Topic: If only property I have is bitcoin - page 7. (Read 888 times)

Bitcoin inheritance is a problem only if you don't have anyone trustworthy. If you trust your partner then share your seed phrase or inform them where you have kept your seed phrase. It is imperative that you teach them how to use those phrases. You cannot do anything else apart from what I have told you. There was a serious discussion on the same topic on another forum.

This was the solution that came up for such situation. There will be other suggestions on this thread, you gan go through them and do what looks right for you. Take the decision as soon as possible as life is unpredictable.

If I could remember correctly, I think I engaged in a similar discussion regarding whether someone was to pass over their seas phrase to their loved ones or not. If you are having this kind of teaching in your mind and you are wondering what will happen to your holdings if you are no longer there to safe guard them, then I will advise you to make the choice of sharing your bitcoin idea with a few of your family members that you can trust a little. I know there is not much trust when it comes to money.
 
But for you to be on the safer side, you can create a three-signatory wallet, where you will have to move the bitcoins that you have now over to those wallets, and you can have access to the three phrases of the wallet, as you are the real owner and might want to spend it anytime without the need of seeking permission from anybody.
 
Then you can look among your family members and pick three of them with whom you can share access to one of them. For them to be able to make use of the fund, they will first of all have to come to an agreement, and they can't do this while you are healthy. This way, you can rest assured that your funds are safe without thinking about what will happen to them again or how secure they are in the hands of the person you hand them to. Now everything is in the hands of your family to decide what will happen to your bitcoin if you are no longer able to access it.

Having bitcoin is a great thing but you should do some diversification imo. No matter what asset it is,  if you only hold one asset in your portfolio, it means you are carrying too much risk. Get some bonds and stock too so you will have a very diversified portfolio and if you die early, the institutions will give your funds to your family members. At least you won’t have to think about that part of your wealth.

I am glad to hear that you have recovered from illness. The question about management of personnel asset including digitals ones like Bitcoin is well understandable. It is crucial to exercise caution when considering sharing your wallets seed phrase, and any one access to it can potentially take control of your Bitcoin holdings. I would strongly recommend discussing your decision with your legal or financial advisor who can surely help you to make an informed decision based on your specific circumstances and laws and regulations in the country of your residence.

In summary, safeguarding the security of digital assets holding is of utmost importance and consider consulting with your legal advisor to develop a comprehensive plan that aligns with your wishes and ensure protection of your investments.

10 pages on the same topic locked just a week ago:
How do we transfer bitcoin wealth to heirs and the next generation

So, start by searching if not 1000 people have asked the same question 1000 times before!


Do you really care that much about what happens to your Bitcoin investment once you're no longer in this world?
Focus more on living than on what you're going to leave!

First of all, congratulations that you have recovered from the disease, and the fear of death due to the disease in your heart will also be gone now. You guessed it right, everyone knows about real estate investment or money kept in a bank or any other investment. In case someone dies suddenly, the family members get the assets easily. People who have invested in crypto currency or Bitcoin no family member knows only they know where and how much their investment is.


So if we face such a problem, whether we have shared our passphrases or passwords or information about our assets with our family members is a very important question. It is also a problem for you that you do not have a wife and children. First we can give information about our assets to wife and children. I think you should keep your Bitcoin investments secret,and the best way is to save all your passphrases and passwords in a diary, and keep it in a cupboard that only you have access to. If something happens to you, later on, your family members can easily access your Bitcoin or crypto currency assets by knowing everything from a single diary.

You can write it in a will and tell them not to open it until after your death, thus ensuring that they are the ones who will receive it after your death. I do not know whether you have laws for distributing inheritance in your country, but in my country, if you leave a will with a distribution to a specific person, it will go to him. Otherwise, the laws will govern how this money is spent. Don't think too much about death because I think it comes suddenly when our position is that you will not die. Be patient and try to enjoy the money you have collected.

If you don't want anyone from your family to inherit and access your bitcoins, don't share seed phrase.

If you want one person or some family members to inherit your bitcoin, share with them your seed phrases but think if are they only one member or some members.
If you plan to share it to one family member, you can have only one wallet. If you plan to share it to three members, you must have three different wallets and each wallet will be shared to only one member.

If you don't want to give or pass your wealth to someone you love, then it's no need to tell them your seed phrase and where you leave it.

But if you want to give or pass your wealth, you must tell them when you're still alive.

The most simple thing is give your seed phrase, but there are another two good ways e.g. create time lock transaction which make your coins will automatically send after some period of time like after 5 years, 10 years etc or create a 2 of 3 multi-signature wallet.

It will totally depend on how trustworthy the best family candidate is. If that family candidate isn't some gambling/drinking/drug addict and you generally trust him/her to not take your coins while you're still alive, then probably go ahead.

On the other hand, you can just store your recovery seed and some easy-to-understand instructions in a fire-proof safe.

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy