https://www.forbes.com/sites/billybambrough/2019/11/26/bitcoin-isnt-dead-but-one-day-you-will-be/?utm_source=TWITTER&utm_medium=social&utm_content=2869506425&utm_campaign=sprinklrForbesCrypto#57e00fd85bb5
Topic: Establishing A Will -With Collectibles In Mind (Read 760 times)
Nice topic Chi it got me thinking about a scene from an old movie Hackers. In it Phreak was in jail and had to send a msg for a whereabout of an item to set him free. He said “it’s in a place where I put that thing one time”. Those that didn’t watch the movie it was behind a random locker in his highschool. Now if I were to leave my seed written on tungsten. I would make it a personal thing for my loved that only they would get. Just my two Satoshi.
What's wrong with encrypting your passcodes, seeds, etc. in your will?
Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!
Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!
What you describe is essentially a dead man's switch. There are several online sites, I use at least one, in addition to Google's Inactive Account Manager = euphemism for a dead man's switch that waits at least 3 months of inactivity.
It's as simple as a "Send Later" .. which even Gmail has now. Just make sure your message is encrypted, and teach your beneficiary how to decrypt it. Or if you need to make it simple, a pointer to a second factor or object you know only they have, like the password to your encrypted USB device stored somewhere she knows. You'll have to update this often, depending on your circumstance.
Some people just do plain paper wallets or seed phrases as cold storage and that also works.
Thank you for sharing this. I was unaware of this option. Very cool.
What's wrong with encrypting your passcodes, seeds, etc. in your will?
Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!
Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!
What you describe is essentially a dead man's switch. There are several online sites, I use at least one, in addition to Google's Inactive Account Manager = euphemism for a dead man's switch that waits at least 3 months of inactivity.
It's as simple as a "Send Later" .. which even Gmail has now. Just make sure your message is encrypted, and teach your beneficiary how to decrypt it. Or if you need to make it simple, a pointer to a second factor or object you know only they have, like the password to your encrypted USB device stored somewhere she knows. You'll have to update this often, depending on your circumstance.
Some people just do plain paper wallets or seed phrases as cold storage and that also works.
What's wrong with encrypting your passcodes, seeds, etc. in your will?
Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!
Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!
Even in the event of a nasty divorce, no judge can freeze my deposit box.
I can attest that a cosigner to a Bank Safety Deposit box was not locked out of access post-mortem nor was any hold placed on access, nor was the box searched. If there was not a co-signer on the box-access to its contents would have been subject to arbitration.
I confirm this.
I my case I put my wife as my "in case of death contact".
With a valid death certificate and my key she can open my safe deposit box. Without she can't (ever).
Even in the event of a nasty divorce, no judge can freeze my deposit box.
Obviously this is in my jurisdiction. It depends where you are
Well then what would you suggest? You've got to have some sort of plan. Some plan is better than no plan, right?
If you own a collectible with the private key made by someone else and you think a "I promise I didnt keep the keys" is good enough.. then a bank is essentially just as safe.What is a better alternative? Imagine you have 7 or 8 figures of physical items. Where would you store them? Hide them in your house and hope nobody takes a wrench to your family members?
I was not talking about collectibles here, but rather passphrases, seeds, paper wallets et. al. For collectibles such a box is a decent option as long as you properly document, in say the will you mentioned, everything that you have in there.There are a bunch of new multisig security systems that are easy to use and provide very strong security, such as the Casa system: https://keys.casa/
These can help a lot with estate planning while preserving security.
You don't need Casa to do this. I don't even see why you'd want Casa to do it as creating multi-sig is trivial. However, their "Key Shield Multisig" offer seems interesting. These can help a lot with estate planning while preserving security.
Thanks for raising this very important issue.
Many of us are paranoid (for good reason!) so we can make the mistake of using a security system that is far too complex for our loved ones in case we die. If they can't easily figure it out, then they are more likely to go onto google or reddit and look for help - and quickly get scammed. So it is important to do a "test run" of your security system with your heirs to see if they can figure it out without any input from you.
There are a bunch of new multisig security systems that are easy to use and provide very strong security, such as the Casa system: https://keys.casa/
These can help a lot with estate planning while preserving security.
Many of us are paranoid (for good reason!) so we can make the mistake of using a security system that is far too complex for our loved ones in case we die. If they can't easily figure it out, then they are more likely to go onto google or reddit and look for help - and quickly get scammed. So it is important to do a "test run" of your security system with your heirs to see if they can figure it out without any input from you.
There are a bunch of new multisig security systems that are easy to use and provide very strong security, such as the Casa system: https://keys.casa/
These can help a lot with estate planning while preserving security.
Supposedly upon your death your safe deposit box gets locked down pending investigation. This is standard. If you have a co-signer on your safe deposit box, they should go to the bank as soon as possible and empty your box.
This is (sort of) true and you gave good advice but for the wrong reason. If you find out someone died and you rush to empty their safe deposit box before it's locked down, you'll be unwittingly giving yourself motive to any potential foul play.
Also, even if you are the executer of a will, you will have difficulty accessing a safe deposit box without a legal order. However, if you are a co-signer on a safe deposit box, you can access it with no issues ever, even after a death of the other signer. Basically, if you want to avoid a hassle, a co-signer > a will, when it comes to accessing a safe deposit box. When it comes to who is the legal owner of the items in the safe deposit box, that's where a will comes in.
If that is true, one of the people investigating could likely steal the written down key and steal the funds as soon as they reach the next machine. Therefore, in reality a safe deposit box only creates a fake sense of security.
What is a better alternative? Imagine you have 7 or 8 figures of physical items. Where would you store them? Hide them in your house and hope nobody takes a wrench to your family members?
I can attest that a cosigner to a Bank Safety Deposit box was not locked out of access post-mortem nor was any hold placed on access, nor was the box searched. If there was not a co-signer on the box-access to its contents would have been subject to arbitration.
Supposedly upon your death your safe deposit box gets locked down pending investigation. This is standard. If you have a co-signer on your safe deposit box, they should go to the bank as soon as possible and empty your box.
This is (sort of) true and you gave good advice but for the wrong reason. If you find out someone died and you rush to empty their safe deposit box before it's locked down, you'll be unwittingly giving yourself motive to any potential foul play.
Also, even if you are the executer of a will, you will have difficulty accessing a safe deposit box without a legal order. However, if you are a co-signer on a safe deposit box, you can access it with no issues ever, even after a death of the other signer. Basically, if you want to avoid a hassle, a co-signer > a will, when it comes to accessing a safe deposit box. When it comes to who is the legal owner of the items in the safe deposit box, that's where a will comes in.
If that is true, one of the people investigating could likely steal the written down key and steal the funds as soon as they reach the next machine. Therefore, in reality a safe deposit box only creates a fake sense of security.
What is a better alternative? Imagine you have 7 or 8 figures of physical items. Where would you store them? Hide them in your house and hope nobody takes a wrench to your family members?
Decent thread. Has been on my mind not long ago as well. However, I'm more annoyed by the lack of widespread availability of proper dead man's switches. A will is not going to be that useful in cases where your security is very high, unless you want it only to cover collectibles or you want to store keys/passphrases in it (which would be a fatal mistake).
Expensive sir, must feed family. When free e-book version?
Why would a will not be a good idea in this circumstance? You can keep your will private. Lock it in a bank safety deposit box, keep it at a safety storage place, hide it somewhere...etc. What are your other options ?Expensive sir, must feed family. When free e-book version?
Well then what would you suggest? You've got to have some sort of plan. Some plan is better than no plan, right?
If you own a collectible with the private key made by someone else and you think a "I promise I didnt keep the keys" is good enough.. then a bank is essentially just as safe.
This is exactly what I was thinking.
Decent thread. Has been on my mind not long ago as well. However, I'm more annoyed by the lack of widespread availability of proper dead man's switches. A will is not going to be that useful in cases where your security is very high, unless you want it only to cover collectibles or you want to store keys/passphrases in it (which would be a fatal mistake).
Expensive sir, must feed family. When free e-book version?
Why would a will not be a good idea in this circumstance? You can keep your will private. Lock it in a bank safety deposit box, keep it at a safety storage place, hide it somewhere...etc. What are your other options ?Expensive sir, must feed family. When free e-book version?
Well then what would you suggest? You've got to have some sort of plan. Some plan is better than no plan, right?
If you own a collectible with the private key made by someone else and you think a "I promise I didnt keep the keys" is good enough.. then a bank is essentially just as safe.
Decent thread. Has been on my mind not long ago as well. However, I'm more annoyed by the lack of widespread availability of proper dead man's switches. A will is not going to be that useful in cases where your security is very high, unless you want it only to cover collectibles or you want to store keys/passphrases in it (which would be a fatal mistake).
Expensive sir, must feed family. When free e-book version?
Why would a will not be a good idea in this circumstance? You can keep your will private. Lock it in a bank safety deposit box, keep it at a safety storage place, hide it somewhere...etc. What are your other options ?Expensive sir, must feed family. When free e-book version?
Well then what would you suggest? You've got to have some sort of plan. Some plan is better than no plan, right?
Supposedly upon your death your safe deposit box gets locked down pending investigation. This is standard. If you have a co-signer on your safe deposit box, they should go to the bank as soon as possible and empty your box.
If you have cash in your safe deposit box, and no one gets there before it is locked down, they confiscate the cash pending its validation.
Stuff i've heard. Not sure if its 100% accurate, but this was from a bank employee, so ?
thanks!
If that is true, one of the people investigating could likely steal the written down key and steal the funds as soon as they reach the next machine. Therefore, in reality a safe deposit box only creates a fake sense of security. If you have cash in your safe deposit box, and no one gets there before it is locked down, they confiscate the cash pending its validation.
Stuff i've heard. Not sure if its 100% accurate, but this was from a bank employee, so ?
thanks!
legendary
Activity: 2520
Merit: 3238
The Stone the masons rejected was the cornerstone.
Supposedly upon your death your safe deposit box gets locked down pending investigation. This is standard. If you have a co-signer on your safe deposit box, they should go to the bank as soon as possible and empty your box.
If you have cash in your safe deposit box, and no one gets there before it is locked down, they confiscate the cash pending its validation.
Stuff i've heard. Not sure if its 100% accurate, but this was from a bank employee, so ?
thanks!
If you have cash in your safe deposit box, and no one gets there before it is locked down, they confiscate the cash pending its validation.
Stuff i've heard. Not sure if its 100% accurate, but this was from a bank employee, so ?
thanks!
Yep always have your better half have access to your box (as long as you are in good terms with her)
Safe Deposit Boxes - What You Need to Know
15-things-you-should-know-about-safe-deposit-boxes
Supposedly upon your death your safe deposit box gets locked down pending investigation. This is standard. If you have a co-signer on your safe deposit box, they should go to the bank as soon as possible and empty your box.
If you have cash in your safe deposit box, and no one gets there before it is locked down, they confiscate the cash pending its validation.
Stuff i've heard. Not sure if its 100% accurate, but this was from a bank employee, so ?
thanks!
If you have cash in your safe deposit box, and no one gets there before it is locked down, they confiscate the cash pending its validation.
Stuff i've heard. Not sure if its 100% accurate, but this was from a bank employee, so ?
thanks!
Decent thread. Has been on my mind not long ago as well. However, I'm more annoyed by the lack of widespread availability of proper dead man's switches. A will is not going to be that useful in cases where your security is very high, unless you want it only to cover collectibles or you want to store keys/passphrases in it (which would be a fatal mistake).
Expensive sir, must feed family. When free e-book version?
Why would a will not be a good idea in this circumstance? You can keep your will private. Lock it in a bank safety deposit box, keep it at a safety storage place, hide it somewhere...etc. What are your other options ?Expensive sir, must feed family. When free e-book version?
Decent thread. Has been on my mind not long ago as well. However, I'm more annoyed by the lack of widespread availability of proper dead man's switches. A will is not going to be that useful in cases where your security is very high, unless you want it only to cover collectibles or you want to store keys/passphrases in it (which would be a fatal mistake).
Expensive sir, must feed family. When free e-book version?
Expensive sir, must feed family. When free e-book version?
Why would a will not be a good idea in this circumstance? You can keep your will private. Lock it in a bank safety deposit box, keep it at a safety storage place, hide it somewhere...etc. What are your other options ?
legendary
Activity: 2520
Merit: 3238
The Stone the masons rejected was the cornerstone.
if my kids appear on here trying to sell my collectibles please dont rip them off 
makes an interesting topic as even if you do manage to pass them on, whoever is the recipient may want to offload them and for many there isnt a market outside of this forum.
makes an interesting topic as even if you do manage to pass them on, whoever is the recipient may want to offload them and for many there isnt a market outside of this forum.
Sharks are always around when they smell newbies and people in distress.....have them browse thru past sales and see prices sodl.
Send them here>> https://bitcointalksearch.org/topic/reference-past-collectable-auction-or-selling-prices-with-links-5130318
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