Topic: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION - page 9. (Read 1663 times)

For sure, human nature is always at play with everything including the execution of will from someone who is now gone to the other life. It would be a travesty of justice if there can be a connivance from the people trusted to do what is right, maybe thinking that since nobody can be checking them anyway then they can do anything that is harmful to the right beneficiaries. That is why it would be so critical to trust people that are really worthy of your trust so that even if you are dead you can be sure that you are not stabbed in the back.

Wills are not always in written form, you can choose another way that makes it easier for heirs to access the Wallet containing the Bitcoin that you will inherit to them. One of the best ways to pass on Bitcoin (no form) and difficult to access for people who have never been involved in crypto before, you can make a step by step tutorial on how to access the wallet in the form of a video to make it easier for heirs to receive your inherited property.
Don't ever think that it is difficult for them (heirs) to access a Bitcoin wallet, they live in an age of increasingly sophisticated technology, always integrating with the Internet every day, they will more quickly find information or find this forum to increase their knowledge about Bitcoin.

If you're going to pass your Bitcoin or your portfolio to your children, you should first educate them on how Cryptocurrency works, you can rent a safety deposit box from one of the leading banks in your country or buy a good vault the private keys and the seeds should be in a ledger and the instruction to open it should be only by the heirs with all the instructions on it.

But if you have grown up and matured children you should give it to them while they are still alive so you can see what they are going to do with their inheritance many people are already doing that.

Technically, they wouldn't be able to access your bitcoin wealth if they do not know the seed phrases, unless the software where you run it does not shut down in their lifetime – a scenario which, if we think about it, is highly unlikely. The device (such as a phone) that you use to access your wallet will not last forever. Once the device dies, there's no way for them to reopen your wallet account as they would not have the seed phrases. This is why I believe that giving the seed phrases to your heirs is a crucial requirement for transferring your bitcoin wealth to them. Currently, the process doesn't involve complex steps like those needed for tangible assets, making it relatively straightforward.

Edit:
Just learned something new: you can set up a multi-sig wallet that they can access when you're no longer around. Multisig wallet transactions require multiple signatures before they can be approved. You'll need to ask other people to sign it for your heirs. So, once you're gone, they can help facilitate the transfer to them. I'm not sure if I explained it well, but I hope someone here who knows more about the technical and legal aspects of this case will share their opinion.

It depends on each person's method. They can hire a lawyer to make a will for the next generation and leave Bitcoin with someone they trust to give it to the next generation.

Or they can also directly share it with all their children with a fair share so that no one is jealous. But before that, they must teach their children how to use Bitcoin properly and correctly. So that is the last gift their parents give their children in the hope that their children can continue what their parents have done.

Many more ways can be done to pass on the Bitcoin that we have to our children. And it depends on someone's creativity because we have different ways.

The secrete codes need not be revealed in your WILL since you can just inherit the information to bank lockers, House, properties, other type of lockers and much more. Now you can simply have these private keys safely written or embossed on something that can be safely kept in those lockers.

I don’t think it is very big deal. The banks are not gonna open your chest, neither there will be any issues with the lawyer as they are also bound by confidentiality agreements. Problem solved!

There are many services that are concerned with the issue of inheritance, even some of them are decentralized services such as Mixin Safe (Decentralized Multisig+MPC+Timelock solution) and all of them are basically based on the idea of Multisig and Timelock so from a technological point of view, you already have decentralized and centralized services (such as ledger recovery has a feature The presence of a third party or several parties that can access your currencies if something happens to you.)
And even if you do not use these solutions, all you need is to trust the heirs and give them access to your key, or create a multi-signature wallet and leave some expectations in a subscriber's locker that they only have access to by more than 50% of their number.

I believe that the goal of this bitcoin inheritance thing is to avoid the third party involvement like a lawyer, bitcoin has a trustless mechanism so no other party is required in doing the inheritance. At the end of the day it is still the decision of successor on what he/she will do about the bitcoin he recieve. For sure he will be forced to learn atleaat the basic of crypto for him/her to access the inheritance.

New generation will probably waste the money buying cars and a lot of things instead of investing, if your going to put that in your last will if that is a large amount of bitcoin, there should be clause and a thing they need to accomplish before receiving it, you also have to find an attorney who is really trust worthy, in a safety deposit box perhaps they will only open it in a certain year like when they reach 38 or 40 years of age.

You have posted a very nice thread, and it's true that most people are holding Bitcoin for their next generation and they really can't tell the secret of their holdings to anyone currently because most of them are planning to hold Bitcoin till 2050's before letting their next generation know about the investment their parents have made to secure their children's future. There can be many things done to protect those Bitcoin and transfer it to the next generation upon need.

It would still be difficult to transfer the Bitcoin to your next generation in its current state and that's why you must have to have someone else on your side who might also know about your investment and would never ever tell anyone about it or misuse it in anyway. It would be hard to trust the lawyers with the private keys of your wallets because they can access and transfer those coins and may change easily change the will details.

The proper way should be to tell your heirs about your Bitcoin investment and also tell them that you have hidden the private key somewhere in the home which they will have to find after your death. I know that such thing seems crazy, but if you can't share the private key the way it is then you will have to share it in this way. You should also leave hints and clues about the place where you have stored your private keys, and it would be better to tell your children about the passwords of the devices where you have stored your private keys, but you should hide the devices from them and would tell them to access it only if suddenly something happens to you. I think this is the only possible way to share details of your investment with your children, and I would also recommend you to avoid telling them about the amount of Bitcoins that you have been holding for their better future.

Using time lock transaction can be an option, but the simple way is you need to teach your love or child about Bitcoin, how to use it and the seed phrase you leave. So in case they need it, they can directly access your wallet by importing the seed phrase you leaved in secret place.

You shouldn't feel worried if your love and children know your seed phrase and total money you have, it's not really different with using time lock transaction where all of your money is belong to someone.

make a multisig of X+1 surviving relatives..
EG if you have a wife and 2 kids = 3 surviving relatives. have a 4 of 4 multisig

you keep 1 key secret which goes into a will and give other 3 to your family upfront.
they can only unlock at the reading of the will to complete the key set. and the lawyer with access to only one key cant steal the funds alone

This is a great suggestion and seems feasible. But then, are there no chances that someone can bypass the password of the hardware wallet? If no, then I guess this is a great way to go about it.


This is feasible but leaves huge chances for compromise. In the course of unraveling the the puzzle, what is supposed to be a secret may end up not being a secret anymore because chances are there that some of the children might seek for help in some of the steps. All the same, the idea is good but I feel it need a little fine-tuning.

I am the complete opposite of you, I will always trust my loved ones more than any outsiders including the law enforcement.  as a human being, everyone will have greed, so I would rather trust my loved ones because they come into contact with me every day, I have no reason to trust people who are working with me for money.  to keep a secret as sensitive as the seed phrase, I think it would be better to choose our loved ones than those who are working for money, they can sell us out at any time.

Strangely, there are couples who eat and sleep together, swear to live and die together before the gods, but only because of bitcoin, they doubt each other.  i have a feeling those people are valuing bitcoin and money more than their spouses and children.

Well, it is actually very easy to do this on your own. You can put the secret passphrases and/or Private keys in a time capsule and bury or hide it in a place that only your family members will be able to find it.

Then you leave clues to your treasure with someone you trust or a lawyer (break it up in 2 or 3 templates that can only work if all parts fit together) Once you are gone.... they can get the pieces together and solve the quest to find your coins. (The clues must be something that more than 3 people would be able to know about you)

A lawyer only has one part of the template and the other people only their pieces... so they cannot do anything without the full treasure map. 

Willing your bitcoin to your kids need trust from the third party that will do this when you pass on. As human,we know those that we trust and can put them in charge of the will. If my wife is sincere and I have confidence in her that she will do anything to take proper care of my kids when am gone. I will teach her about bitcoin and how to make transaction with bitcoin and the safety of the wallet,and I will instruct her on what to do. If my lawyer is the most trusted person, I will also tell him how he can go with giving my children their inherited bitcoin. The best way is if your kids are grown up,teach them everything they need to know about bitcoin and when the time for your departure comes,you can just give them the seed phrase for them to import it to their own wallet.

Well, let's say you have 6 Bitcoins in your Wallet and you also have 3 kids, so perhaps you wish to give 2 bitcoins to each of your children. When you feel you are getting older, and by then your children might have also come of age, you can discuss with them how you want to will 2 bitcoins to each of them, but they can only access them (the Bitcoins) when you have passed on. Then, you can have your private key or wallet phrase divided into four different places and hidden in four different locations (the fourth location is where you will hide the hardware wallet and the last phrase or last key to access the wallet) . then inform each of your kids about the location where he or she can find a piece of the private key, so that when you have finally passed on, the three kids can come together with each piece of the private key so they can combine it together before they can be able to access the location where you have hidden the hardware wallet and the last key to unlock the wallet.


Sometimes, human beings can just feel biassed and do otherwise when the willer has passed on. I remember a movie where a rich man willed his property to his children, but after the man passed away, the wife connived with the law and made the lawyer have some properties willed to her, and the lawyer also took some shares in the property. Some people can be trusted, but In your absence, they can just go against your will.

Leaving bitcoins to heirs may sound scary, but with the right education, it doesn't have to be. Most adults haven't established an estate plan. It didn't even occur to them to protect their bitcoins and leave them to heirs. You can enter where your Bitcoin backups are stored. You can write that your Bitcoin keys are stored in a family safety deposit box.  Now, this information will not be helpful to strangers or hackers. They will have no idea what the keys are, or where your family safety deposit box is or how to get into it. But a trusted family member will tell this information. That way, you can have peace of mind knowing your bitcoins will be found by the right person.

Yeah, anything can be WILL to your offspring, but adding bitcoin demands that you have a certain degree of trust and understanding with the lawyer managing your WILL
Your bitcoin assets are under the jurisdiction of anyone who knows your bitcoin wallet's seed phrase. Anytime he wants, he may exchange it.

What I would do if I were to include bitcoin to the WILL of my offspring, is to purchase a hardware wallet, give it to the lawyer, and give my children access to the hardware wallet's password. My children should meet the lawyer whenever I am no longer alive because I will specify in the WILL how the bitcoin in the hardware wallet is to be shared

But I do believe that there would be more husbands or men would be trusting up their lawyers on storing up their funds or having that will rather than on trusting their wives. 
Even myself cant really be just that too confident on sharing up my wallets private keys into my wife specially i have saving up in secret and i dont really like for these funds for it to be accessed on the right time.
Not really that on being too selfish but i cant really just that able to freely them able to access my wallet on which these funds been saving up on the right time that they would be able to benefit.
I cant really just that be too confident for now but time will come that it would really be that come in to use. We are all afraid of death and it is really just that right that we should really be making out
those back up plans so that the coins that we are trying to save wont really be coming into waste and this is why its always been ideal on what are the ways that you would really be making use of.

Whether you would really be including it on some will or those recommendations using up LoyceV's suggestion which it isnt really that bad either.