2: giving the one that wants to inherit the assets the basic knowledge of cryptocurrency and how to secure their assets guiding their self against any possible attack by maintaining high privacy.
This is absolutely necessary because if you must transfer Bitcoin to heirs, they must have the required knowledge to handle same. It is even wise we teach our children Bitcoin irrespective of if we are ready to hand over to them or not... this way they can also start building even from an early stage. Personally, Bitcoin is surely one of the things I will prioritize for my children... even as they build their professional careers and venture into different different field of life. I have always been an advocate of each one start from your family and friends in sharing the knowledge of Bitcoin and the technology behind it. If all of us in this forum start from our immediate families, imagine how many Bitcoin lovers and users we can nurture within a short time.
Personally, I question the extent to which it is necessary to teach your heirs about bitcoin in order for some kind of plan to be made in which they would benefit from your bitcoin. For example, you could create some kind of a trust and you could also have some person or some kind of an organization that would be in charge of distributions, and you could also have terms within the trust that might involve some of the needs of your various heirs to educate themselves in regards to bitcoin (or any other topic) if you believe that might be a reasonable condition to set upon their receipt of the bitcoin or to receive distributions that might span out over a number of years or even through their whole life, if you might want to set it up in that kind of a way.
Don't get me wrong. I surely get the sense that it is a good thing to teach your own kids about bitcoin, yet in some sense your kids also have agency in terms of whether or not they are interested in the topic, and for sure many of us would prefer that our kids listen to us and we are able to instill various values with them, including that they learn about bitcoin, but still we likely need to appreciate that there may well be a lot of differences in how any heirs might learn (including some heirs might actually have hostile views to you and to bitcoin, and that is going to be up to you regarding whether you still believe that they might be an heir that is entitled to some if not all of your bitcoin upon your perishing).
I recall participating in
one thread (currently locked) questioning if the wife should know your seed phrase.I participated in another
thread in which the question regarded whether "your" kids are aware of bitcoin and at what age (or whether) to teach them about bitcoin.
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.
The real problem with Bitcoin
BTC is that if you share your private key with your near and dear ones like your wife and kids, there are chances that they may misuse the funds and even withdraw them before you die.
On the other hand, if you choose not to share the private key with them, you never know if you die all of sudden like in an accident or heart attack and nobody will know those private keys and hence that bitcoin will be lost forever.
I think, in the future many rich families will become poor when someone in their family dies suddenly without transferring the secret private key to anyone.
I agree with the fact that the major challenges of Bitcoin is in it security and transferability which have lead to a lot of attempt conspiracy, take the case of Satoshi Nakamoto for instance, his wallet holdings have remained untouched since his disappearance and if he never return, those bitcoins become waste and lost forever, so in other to prevent such occurrence in our individuals live there is a need to put adequate measure in place to checkmate our securities and how best to transfer our Bitcoin to the next generations without causing any harm to both the receiver and you who is the custodial owner.
The risk of the danger of disclosing your private key to another person, vs. the risk of dying without anyone having access to your bitcoins, has been the major worries of many of us.
Your discussion here reminds me of
a little (about 27 minutes) video drama that was posted by another forum member (At this time, I cannot remember which member and/or which thread) that has a kind of funny and interesting plot upon which the nerdy (and not very attractive) bitcoiner marries a relatively attractive younger woman, and then he engages in various attempts to teach the wife about bitcoin, which she seems like she did not really understand it and the husband seemed to be using a Trezor with an extra word password, but she understood that he (the husband) had a lot of money, so the wife was having an affair and she and her boyfriend plotted to take the bitcoin from the husband, and I am not sure if they meant to kill him but various tragedies happen along the way including that all of the keys end up getting lost (or not recoverable).. at least that seemed to have had been the way it turned out.. you can watch it for yourself.. From my perspective it doesn't seem to be a bad use of time to watch it (you can even speed it up).
Well there's the traditional way of having a will but it's understandable that a third-party is involved if you have that since you need a lawyer to legalize transferring everything you own to your heir. If you want it to be more private there's paperwallet, your btc will be safe if you can physically hide the paper well and only your heir will be able to get it. It's a smart and subtle way of hiding your possession well.
You don't actually need a lawyer for that because as far as I know, there's common law and banking law that governs these things. Under common law, you don't have to "report" any cash found at home.
Imagine that you live with your mother and she dies. You are the only child and your father is dead or your parents are divorced. Whatever movables were there at home are automatically yours. If she had cash in a safe and you know the combination, it's yours. Nobody is going to ask you how much money, jewelry, or art pieces she had as long as there are no other heirs that can lay claim to these things.
If she had a bank account however, the bank will not grant you access unless you give them a court order.
With bitcoin there's no third party locking you out. If your mother left you private keys, seeds, or wallet passwords, the money is yours.
This is likely not 100% correct, but you still make a very decent point about if no one is going to challenge the matter, then there does have to do with potential controversy that comes from anyone who might challenge the matter in terms of either being equal heirs because there is a hierarchy of heirs, so any heir making a claim would likely have to be on the same level.. but states differ in these kinds of property laws and passing down property.. and so your reference to "common law" sort of presumes that the state does not have a specific law on that topic.. .and in that regard, you may or may not be right in regards to the law of any particular state and whether common law applies to that particular jurisdiction... but still it is a good idea for sure.
You are talking about bitcoin transference to your children so there is two things first and most important thing is that there is no surety that how long bitcoin will persist so if your buy bitcoin for the transference of money to your children then no guarantee that at that stage what will be the cost of bitcoin? Will there be any value of bitcoin? people will still believe on bitcoin?
Future is unpredictable and leaving such an expensive thing the value of which is not known and even existence is unknown is something most risky.
The second thing is that is there any individual who you can trust to share your private key with that? If yes then you can but I don't think that in today's age there is such a loyal personality present who will share the message of your money to your children.
I will suggest that buy some property and make some apartment so you can share these assets with your children easily and without any hazards. Every individual has own perception but I think as Compared to bitcoin this idea is better in order to give them profit as well as having less risks.
For sure, I was about to give you merit because your first two points are decently good, but your advice is stupid, lame and evades the questions presented in the thread in terms of an assumption that someone is going to have bitcoin and is going to want to consider various ways of passing down the bitcoin.
Surely one of the options could be to liquidate the bitcoins at the time of death or to convert them into some other kind of asset, but the dumb thing about presuming that someone who currently has bitcoin should just sell them all to avoid the dilemma seems to be both an ill-thought out idea and not even dealing with the situation as it has already been presented with an assumption that bitcoin currently exists and another assumption that the holder of such coins could die at any second, and has such person actually sufficiently/adequately prepared for such eventuality.. and if not, then what are the various possible ways that such preparations can be made while still living..
...and surely one of the solutions could be to assign someone to the situation and give such person total discretion about what to do, who may or may not end up selling the bitcoin then present.. or another possibility would be to assign someone, but then to tell them what you want done (whether or not they end up following your direction), which also could include instructions that they sell all the then existing bitcoin.
Initially, I recorded all my crypto wallet information in a physical notebook. My intention is to educate my future generations about cryptocurrencies like Bitcoin, ensuring that when they possess sufficient knowledge, they can access and recover the assets I've set aside for them. It seems like the most effective method to pass on my crypto assets to the next generation.
Careful about saying too much about what you are specifically doing in a forum setting or even in other places on the interwebs (including electronic messages and/or e-mails) - especially if it might end up pointing out a single point of failure .. and surely, I understand that we want to attempt to share various possibilities, and maybe we might want to be a bit vague about some of the details, including if we might have some specific points of failure..
By the way, there may be some assumptions that the more things that any of us have going on, there may well be various kinds of needs to write some of those things down, even including that we could end up locking ourselves out of our own bitcoin if either our head gets hit or death of course, and then maybe we might not even remember where we stored what we wrote, so sure there can be advantages to having some of these things written down.. and also that someone might know some of the logistics.. or these instructions are in this location.. but you cannot access that location unless I am dead or irrecoverably disabled (or head injury).... and if the person who knows all of your information perishes in the same accident that you had, then what's your backup plan to that? or does such a scenario not matter (or it is not likely?) ?
