How can we pass on our digital assets to our family members?

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: MintDiceSupport on April 13, 2018, 12:33:54 PM

Check out the discussion here https://www.reddit.com/r/Bitcoin/comments/79r5m7/how_would_you_practically_let_your_family_inherit/

The OP and several users brought up the idea of splitting your private key into parts and giving them to different members of your family (or people you trust). On their own, no one can retrieve your funds. Interesting concept! That said, whatever you choose to do, it's great to start thinking about it now.

cheers

If a person really trust his family and loved ones no need to undergo that hassle method of inheriting process. Well at least for me as we have different status.

Just give it on a one whole shot to the chosen one/s then that's it. As if the one who will came up a plan like that really have lots of bitcoins on his stash. Trust me, it's still way better to just teach our love ones or the one you trusted about how they can access our wallet in case of "unexpected" emergencies. When I mean unexpected, it doesn't mean that someone passed way but that is not the emergency we will encounter so better we can have a non hassle way to covered that emergency.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: MintDiceSupport on April 13, 2018, 12:33:54 PM

Check out the discussion here https://www.reddit.com/r/Bitcoin/comments/79r5m7/how_would_you_practically_let_your_family_inherit/

The OP and several users brought up the idea of splitting your private key into parts and giving them to different members of your family (or people you trust). On their own, no one can retrieve your funds. Interesting concept! That said, whatever you choose to do, it's great to start thinking about it now.

cheers

That's an interesting method. The problem is that everyone needs to coordinate -- and you need to trust that each participant doesn't lose their piece of the private keys.

In that sort of situation, you also want to clearly spell out (e.g. in the will) what is supposed to happen, so everyone has extra incentive to act honorably during/after the private keys are retrieved.

On some level, this stuff always boils down to trust. Do you trust your spouse or attorney not to steal your keys? Do you trust the participants in a Shamir's Secret Sharing scheme not to coordinate to steal your money? You need to weigh those risks against the idea of your coins being completely lost when you die.

laserfocused

member

Activity: 171

Merit: 10

Quote from: Collinberg on April 11, 2018, 05:08:02 PM

Bitcoin wallets are not like banks where you can have a next of kin to inherit all your assets when you are gone and for security reasons,you definitely can't tell your family members your security information like passwords and such while you are alive.

So I have been wondering,if anything happens to any of us now,how can we safely pass on our assets to our loved ones while still remaining security conscious? Or does our hardworking die with us?

There are many ways to do this that have been around for hundreds of years.

First of all you hire an attorney to be in charge of your estate. within that you lay out clear instructions as to how the funds will be allocated along with the private and public keys or where they can be accessed. Easy peazee...

MintDiceSupport

member

Activity: 154

Merit: 11

MintDice Support

Check out the discussion here https://www.reddit.com/r/Bitcoin/comments/79r5m7/how_would_you_practically_let_your_family_inherit/

The OP and several users brought up the idea of splitting your private key into parts and giving them to different members of your family (or people you trust). On their own, no one can retrieve your funds. Interesting concept! That said, whatever you choose to do, it's great to start thinking about it now.

cheers

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: Collinberg on April 11, 2018, 05:08:02 PM

Bitcoin wallets are not like banks where you can have a next of kin to inherit all your assets when you are gone and for security reasons,you definitely can't tell your family members your security information like passwords and such while you are alive.

So I have been wondering,if anything happens to any of us now,how can we safely pass on our assets to our loved ones while still remaining security conscious? Or does our hardworking die with us?

- Get the private key or the Mnemonic Seed of your wallet.
- Give it to at least one trustful relative, and explains to him/her how to recover it.

Do it, do not let your bitcoins die with you. There are so few of them, and so many lost already

MintDice

member

Activity: 238

Merit: 46

I imagine you could do two things:

1) Secure it in a paper wallet and give it physically or,
2) Provide the information to your family so they access your wallet if it's online

Hope this helps

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

When you die, your family will either keep or throw your things but the most important part is they will definitely look into it.

So maybe... you can just buy/make a notebook stating that your cryptocurrencies will go to the following person/s (with instructions included), but the problem is they might not view it's content so better buy a small vault that uses keys since it will give them the idea that everything in there is "important"

Lastly, I'm sure you know that these coins are volatile so better not rely on them too much cause the situation after a long time maybe not be great Cry

Collinberg

member

Activity: 407

Merit: 14

Collectrix-Bridgin the physical and Virtual worlds

Bitcoin wallets are not like banks where you can have a next of kin to inherit all your assets when you are gone and for security reasons,you definitely can't tell your family members your security information like passwords and such while you are alive.

So I have been wondering,if anything happens to any of us now,how can we safely pass on our assets to our loved ones while still remaining security conscious? Or does our hardworking die with us?

Topic: How can we pass on our digital assets to our family members? (Read 153 times)