HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION - page 10.

Cryptomultiplier

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Quote from: hosseinimr93 on August 10, 2023, 12:03:28 PM

Quote from: Odohu on August 10, 2023, 11:55:51 AM

But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

If you want your heirs to have access to your bitcoin only after your death without you having to reveal your private keys (or seed phrase), you can follow the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts

Anyone who bothered visiting the link shared here, will understand why BTC is the future of money. The vision is clear, but one must not fail to keep the private keys safe, because it's 'not your keys, not your coins.'
Also, a good offline wallet should be used for those who already have the knowledge, expertise or resources of a merchant trader.

I know the rates, or market trends or halving may affect ones capital investment to HODL for the future, let's say 5-7 years or even longer. The surety of BTC wealth being a substantial amount upon withdrawal or passing it over to the next generation/heirs, is one that stands guaranteed.

Aanuoluwatofunmi

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Quote from: Odohu on August 10, 2023, 11:55:51 AM

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device.

Knowing fully that bitcoin is not stored on the wallet we make use of, it is stored permanently on the blockchain, what is needed to have an access to this bitcoin is the unblocking keys needed to decoded the encoded coins on the blockchain through the wallet, that is why we need to have the private keys or the seed seed phrase to have access to the bitcoin on the blockchain, someone like me may hand over the keys to my children if i want an inheritance for them, there's a bitcoin timelock device as well which we can use, some may also finds a means of passing the last key or seed of their wallet to their children through a different sources or written down and archived.

Odohu

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Quote from: hosseinimr93 on August 10, 2023, 12:03:28 PM

Quote from: Odohu on August 10, 2023, 11:55:51 AM

But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

If you want your heirs to have access to your bitcoin only after your death without you having to reveal your private keys (or seed phrase), you can follow the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts

Thanks for sharing the link. I will have to study the process carefully as it look so technical. Maybe others can give alternatives suggestions or recommendations.

Quote from: KiaKia on August 10, 2023, 12:07:32 PM

You just said a will can be written, WILL contains everything you have, properties, money and so on, if money can be included why not Bitcoin? Anything can be WILL to your offspring.

You don't have to hide your involvement with Bitcoin from your children and wait till you are no more around before they know, teach them about Bitcoin while you are still here and pass them the Bitcoins you want them to have, there are ways you can get this done, I believe we have discussed something like this on this forum.

You have idea how a Bitcoin will can be written without adding the private keys? If no, who can you trust to have access to the wallet and not tamper with the funds?

Quote from: KiaKia on August 10, 2023, 12:07:32 PM

Lawyers can get this done, so is your spouse if you are scared of Death 😁😁

Death is inevitable and even though we are not afraid of it, you have to prepare for it 😁😁.

Hamza2424

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Hmm, interesting well, as you should know the key is to access the assets, and that key cant be shared if you want security. If you've lost the key or anyone doesn't have it he cant access the Bitcoins in the wallet. So you need to pass the key but there is a huge risk haha, as I had mentioned already if anyone has the key he can withdraw all the funds. More interestingly haha in reality people store Bitcoins for their hiers. I use to keep my keys mostly in a place and few of my family members know where. As you know haha Death is the reality and it can be on the head anytime.

KiaKia

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You just said a will can be written, WILL contains everything you have, properties, money and so on, if money can be included why not Bitcoin? Anything can be WILL to your offspring.

You don't have to hide your involvement with Bitcoin from your children and wait till you are no more around before they know, teach them about Bitcoin while you are still here and pass them the Bitcoins you want them to have, there are ways you can get this done, I believe we have discussed something like this on this forum.

If your kinds are still very young, wait for them to get to a certain age, you have a wife? Teach her if you trust her, you have to do so because you don't know when your time will be up, if you are not around anymore she will get things done and fulfill your desire.

Get your kids hardware wallets each and send any amount, for example 1 BTC each or lower.

Lawyers can get this done, so is your spouse if you are scared of Death 😁😁

hosseinimr93

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Quote from: Odohu on August 10, 2023, 11:55:51 AM

But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

If you want your heirs to have access to your bitcoin only after your death without you having to reveal your private keys (or seed phrase), you can follow the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts

Odohu

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This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

My thought was captured in my comment in this thread but I felt to raise a topic for most discussion. In case this topic have been discussed, I will be glad to be pointed to the thread.

Topic: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION - page 10. (Read 1663 times)