Topic: How to pass on bitcoins to your children/beneficiaries - page 3. (Read 5057 times)
Private key and explain of what is bitcoin and how does it work. ( if they don't know ^^ )
You can just write the private key in a letter, and seal the letter and gave it to a lawyer who will give it to your children when you die.
I am trying to figure out how to pass on bitcoins via trust or will or some other service/instrument.
The problems are multiple
[1] How do you trust some one to do this, they can simply abscond, and it would be hard to track/stop/recover
[2] If the child/beneficiary is not technically good, and can't grasp private keys, and the pitfalls with bitcoin use, and wallets, encryption/duplication and back up of data sets etc
[3] Air gaping etc
I'm sorta thinking that you need a service, that gets one key file for say true a crypt container and another separate organization gets another key file and both then sends them to the beneficiary and neither organization knows who you gave the other key file to.
then the person can unlock the encrypted file, which you left them on multiple media and cloud etc, and you have to leave detailed instructions and say some GLD coins or cheap coin in a wallet/with private keys as well and tell them to play with that first, back up etc etc
open to ideas
It sorta really important say you get hit by a bus , and don't have this set up, that's its all for nothing.
EDIT [1]
The cacassius, solution does not imho sufficiently cover the use of BTC/CC's to ensure they don't screw it all up.
EDIT [2]
The insta death prevents all the hand over on death bed options and similar.
EDIT [3]
I propose the following solution
It needs to be a Company, as good as a single person is, if they get insta gib'ed game over. The Company can survive indefinitely, and employ people like John K.
The Company must be
>Trusted
>Knowledgeable about BTC/Tech/Tru Crypt (pref to pywallet level at least)
>Legally Professionals (for relevant jurisdiction)
>Tax training (for relevant jurisdiction)
The client useing truecrypt and choose key files and only give one to the Company and another to say typical trust / will / lawyer and the encrypted truecrypt container to kids, and lawyers and on the net.
After Passing away, the Company would be contacted by the deceased lawyers and merely told of the passing and the children's beneficiaries location, or if you want this could be triggered by a dead mans swicth that emails the Company to a pre arranged
The Company would then sit down over for say 1-2 hours a week/fortnight over 2 months and make sure the child/beneficiary demonstrated an understanding of bitcoin tech from a private key level, moving bitcoins, dangers of online wallets with examples, exchanges and their risks, tax implications in their jurisdiction, and air gaping etc etc, examination, and use cheap coin eg GLD or any other cheap alt to test/teach.
After this the hand over key file [1].
Keyfile [2] held by other company merely turns up and gives key file to the relevant person.
As an aside This make the values really easy to apportion by the settlor (Parent) as they can move amounts between keys any time, no need to go back to the lawyer/company etc.
The problems are multiple
[1] How do you trust some one to do this, they can simply abscond, and it would be hard to track/stop/recover
[2] If the child/beneficiary is not technically good, and can't grasp private keys, and the pitfalls with bitcoin use, and wallets, encryption/duplication and back up of data sets etc
[3] Air gaping etc
I'm sorta thinking that you need a service, that gets one key file for say true a crypt container and another separate organization gets another key file and both then sends them to the beneficiary and neither organization knows who you gave the other key file to.
then the person can unlock the encrypted file, which you left them on multiple media and cloud etc, and you have to leave detailed instructions and say some GLD coins or cheap coin in a wallet/with private keys as well and tell them to play with that first, back up etc etc
open to ideas
It sorta really important say you get hit by a bus , and don't have this set up, that's its all for nothing.
EDIT [1]
The cacassius, solution does not imho sufficiently cover the use of BTC/CC's to ensure they don't screw it all up.
EDIT [2]
The insta death prevents all the hand over on death bed options and similar.
EDIT [3]
I propose the following solution
It needs to be a Company, as good as a single person is, if they get insta gib'ed game over. The Company can survive indefinitely, and employ people like John K.
The Company must be
>Trusted
>Knowledgeable about BTC/Tech/Tru Crypt (pref to pywallet level at least)
>Legally Professionals (for relevant jurisdiction)
>Tax training (for relevant jurisdiction)
The client useing truecrypt and choose key files and only give one to the Company and another to say typical trust / will / lawyer and the encrypted truecrypt container to kids, and lawyers and on the net.
After Passing away, the Company would be contacted by the deceased lawyers and merely told of the passing and the children's beneficiaries location, or if you want this could be triggered by a dead mans swicth that emails the Company to a pre arranged
The Company would then sit down over for say 1-2 hours a week/fortnight over 2 months and make sure the child/beneficiary demonstrated an understanding of bitcoin tech from a private key level, moving bitcoins, dangers of online wallets with examples, exchanges and their risks, tax implications in their jurisdiction, and air gaping etc etc, examination, and use cheap coin eg GLD or any other cheap alt to test/teach.
After this the hand over key file [1].
Keyfile [2] held by other company merely turns up and gives key file to the relevant person.
As an aside This make the values really easy to apportion by the settlor (Parent) as they can move amounts between keys any time, no need to go back to the lawyer/company etc.
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