I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
It's pretty early to think of death. why do'nt you get married? You will have children The money you earn will be legally inherited by your children without fear of anything. If you are not married, you should make an estate divorce for your grandchild. When you die, the property will be theirs 
Topic: In event of your death - page 6. (Read 6000 times)
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
That is very easy. Before you die just in case make a letter. If that happens it will be delivered to one of your siblings. Tell them its a huge amount of money and explain everything on that letter on what they need to do. Or marry someone before everything's too late so it's much better that your children will inherit all of that profits.
hopefully my children will be independent and blessed enough to take care of themselves!
I did not even think about it, because it's too early. I think when this time comes to this, we will already develop some reliable way to transfer bitcoins after death.
Me either, we don't know until when we will be alive. But we must not think about this situation because it only brings negativity to yourself. As myself, I will just teach them on how to cash out bitcoin and that's all. But it's up to them if they will learn on how to keep my bitcoins but we really can't tell on how this is going to happen.
This is a great question, what will happen to our crypto assets when we ceased to exist. In our family, I am the only one who is having the passion about this cryptocurrency. Though I teach them the basic but the technicalities about the pvt keys, and several account in trading and some eth wallet are completely unknown to them. I think I would make an instruction or guidelines and put in a safe place and tell them to read and study. All this effort will go to waste if no one knows in our family.
The good thing is that it does not have to be the case, the only problem is that not many people know what bitcoin is and that is why they may not take you seriously when you talk about the possibility of great wealth that could be lost if something happened to you, but at the end if they do not listen they are the ones that are going to lose and not you. I hope you die after 10000 years. No, brother. You shouldn't think about death right now. Focus on your career and yourself. Rely on yourself. Believe in yourself. Trust yourself. I might have strayed too far from the actual topic. But if you read this, do what I said. And if you feel that death is nearby, write a will and give your fortune to your beloved ones.
I think OP is just being very pratical about it and would like to have a very clear cut approach if anything happens tomorrow . Its actually a very nice thing for preparing oneself for any things that happens tomorrow. SO in such scenario you should know your family member about the bitcoin or such things in which you deal and let them know how its is being traded etc. This will help even if you are out of town they can still trade on your behalf if you are involved in trading.
I did not even think about it, because it's too early. I think when this time comes to this, we will already develop some reliable way to transfer bitcoins after death.
This is a great question, what will happen to our crypto assets when we ceased to exist. In our family, I am the only one who is having the passion about this cryptocurrency. Though I teach them the basic but the technicalities about the pvt keys, and several account in trading and some eth wallet are completely unknown to them. I think I would make an instruction or guidelines and put in a safe place and tell them to read and study. All this effort will go to waste if no one knows in our family.
Indeed. That's why i think its better if we can get more people to be interested in bitcoin so that if anything unwanted like that happens, it wouldn't be hard to explain to your loved ones what to do. We wouldn't want non-family members or people who aren't even close to ua getting evrything we've worked for in btc right? Especially if its a good amount that you've stored
This is a great question, what will happen to our crypto assets when we ceased to exist. In our family, I am the only one who is having the passion about this cryptocurrency. Though I teach them the basic but the technicalities about the pvt keys, and several account in trading and some eth wallet are completely unknown to them. I think I would make an instruction or guidelines and put in a safe place and tell them to read and study. All this effort will go to waste if no one knows in our family.
Oh I'm so sorry to hear that. If I were you, I would make as much preparation before I die, I would write a letter and put it in an envelope and I will put a memory with a video about where my bitcoin would be given, and I would give it to my brother, and tell him that this envelope Is my inheritance and should only be opened after I die. Maybe that's the way you can do if you do not trust the lawyer at this time. And I believe sometimes we more trust families than anyone. But I hope you have a long life so you can enjoy your hard work with your loved ones.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyer to give them my private keys. I am wondering, what can I do?
I would be lying if I told you I hadn't thought about this thing OP pointed out. Death is inevitable and most times comes when least expected. It doesn't select age before it visits. For me, I really haven't taken any measure to guard against this inevitability even though I am a married guy. My wife knows a bit about Bitcoin but doesn't pay it any attention. So, I am left alone in the game. That means I should begin to plan on something soon that would safeguard my satoshis in terms of any demise.
Wow thats like advance civilisation thinking! I did not think of this in anytime before I read your thread here. Need to think of it in the legal way as internet is full of scam. If I will have to do that then I will keep everything written in my will and give away password and usernames and private keys to my advocate probably. (If I’m rich enough) Or else will write it down and give the address to it in the will itself. Sounds scifi story but thats the only thing I could do.
This is something I haven't really given a thought but reading at several replies to this thread gave a feeling of start making plans towards something like that because no actually knows except someone having a terminal disease couple with several ways to die that abounds without any notice. I guess trusting someone is just the key to all this that without it nothing can actually be done.
I see some of you point out lawyers but how can I trust a lawyer when the subject is bitcoin? I can't trust a damn lawyer for my bitcoin.
Bitcoin is breaking records now a days you in a future you will allow to hire a lawyer to handle your case according to bitcoin. Don't take it easily take everything serious.Because sometimes the seeing thing is not the same inside which is looking toward. So i will bit you will hire a bitcoin if something happen like that.I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
If your health is now worse,then its a critical issue.The only way i could see is that you can sell your bitcoins for cash and buy some properties in name of your nephews.That idea would work better.This is really an interesting question, bitcoin ensures the security of our money, so it has absolute security, your relatives must know about your private key to own bitcoin. Otherwise, your bitcoin will be permanently lost.
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
To be honest, i am bit sad knowing that you are thinking of your death and planning to give your nieces and nephews some good stuff before you leave which made me think that maybe you're death is near. But then, if you really wanted to give your nieces/nephews some profits of yours i'd prefer you to buy a property which was named for them. You can ask an attorney for that, but still you gotta go and check the background of the attorney
Go out and enjoy your life SIMPLE 
I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
Well if you think that you're death is near and you really wanted to give your nieces and nephews a profit of it since they are still young, i think the very best idea for you is used the money to buy a property. A property that was named for them and that's the most effective way in leaving them some good things and if your bestfriend/close friend is still in your side, you can ask for their help to keep those keys and tell her to transfer everything to you niece and nephews at the right time
So goodluck and enjoy the remaining time of yours 
Write down your wallet's seed hidden in a book. Show the book cover and those twelve words to your siblings, explain them how to re-create a wallet with these words. Show them how to find the book in your shelf. Don't involve lawyers or anybody strange to your family.
Bad idea, obviously the odds of someone finding this seed in your book is extremely small, but it simply cannot be ignored especially if you are planning on giving massive amounts of bitcoin in your will. And in a situation where there are no backups, even if something minor like a house fire occurs, you are at risk of losing the seed to recover the wallet.
Someone should be very stupid to leave an amount of Bitcoin worth leaving to posterity WITHOUT BACKUPS!
The fact I did not mention doing backups in the same style (seed hidden on books) does not mean IT IS NOT OBVIOUS that a backup MUST be in other places.
And if done in a correct way (I'm not specifying here, you use your imagination as you will) a seed hidden in a book (or some specific books) is a perfect way to leave inheritance.
I hope you die after 10000 years. No, brother. You shouldn't think about death right now. Focus on your career and yourself. Rely on yourself. Believe in yourself. Trust yourself. I might have strayed too far from the actual topic. But if you read this, do what I said. And if you feel that death is nearby, write a will and give your fortune to your beloved ones.
How old are you by the way sir? You may wait a little more time for your nieces and nephews to gain more age and wisdom to be able to understand everything. If you think there is no more time left for you, I think you better invest those to stuff they could easily get by the time you left this world.
Jump to: