple hundred bucks tops).

But i do get your point, and i think it's valid: if you don't have children and only nieces and nephews, i wouldn't just hand them the tools to spend my funds while i was still alive, and some kind of strategy would be needed in order to make sure they have a decent chance to inherit my funds after i'd be gone... So i do get your point as to why you need to write these steps down.

My strategy is simpler: i've tought my daughter how to use my HW wallets, she knows where they are, she knows their pincodes,... WHEN i die, she can do whatever she wants with my funds.
If she decides to rob me before i die: so be it... She's my child afterall, if she robs me before i pass away, i'd consider it an advance to her inheritance.

I think it would be worse if my child would not inherit my coins than if she'd steal from me, so i want the odds of her not being able to use my crypto as low as possible. Writing extensive guides on shamir's shared secret scheme, GPG decryption, BIP38,... would all decrease the odds of her being able to profit from my work, so i decided to keep it as simple as humanly possible...

Sure, but it might not be the wallet they have. If this is 10 years in the future, who's to say that the Ledger Nano S is still being built or sold? Highly unlikely. And even if they can manage to get their hands on an old one, will it still be compatible? And if it is, the firmware on the device and the Ledger Live software will both almost certainly have changed significant, and render some of your instructions wrong. You've written a good set of instructions for how things stand at the moment, but one update from Ledger would be enough to render them incorrect or incomplete.

Now, if something was to change as I've described above, it might be enough to trip up a complete newbie or someone with low technical knowledge, but someone like me or you who understands what a mnemonic phrase is, what a passphrase is, and how they relate, would still be able to figure it out without too much difficulty. With that in mind, I think you should absolutely pass on your instructions, but it would be wise to also include either an explanation you've written, or a link to where they could find an explanation, as to some basic bitcoin terminology and wallet guides. That way, if your method is no longer valid, they will at least have a starting point to educate themselves as to how to recover your coins using a different method.

An ever simpler solution is to split the seed between family members.
Give the passphrase to one and the 24 words to another, for example.

I don't like the idea to give access to my funds to someone else, so I think this is a nice solution, as only together both could get it.

A simpler instruction would be like this:
- Ask your family members to create a new address and not to lose it.
- Allocate your funds for your dead man switch, publish a time-locked tx.
- Update your TX if you're not dead yet (maybe once in a year).
- Your family will receive the coins after your tx is published.

What you posted above focused too much on Ledger and is not a wallet-independent guide.

Further reading: https://bitcointalksearch.org/topic/dead-mans-switch-5069728

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