Topic: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION - page 8. (Read 1663 times)

Only that is indeed a way to pass on assets to heirs when we are gone, but I do things a little differently, not only giving keys but also providing understanding and knowledge about the Bitcoin investments that I have done, I hope they will have the same goal as me and one day they will be able to continue what I have been doing.
I can because my family members have grown up, and I think they deserve it.

i think you should use hardware wallet and involve in inheritance of bitcoin assets. This is truly a smart and secure way to ensure that your assets are reliably passed on to the next generation. Working with an attorney to define future digital asset access and management is an important step in ensuring transparency and compliance with your wishes. As you have suggested, providing access to hardware wallet passwords to your children through an attorney is a practical way to ensure that your assets will be kept and used in accordance with their wishes. Friend. This certainly shows the care and smart contingency plan for the future management of digital assets.

A will is a good idea but for storing the bitcoins for long-term inheritance planning, you should use Mixin Safe with a hardware wallet: https://safe.mixin.zone

The good thing about this is that they don't have full custody over your crypto assets (like Bitcoin), but it's a 2-of-3 multisig where you own two of the three keys (with a timelock in case the owner of the keys dies or something, I guess).

A will ensures the legal transfer of your assets to the people you want to have them after you die. Without a will, things would follow the official succession, which are probably your children or parents if you don't have any children. While a will only makes sure to transfer assets in a legal sense, it also needs the physical transfer of all the assets. It's good to add the main contents of your crypto portfolio to your will, so your beneficiary knows exactly what he needs to look for when looking for the crypto coins. In case you hide your private keys in remote places it might be hard or even impossible for people to find it, that is why I would maybe think about collecting all important things and put them in a bank vault. In my regional bank it's not really expensive to have a small vault and I added my crypto wallet information together with other things. The main reason for that vault was that I have some physical gold and some old coins which I don't want to keep at home. Adding my crypto details to that list was a save way to store everything in one place and if something happens to me, my family can easily find all the things. So in the end it’s a trade-off between security of our private keys and making sure that our family is going to find everything once we are gone.

That's probably a good way to go about it. No one in the world can be trusted these days, even the closest people to you can deceive you any time when it comes to money because money is everything for everyone these days. So if you don't trust your lawyer, which you shouldn't, you should simply buy a hardware wallet, store the Bitcoins in it, give the wallet to the lawyer, and give the password to the children to keep it somewhere safe as it's important.

Also, tell your children that your lawyer has something with the will which is a device that you guys should get when I'm no more and that device can be unlocked with the password given to you earlier. Any other detail that you want them to know which isn't confidential should be written in the will.

This is more like it. Well, it seems there is no way around this without integrating latest technology.  So far, your suggestion is great and I will think in that direction. Much appreciated.

Don't you think giving the heirs early might defeat the purpose? Besides, the heirs might not really have a need for it when one is still alive. I feel the best would be to adopt the multi-signature wallet.

Provide your keys in a will. Could always do a multisig as well where the will only has one part of what you need to access the coins, so nobody can get it just by looking at the will, and your family members have other parts of the multisig but not enough to get the coins without the will so they can't access them until the will is presented.

Or provide a partial key in the will and your family already has the other part of the key so they just have to put them together when the person dies.

I believe you can also make a transaction so that after a certain amount of time they coins in the address, if they are still there, get transferred to another given address. You give your family this other address, of course then the coins would officially pass to them whenever that time is up, not at the person's death, so it could be before or after the death.



But I bet every year some bitcoin is lost to owners dying, and I'm sure this will continue in the future, as probably most people aren't setting up how they will transfer their bitcoin unless they are old or sick. For example if I died my family would have no access to my bitcoin (something my mom likes to bring up as a reason why I should give her my keys haha, in her scenario she would spend all my bitcoin on doctors and medical procedures if something happened to me so that I would wake up broke lol).

Am not sure you entirely get it though, it’s not about having to entrust anyone with your bitcoin, no, not at all, you ain’t giving them the keys or seed phrases for safe keeping of your coins (that’s what entrust sounds like to me). It’s about leaving them your keys or seed phrase to have that access when your no more or have no further use of them as an inheritance and yeah, trust might be overly about everything as, there could amount situations in a persons life and that which could be due to some disagreements that could change a person to take actions not thought about and I say this with respect to haven’t given your keys to divorced wife/husband or rogued child. If an alliance could form against you and the case is, assembling 2 keys could unlock wallet, your done.

I think not! I think there is a lot of difference in having to access a property scheduled to be inherited before the appointed time. That’s why, there is a will in a persons life as, most life taking incident comes at a time when you aren’t expecting and your strength fails you to give those last few words. The will sums it up to make sure there isn’t any conflict and everyone considered gets their fair share of the left behind.

With that in mind;
Creating the Multisig for the parties is just one way of ensuring it doesn’t get lost like the many coins out there without any access. Yeah, you’ve decided that these coins be used at an eventuality but at the time of your continual existence when it’s still of use to you, it doesn’t have to be touched. You could be using it in trades or still piling the portfolio. That’s where the timing to it becomes important.

Why you need to care about this kind problem, it's all about trust and this is the risk of entrust your Bitcoins to someone else.

If your wards or spouse access your coins before the right time, there's nothing different whtn they access your coins in the right time, they can do anything with the Bitcoins. If you're not willing to give your wealth as an inheritance for your child or your love, you shouldn't give your coins and let it gone like people who lose their seed phrase.

If you're doing the will thing, can't you include the passphrase into it? I think in some countries any will counts, and in that case it shouldn't be an issue. If you're in a country where a will has to be certified by a notary to count, I can see why a person can be reluctant to write the passphrase down for another person to see and potentially copy. Locktime can be good, and in some cases you can simply share access with the person you trust and want to have this money in an event of your death.

I saw somebody say something funny once. A guy online said put your private keys in safe, bolted to concrete floor inside your home. Tell your family where it is but not the code to the safe. You can tattoo that on your ass or something or on the inside of your upper thigh. No dependents are ever going to find that until you’re dead. Tell them where the code is & they can get it when it’s time.

This juggled up on my thoughts but I didn’t know how to put them and somehow, you laid it out just great.
I recently have a run with a Multisig while doing a review on Mixin Safe and I don’t see how one wouldn’t get to be safe with the idea but, a question awakes within my thoughts though.

Having to assign them keys to X - participants and leaving one in a will seems like an excellent idea.

Yet again, from my experience with the Multisig conducted review, it states that once two of the keys could be used in signing, there could be access to the coins and if that be the case, how do you go about preventing your wards or spouse from making some arrangement to access them coins before the time is right?

There's still a possibility of someone losing their assets in such a situation. Maybe for not-so-large bitcoin assets. The risks drastically increases if huge amount is involved and maybe the person who placed the bitcoin assets in the care of the bank dies. They can just take the seed and remove the assets and never inform the designated inheritance personnel because Bitcoin takes away trust from the system but you're still putting trust and hoping the bank and lawyer will be honest in their dealings. This is very much possible in a centralized world. They can just claim the private key details might have been leaked elsewhere.

So the problem is not solved. A lot could still go wrong.

That is why when you have to let one person who is trusted in your family to know your seed phrase. And teach the bitcoin how to use wallet and at least buy small unit of bitcoin to to the person for his or her wallet nso the person can learn from there. Just teach him her he to use his own wallet and tell him to keep hodle for sometime then when the price goes up a little bit then tell him to sell and see it he can do that. Learning is a little by little.

A person who has a lot of bitcoins in his wallet and desires to transfer it to his kids when his dies would first of all know that it is not something that should be taken with leisurely. The person's kids have to be on the same page him on bitcoin and crypto related issues. The choice to reveal the key should be left to the family lawyer and there are many ways this can be achieved.

Any kid who is not should have the option of picking another asset maybe a property or business. If the man knows his kids well, this shouldn't be any issues at all.

I see that this problem is easy if the wealth will be transferred to someone you trust, be it your wife or your children, but what will happen if you have several children and these children are different among themselves? Inevitably, a multi-signature address must be created, but then some may refrain from signing the transaction in order to They harm others, and then some of your children may not be able to obtain their inheritance, even a court ruling will not be able to force them. They can say they lost the private keys in a boating accident and then, after several years, say they have found them.

If you are thinking how can you passed down the wealth you've made with BTC why not introduce Bitcoin to them while you are still alive right? Because my wealth is really for the future for my family so I already have discussed to them in case there might happened to me (of course I wish not), I told them that I have some assets in my portfolio and will tell the step on how they could access it. Plus I would include steps writing in case they might forgot what I taught to them. Much better to teach the adult one like your wife about Bitcoin so she know how to manage the money for your family. Actually I've think having a video like disc would be a good idea and just simply label it, "how you could access my assets (Bitcoin)" then they could watch the step.

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.

Trust is a very costly commodity within the bitcoin system and transferring of bitcoin asset to your heir is not same as you would will other types of assets/properties through a written down document  with the benefactor not been able to access those documents until the death of parent's. But with BTC a private key is to be made available to the knowledge of either your lawyer or the benefactor else in sudden death he can't have access to the bitcoin, and that is where the private keys needs to be given to someone who you truly trust because with his knowledge of the private keys he can always have access to the assets wether you're dead or still alive, leaving you with the risk of him hijacking  it if he so wish.

Transfer bitcoin to an heir the process can be very complicated it's only an issue if trust that can make it look fairly less risky. That's why we need to have children that are brought up under a moral standard of training so they don't have to abuse responsibility when given, cause for a parent to make open his bitcoin wallet private key to his child or children he is invariably placing a responsibility on them waiting for when he might pass on for them to now completely gain full accessibility to the wealth.

A parent that is ready to leave down his will for his children to inherit his bitcoin should start and begin the process right when they are alive, the children must have the knowledge about what bitcoin is, developed interest in bitcoin and understand what bitcoin is all about and might also be someone who adopt bitcoin, if not what the father would have left will be squandered or stolen away from the children if they have no idea of what bitcoin is which their father left for them.


Having access to bitcoin wallet is very simple as long as there's a provision for the keys required, i know that parents have a secured means they will pass any sensitive information to their children after their demise, such could involve the wife or among the children to have the completed part of the keys required to have access to the bitcoin on the blockchain, but i may not encourage the use of lawyer in this regards.