Topic: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION - page 2. (Read 1663 times)

I understand what you mean because there are indeed a lot of things that are inherited and I understand where you are going but when looking at the initial context of the discussion we are centred on how to pass bitcoin to the next generation so as not to widen into other discussions the focus must remain there.
We all understand that there is a lot that we need to pass on to the next generation after we are gone but currently the discussion is still referring to bitcoin as the main focus so I think it will be out of line if discussing others to be discussed in this thread because the discussion becomes irrelevant to the original topic (off topic).

That's the only chink in the armor of this mechanism. The fact that it banks on the trust and the integrity of the lawyer that you will be working with. But I guess if you have such stupendous amounts of bitcoin that you're worried about passing them down to your kids, you could pretty much afford a lawyer that is either loyal to you from the get-go, or someone whose loyalty can be paid. With that in mind the only thing you'll ever be worrying is wear and tear, and you're supposed to be good to go.

I beieve our main focus here is bitcoin, lets priotize our focus on how bitcoin can be passed on to the next generation through inheritancee and how can we preserve the inheritance without conflict between multiple hiers. I believe we all know that there are various assets that can be inherited but we are talking on bitcoin so lets stay on track.

I'm pleased with your response, friend. I read a post about a Bitcoin enthusiast who was feeling very sad. He had accumulated Bitcoin for 8 years, but he was worried because he had cancer and might not live much longer. He had made sure his Bitcoin would be passed on, but his biggest concern was that his son didn't know about Bitcoin, and he might accidentally ruin what he had worked for all those years. I don't want to go through a similar experience. I'm definitely going to share my Bitcoin knowledge with my future heirs, so they can become even bigger holders than me. Who knows, maybe he could become the next generation's Satoshi.

That completely depends on how you choose to define the word "spent" in the first place. When is a thing truly spent? Is it when you have traded it in for something of equal or greater value? Perhaps it is spent regardless of the return value of the thing you traded it in for? How about if you gambled most of it away with bad trading practices? Is that considered spent?

I will personally teach my kids about bitcoin,if I really want them to inherit my bitcoin. Teach them about wallets and seedphrase,which are the two important things to know so that they can have access to your bitcoin when you have passed on.

If you two kids,get two wallets for them and teach them how to import keys to their own wallet,after that you can create two extra wallets,where you will be storing bitcoin into their various wallet. Just like it is advisable not to store all your bitcoin in one wallet so that if your wallet is compromise,you won't loss all your funds. Since they have their own wallets which they have access to and can practice with it. You can draw a tattoo on their chest that contains the the seedphrase of each of their wallets,where no one can see it,only if they pull off their clothes and nobody will understand what it means. Then tell them that when you pass on the words on their tattoo should be imported on their wallets because you have a big surprise for them and tell them where bitcoin should be private,so that they can keep it a secret. Just my own crazy idea.

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Yes that's quite interesting and you've said it all. Bitcoin must not necessarily be the only digital asset that should be passed down. Examples of other digital asset that could be passed down are:
1) digital books
2) videos
3) music
4) photos
5) Email account

There are many of Dem but let us discuss on this few.
Digital Book: some digital books might be the type which passes information to the younger generation. Educative books to enlighten the younger generation the impending danger ahead and how to scale through.
Videos: videos might also be another digital assets. It might be a video that will contains the total asset that one needs to know about e.g lands, houses, business all over there world. online accounts that he/she has been using to Earn money. Or a video futage of death case. Or a memorial of the past.
Music[: could also be an inherited music that was passed on as a heridity. This music could be a spiritual music or a historical music that has a very big potential to change ones mindset.
Photos: photo is the fastest medium of understanding or conveying message. Photos could be family pictures, childhood picture, marriage pictures etc. documents containing useful information as well.  
Email Account: email account is also important because it contains alot of information concerning you and can also be passed on.

Thank you for your suggestions, I will re-evaluate my storage method carefully. I like everyone here, am trying to find the best solution to ensure the safety of my bitcoins. Therefore, I am willing to listen to everyone's opinions to find the best method.
USB storage is my new go-to in recent years, and with the traditional option for backing up my notes, I did that before learning about bitcoin, and it actually still works pretty well, as you said. It cannot be denied that this is still the method being used by many people.

The saying we grew up with as kids is that it's harder to protect freedom than it is to gain it, the same applies to Bitcoin. You have money so you can easily buy bitcoins but later on it will be a tough challenge for you to protect bitcoins. At the moment you are buying bitcoins you may be someone's child but after few years you will be a father so from then you will be thinking about how to leave my bitcoins to my next generation or loved ones. If your next generation doesn't know about Bitcoin then they won't understand the true value of Bitcoin so first you need to make the next generation much more experienced about Bitcoin. If the next generation or loved one can be made more experienced with Bitcoin and later share your account information with them then surely Bitcoin will reach your next generation or your loved one in your absence.

It's cool that Bitcoin can be passed down like an inheritance. But it's not as easy as it seems. It's something to think about, even though it might seem like bad news. I understand that I didn't know what would occur with my small but growing Bitcoin savings if I died suddenly. This is a topic where we should face reality and find a solution. People who are new to Bitcoin might not be thinking about what could occur to their Bitcoin if they were to pass away unexpectedly.


Oh, wouldn't it be cool if a big platform added a time capsule thing? I could put away some crypto that I can't touch until a certain date. And then I could even send this capsule to someone.I could also create wallets and keys for my kids, but they wouldn't be able to use the crypto until they're 18. Haha, it'd be neat if I could give them a certain amount of Bitcoin for their birthdays every year for 30 years.

I believe we shouldn't just figure out how to give it to our kids or future generations, but also show them how to use Bitcoin properly so they can handle it well after we're no longer around.

 

You present quite a bit of a dilemma Nwada001 because there can be a lot of variance in regards to the extent that couples might agree to having separate funds. or maybe the separate funds are known.. so there could be separate funds and joint funds, but then again, secrets can always be kept in regards to funds, so it could be a matter of degree how much secret is allowed (or even ends up happening) within any relationships.. whether spoken agreement or unspoken agreement... or if they are just lazy in respect to private matters of the other.

One possible way of dealing with a situation in which the partner wants to keep secrets, but also to share might be to have several different secret phrases on a Trezor, and the spouse may already be used to using the trezor and the secret phrases and also know the seed words for the back up, but that she might not realize that the secretive spouse has another wallet that can be accessed through the Trezor and then the secret spouse would pass that down upon his/her death by somehow making sure that the secret password is communicated after death, and that could even be in a sealed envelop in a lawyers office, but he lawyer would not be able to access the wallet without the seed or even known other aspects of the wallet.. so the information in the envelop might even say that this is ONLY intended for my wife after my death and the lawyer would not even be permitted to open it... but another aspect would be if the wife died simultaneously or before the instructions were corrected, then there should be a back up plan of some other heirs or otherwise maybe no one ends up being able to get access to those funds.


If we are talking about ways to pass down our bitcoin, that does not even come close to any kind of presumption that bitcoin is the ONLY assets that anyone has that is worthy of passing down.

We could be talking about $100 worth of bitcoin $1million or some other amount, but the fact that we are focusing our discussion on bitcoin does not even come close to implying that bitcoin is the ONLY thing that we have - even if there might be some discussions/mentions regarding how bitcoin (as an asset class) differs from more traditional asset classes that likely have more of a physical component.. but even bitcoin might not be the ONLY kind of digital asset that someone holds that are of value, and not even necessarily referring to shitcoins because there could be other digital information that people hold that are valuable and/or in need of being passed down.. but even some of those kinds of digital assets might not have the same kinds of cryptographic natures or even the kind of transactional value that bitcoin has in terms of bitcoin would be valuable to anyone once they get ahold of it, they might end up spending it  or storing it away from themselves without necessarily being traceable or recoverable in terms of their likely moving it to new keys if they are able to breach the earlier keys.

I have read through many comments. Someone talked about
✅paper wallet,
✅Keeping a hard wallet with a lawyer and giving access to children after their departure to the land of the silent.
✅Another person also suggested teaching their wife's the know-how.
✅And many more suggestions, this suggestions are good but here are my view on each of them.

👉If a paper wallet is used with reference to a particular block when the bitcoins becomes accessible, my question is that, what happens in a situation where flood swept all the papers, or destroy them totally. If the papers are also kept with a lawyer, what happens if the lawyer pass the paper to their offspring before their death.

👉In the case of teaching the wife the know how of bitcoins is good but many have raised a concern about trust issues, if one have fear of trust on this particular case, then making it known to the wife becomes an unrealistic adventure.
Involving a third party can also open investors to hackers

 👉Having argue on some of this point, as privacy is topmost priority of an investor, it is very obvious that privacy is no longer existing  for user to transfer their asset to offspring since they will involve third person  . The best practice is to share the bitcoins to everyones wallet if they are of age and can manage what they have or make it known to the wife. of what value is it if you have the fear  of loosing all to your wife or lost everything to the air without anyone benefiting.
👉This very topic is serious and I will suggest that, there should be diversification so that bitcoins will not be the only way out in case this leads to family conflict or lost of bitcoins.

Someone asked, "What's the point of getting married to her if you don't trust her? Let's put trust aside. What we are talking about here is finance, and not just any kind of money; this is digital, where there is no name attached to a receiver's wallet unless the person makes it otherwise. So I would not advise you to share your entire wallet access with your wife (that's your decision, by the way, and I respect it), especially when you are still accumulating.

Instead, you can send a few of the coins or half of them to the wallet, where she can have control over them in an emergency. This is to avoid some kind of complications coming afterward in the family in cases of missing funds. If anything happens to the wallet out of the carelessness of either of you, you being the husband, who will you suspect first of moving the funds in the wallet? If we are to be realistic here, anyone who has access to our wallet that we are aware of becomes our number one suspect in cases of missing funds, no matter what relationships or connections we have with the person, unless the case is proven otherwise and the person in question is cleared of any guilt. So I will advise you to add a little security to the sharing of wallet access with your wife, as there are other better ways of doing it.

Basing up on my real experience when it comes on screenshoting some private keys Ex. Electrum, there's no way that you could really be able to do that on which there's no way that you can able to ss out.
I thought that there's something wrong with my phone which it cant make out some screenshot but to know that it was indeed a feature on which you cant really be able to do so. Its true that its not that ideal on storing up those keys or images on your mobile phone and it should really be that private as much as possible or away from other peoples awareness.You would really be putting yourself at huge trouble
once those keys would really be exposed. This is why storing them would be your outmost priority specially if it does contain your crypto savings or investment which would really be intend and saved up
for your future and with your family. Giving out inheritance then teaching them would be the key, you could store up those keys on a flashdrive or putting it on a will so that on the time comes
that you do pass away then they do at least know on how to access those coins for them to make use of it and wont really be putting up your hard work to waste.

Yeah that's true, most wallet disable screenshot of your seed phrase because obviously they know the risk behind it, like you said your phone isn't all that personal and since you can for some reasons kinda give it someone who maybe needs to collect some kind of file from it, for example even your kids, siblings can make use of your mobile and by mistake exposing your seed phrase to eye which are not supposed to view and by so tempering with the access to your wallet. We must understand that our seed phrase is way more important than even the pin to your bank apps because you can recover those very easily but your phrase is something else except only you have it backed up but even at that can still lose your coins if it seen by the wrong eyes

The cautious principle works well here. Wallet security is crucial. Its no surprise wallets dont allow screen recordings or screenshots. Our valuable digital assets are protected this way. Even while mobile phones are everywhere, they have become complicated networks of shared information and security risks.

Your notion to write critical wallet phrases on old-fashioned paper is like how people used to store valuables: carefully. As we enter the wild new world of cryptocurrency, traditional security recommendations and new digital ways will aid us.

Sending sensitive information encrypted? Bringing the best of old and new together! A PDF that requires a PIN? The best! Thats an illustration of how fresh ideas dont need to be spectacular to work. Because of our shared human experience, security rules remain the same in the digital age. Save those digital gems!

Since you know when someone write a will ahead of his or her properties and how the things will be share among his or her children with the witness of his or her lawyer and some of the family members who will testify in case any issues occur in the future is called will. If you want your children to know more about Bitcoin in your home, don't write your seeds phrase on your phone or dairy because it will be easy for them to have access to your Bitcoin when you are still alive. The best way to transfer Bitcoin wealth to your generation is to impact them with the knowledge of Bitcoin so that when you fulfill your days on earth and you are about to die then you can share your Bitcoin among your children to allow peace to rain when you are gone.

Many people just want a shortcut and taking a screenshot is one of the shortcuts because they only need to swap the screen of the device and it's done but don't realize it's a mistake because of minimal knowledge and think all the available features can be used to make life easier.

If we want to become Bitcoin as an inheritance then teaching it to the person who will receive the inheritance is the easiest way but not giving it access to our wallet because we still keep all information confidential with high security, and those who receive the inheritance will only get access to it after we die by telling it in the will where we keep all these important things.

Buddy your right and I think if he had eventually tried this act then his bitcoin phrase has been compromised. I would recommend he start over with a brand new seed and send his bitcoin over there if he really cares about his portfolio or passing it to his next generation. These mistakes are exactly how fraudsters steal bitcoin. Then are left with nothing and no idea how it happened, blaming their wife for their own mistakes because they didn't take this seriously.

Maybe if he uses the Trezor wallet, he can use a unique feature called the "advanced recovery phrase." This lets him add his own secret words to his recovery phrase. This means he can keep his recovery code even safer. Even if someone finds it, they can't get to his coins because they won't know his special words.

As we are protecting our bitcoins today, there's no tendency that we would be protecting it forever and also ripe the benefits of it in the end. so it's better to have someone whom you can rely on and trust for whatever will happen to you, he or she will inherit your crypto assets and will have easy access to them once you are gone. But this is not an easy task because there are lots of people out there whom we know but don't earn our trust. that's why you need to be careful even when you talk about your crypto wealth because if not, you might go in an expected way. you know what I mean right? In that case, I know something called delay email or delay text message or chat message where it automatically sends whenever you are not around anymore probably in 6 months. you can try from that and it might work for you I guess.

Do you know the reason why most wallets disable mobile screen recording and screenshots from their wallets? This is because it's considered risky, as your mobile phone is not your private phone, you can't guarantee not sharing the phone with anyone on one to two occasions, and you can't also be sure of which third-party apps have access to your wallet.

It's considered very risky, mate. Instead of taking screenshots of the wallet phrase, why not make use of any piece of paper, write down the phrase, and safely give it to your spouse if you may? And if you are not close with each other, you can also use any encrypted message method to send it across to her where she will be the only one to have access to it, or better yet, you can make use of PDF and include an access pin to it where the one with the pin can alone be the one to open it, and then you still make use of any encrypted mailing means to send it across rather than taking a screenshot and sending it through, which means, if I may ask.