Is it worth a shot to pay Bitcoin inheritance platforms?

pawanjain

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Quote from: Accardo on July 21, 2024, 01:03:21 PM

Questions about Bitcoin inheritance and what happens to our bitcoin when we are gone isn't new. But the solution to this isn't satisfying, including the idea of Bitcoin inheritance services, that is gaining traction in the cryptocurrency market. While their ideas of introducing vaults and the use of multisig wallets in the platforms are all great. The need to pay about $2,100 a year is quite much for a person who needs to trust a platform with their bitcoin when they're gone. What if the site drops dead before the coin owner dies? If eventually the person can recover their assets the service fee would be a big loss. On a scale of 40 years interval the service fee would be quite enough for someone to inherit it.

Damn, $2100 is a really huge price to pay for something which stands against the protocols of bitcoin.
You are basically doing the complete opposite of a thing and additionally paying $2100 for it.
I would never recommend such a thing.

justdimin

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Quote from: Accardo on July 21, 2024, 01:03:21 PM

Questions about Bitcoin inheritance and what happens to our bitcoin when we are gone isn't new. But the solution to this isn't satisfying, including the idea of Bitcoin inheritance services, that is gaining traction in the cryptocurrency market. While their ideas of introducing vaults and the use of multisig wallets in the platforms are all great. The need to pay about $2,100 a year is quite much for a person who needs to trust a platform with their bitcoin when they're gone. What if the site drops dead before the coin owner dies? If eventually the person can recover their assets the service fee would be a big loss. On a scale of 40 years interval the service fee would be quite enough for someone to inherit it.

Seriously? That much money to just give it to my family? My wife has my phone (and with it 2fa) when I die, what am I suppose to do, they will have the phone anyway, and she knows my email and password too. That means, if I die tomorrow, then they will be able to just log in using my email and password, and they will be able to just cash it out, and if 2fa asked, phone is with them as well. What stops them from doing that for free?

And that is a method how to get your money out if it is in exchanges as well, not everyone in the world keeps their money in exchanges like me, some people keep it in custodial wallets, and that means all they have to do is open an account in an exchange, send it there, and cash it out. In the end, fiat or crypto, they can always take money out and they would not have to deal with any of these payments, they just have to use my mail and password that they already know.

Kids are the same, if you have old enough kids, like not child, but adult, after college years, 20's and 30's, then tell them your password, they will be able to figure out how to get that money out one way or another. This is why there is no reason to pay for any of these platforms at all.

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Quote from: lovesmayfamilis on July 23, 2024, 07:56:56 AM

“What will happen if the site crashes?” was my first thought without reading the post. For me, long-term storage inheritance for such a period is too frivolous. A person who is ready to pay for such a service can be said to entrust his money to strangers, in the subtext meaning his relatives. He cannot explain where and how to contact a loved one in the event of his death. I am talking about a place where he could save his seed phrase but can trust a new trend. Not logical. I will not give a penny for such a “service” because, to me, it sounds like fraud.

People are very ignorant. That is why you will see many of them do something very stupid. If they have knowledge about wallet security, they will know that it is not a good idea to have anything that has to do with third party while talking about coin inheritance. Multisig wallet answers all if it is set up properly. I have seen two of the plans before, they are very expensive. Even if I have to trust third party, I will prefer my lawyer instead.

Lucius

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Quote from: TheUltraElite on July 23, 2024, 08:30:13 AM

Quote from: Lucius on July 23, 2024, 05:11:33 AM

because if you don't trust them, then it's better to take the inheritance with you to the grave one day - or even better to spend it on time.

That is a miserable life to lead, I hope it does not happen to any forum member here, not being able to trust their own family.
~snip~

The family as a pillar of society is quite broken, especially in the so-called "developed" countries, and when you look at the demography of some countries in the EU, you can see that they are actually dying out and have to import millions of people from other parts of the world to survive.

Today, it is nothing strange that every day we have news that a child has killed a parent, or that a parent has killed his children, or that after the death of a parent, children are fighting in court to challenge their parents' will. In some cases, it would be completely illogical for a parent to leave anything to his children as an inheritance if they left him at a time when he needed them the most.

I know of cases in my area where, after their death, parents gave everything to the state or the church, or to the people who took care of them, and the children got nothing. Knowing some of them, I can agree that they didn't even deserve anything.

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Quote from: Lucius on July 23, 2024, 05:11:33 AM

because if you don't trust them, then it's better to take the inheritance with you to the grave one day - or even better to spend it on time.

That is a miserable life to lead, I hope it does not happen to any forum member here, not being able to trust their own family.

After all, time and again we must remind ourselves that a family is the most important thing in any human's life and a dysfunctional family is a root cause of many problems.

Hence it should not come to that we have to hire a third party service to set up inheritance. Just teach your family about bitcoin if you still have not done so, it is the simplest and first thing any sane minded bitcoin user would do.

lovesmayfamilis

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“What will happen if the site crashes?” was my first thought without reading the post. For me, long-term storage inheritance for such a period is too frivolous. A person who is ready to pay for such a service can be said to entrust his money to strangers, in the subtext meaning his relatives. He cannot explain where and how to contact a loved one in the event of his death. I am talking about a place where he could save his seed phrase but can trust a new trend. Not logical. I will not give a penny for such a “service” because, to me, it sounds like fraud.

Peanutswar

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It seems you dont need to pay extra services just to someone cater your Bitcoin inheritance ideally use a lawyer and make a testament for the people who will only get this asset sometimes people doing some task so before they claim this reward, ideally if you can trust your family and you hopefully they will not forget the seed phrase of the wallet storing of bitcoin seems it's good to them in the future well seems they wont because we know the potential of the bitcoin. People seem storing their assets in a safe box too.

Lucius

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I, like many, would not agree with the idea of paying anyone for such a service, not only because of the price that the OP mentions, but also because of the possibility that such companies perform an exit scam or simply say that they have been hacked or something like that. For me personally, such a way of securing the inheritance is wrong and risky.

If you own BTC, then store it in the only correct way, which is in non-custodial wallets, and all larger amounts in cold wallets. You can always teach your children or spouse how to get coins if something happens to you, because if you don't trust them, then it's better to take the inheritance with you to the grave one day - or even better to spend it on time.

jcojci

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Instead to pay thousand dollar to the third service to saves my Bitcoin as heritance, I prefer to teach my kids about Bitcoin. They need to know how to access my wallet and how to use it for the transaction or even for the investment. I don't trust other people so I feels better to teach my kids step by step. They deserve our guide to access Bitcoin and until that time, they will ready to accept our Bitcoin as their inheritance.

We trying to know our kids and guide them better so they can use our Bitcoin with right. If we teach them everything we know and we also teach them to be a good person, they will not betray us and will not fight with each other because of our inheritance.

If you really want to pay a service, you can asks your bank and open a safe deposit box and hire notary to gives a letter with an explanation about your Bitcoin. But in a note that you already teach your kids how to use Bitcoin with right.

shield132

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Quote from: Accardo on July 21, 2024, 01:03:21 PM

Questions about Bitcoin inheritance and what happens to our bitcoin when we are gone isn't new. But the solution to this isn't satisfying, including the idea of Bitcoin inheritance services, that is gaining traction in the cryptocurrency market. While their ideas of introducing vaults and the use of multisig wallets in the platforms are all great. The need to pay about $2,100 a year is quite much for a person who needs to trust a platform with their bitcoin when they're gone. What if the site drops dead before the coin owner dies? If eventually the person can recover their assets the service fee would be a big loss. On a scale of 40 years interval the service fee would be quite enough for someone to inherit it.

Bitcoin inheritance is a very interesting subject. I think it's risky and excessive spending to use Bitcoin Inheritence services because when you own a cold wallet, you already sign that you'll be solely responsible for your coins and it won't get into hands of any 3rd parties. Has anyone thought about using Bitcoin ETFs in this case? I don't come from the USA and I don't know well how it works but since ETFs are regulated by SEC and there is no cold wallet or something similar, then there shouldn't be any problem with Bitcoin ETF inheritence.

Quote from: cabron on July 21, 2024, 03:19:55 PM

Why not just teach your children while you are still alive and let them know you have coins to access when something happens?

That comes with a serious risk, your kid might steal your assets because kids want easy money. There is a very high chance that a kid will steal Bitcoin, then pretend that he has no idea and say that someone hacked your wallet or another thing and you'll never be able to get them back. I know that kids are part of the family and kids don't steal from families but there are many cases when kids secretly steal credit cards from their fathers to buy something. It's very risky with kids and even teens too. I would only risk it with an adult family member.

_act_

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Quote from: ranochigo on July 23, 2024, 02:18:36 AM

That is not how it is supposed to be used. If you have 3 children and want redundancy, then increase it to 4-of-5 where 3 of your children holds the key, and both your lawyer and you will hold one of your key each. This way, the permutation doesn't allow the funds to be accessed even if all of them collude. Or else, make it 2-of-3 where the lawyer serves as the arbiter in case of any dispute and all of your children controls a single key.

I did not think of it like this before until now that a lawyer must also be involved. This will also help in a way that the hires will not want to cheat or do some manipulations. Multisig would be the best option to go for if it is not too complicated for the lawyer. The lawyer will need to know much about bitcoin multisig wallet.

ranochigo

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Quote from: _act_ on July 23, 2024, 02:13:35 AM

But did you know that multisig has its own failure when it comes to inheritance. I said this because it is based on trust. Assuming you have three children and 3-of-4 multisig is created among you people. What if the children come together to steal the coins from you when you are still alive. Only three keys are needed for making transaction and the children have the three. And you can not make it 4-of-4 .

That is not how it is supposed to be used. If you have 3 children and want redundancy, then increase it to 4-of-5 where 3 of your children holds the key, and both your lawyer and you will hold one of your key each. This way, the permutation doesn't allow the funds to be accessed even if all of them collude. Or else, make it 2-of-3 where the lawyer serves as the arbiter in case of any dispute and all of your children controls a single key.

A more complicated, but also more elegant method could also be done where you can introduce a script check for one specific signature to be signed from a specific key. In this way, the funds cannot be spent without the signature from that one key, which could be either your will's key or your own.

_act_

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Quote from: ranochigo on July 22, 2024, 08:06:35 AM

I don't think crypto inheritance services are necessary. Using MultiSig and putting a key in the will should be fine.

But did you know that multisig has its own failure when it comes to inheritance. I said this because it is based on trust. Assuming you have three children and 3-of-4 multisig is created among you people. What if the children come together to steal the coins from you when you are still alive. Only three keys are needed for making transaction and the children have the three. And you can not make it 4-of-4 .

famososMuertos

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e.g. hire a lawyer, or hand them bitcoin yours family, today, if you are going to hand them over as an inheritance, why wait, come on, there are many choice forms to heritance making a one-time payment.
I don't know why for some this is complex, there are inheritances that are really complex to carry out, there are thousands of more complex things, of course, look around, you many things that you don't even imagine have really processes complexs, I think it's a matter of getting advice-info pro.

Then, it's a scam to pay an annual rent payment, for custody-herency.

peter0425

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Using a platform like this is no different than using a bank almost. I don’t trust anyone nor any platform to hold my bitcoins for me before they transfer it to the rightful owners which would be whoever I decide it to be when I die.

CryptoBuds

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Quote from: Questat on July 22, 2024, 09:07:28 AM

Quote from: TheUltraElite on July 22, 2024, 08:03:34 AM

I would rather teach my next of kin how to operate bitcoin wallets and how to transact, the basics and observe how they are doing it. Giving them the knowledge I have gained over this forum should be enough if they are willing to follow it.

Paying an inheritance platform is something new that I am hearing, maybe I was living under a rock, but no, I would not spend on it. Our motto in bitcoin is to not spend on things that can be saved.

Also in future we might see a different and simpler method of inheritance, so keep your fingers crossed for now.

In addition, while we used to believed that bitcoin promotes anonymity, then how can this be possible if we are trying to pay a third party here for the safekeeping of our coins? I do think we are only breaking our own rule here, by allowing other party to manage our bitcoin assets when we have our own family to trust and make it happen.

I don’t actually support this kind of idea. Maybe for others it seems very working but for me who value my coins like how I value my family, I have to say my family should know this first before other party will have an access to my own investment.

I've said this before, I really don't understand why we can trust third parties, lawyers...people we don't know but we can't trust our wives and children? I find we often advise each other not to share our bitcoin investments with anyone, including family members, to ensure privacy and safety. But the irony is that now we not only want to disclose our investments to others but even entrust our bitcoins to them to manage. This was a really bad idea, I chose to teach my family bitcoin instead and I did this for a long time.

Questat

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Quote from: TheUltraElite on July 22, 2024, 08:03:34 AM

I would rather teach my next of kin how to operate bitcoin wallets and how to transact, the basics and observe how they are doing it. Giving them the knowledge I have gained over this forum should be enough if they are willing to follow it.

Paying an inheritance platform is something new that I am hearing, maybe I was living under a rock, but no, I would not spend on it. Our motto in bitcoin is to not spend on things that can be saved.

Also in future we might see a different and simpler method of inheritance, so keep your fingers crossed for now.

In addition, while we used to believed that bitcoin promotes anonymity, then how can this be possible if we are trying to pay a third party here for the safekeeping of our coins? I do think we are only breaking our own rule here, by allowing other party to manage our bitcoin assets when we have our own family to trust and make it happen.

I don’t actually support this kind of idea. Maybe for others it seems very working but for me who value my coins like how I value my family, I have to say my family should know this first before other party will have an access to my own investment.

moneystery

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2100 usd per year just to pay for bitcoin inheritance services? lol with that much money every year you can get more bitcoins. no need to bother thinking about inheriting bitcoin, just write your private key on paper and then you can save it in the bank and keep it safe with your lawyer, it's much easier and safer than entrusting your assets to a third party.

Apocollapse

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Not all inheritance platforms asking you to purchase or pay their service, someone in this forum created a site to compare each inheritance platforms, I see that the project by wizardsardine is interesting.

I'm not sure if I will use inheritance platform or not, because the reason why I trust Bitcoin is due to decentralization and not trusting any third party, so it's hard to make me to trust someone.

ranochigo

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Quote from: SatoPrincess on July 22, 2024, 07:37:00 AM

Though I personally recommend the use of timelocked transaction method.

That's not what timelocked addresses are for. The thing about inheritance is that you should still be able to access the funds before your death and that the funds are accessible to the intended beneficiaries after. Whilst some easy scripting would allow for MultiSig with timelock, it is still a condition that doesn't account for the time of the user passes on.

I don't think crypto inheritance services are necessary. Using MultiSig and putting a key in the will should be fine.

TheUltraElite

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So anyway, I applied as a merit source :)

I would rather teach my next of kin how to operate bitcoin wallets and how to transact, the basics and observe how they are doing it. Giving them the knowledge I have gained over this forum should be enough if they are willing to follow it.

Paying an inheritance platform is something new that I am hearing, maybe I was living under a rock, but no, I would not spend on it. Our motto in bitcoin is to not spend on things that can be saved.

Also in future we might see a different and simpler method of inheritance, so keep your fingers crossed for now.

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Quote from: cabron on July 21, 2024, 03:19:55 PM

Why not just teach your children while you are still alive and let them know you have coins to access when something happens? Just let them know you own this much of coins and then make sure they can enjoy the inheritance. I think you would agree to this rather than entrusting your coins to a lawyer who could betray them the first chance they get.

For me, I would rather give them their share and only make them inherit the real properties and businesses. It's more convenient.
It's possible to have an extra phone where they can open it when they scan their face and this phone has a wallet in there.

So far, this is the best idea for me. Don’t complicate yourself by entrusting other person your bitcoin assets when you can teach your wife or your kids early about bitcoin investment and how they will be able to access your bitcoin assets when you’re no longer around. I don’t think they won’t accept that idea knowing their future inheritance relies on it, and aside from that, now that they are more aware how bitcoin works, it’s now possible they will continue the legacy what you have started, and even grow your bitcoin assets 5x or 10x in the future.

SatoPrincess

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This sounds to me like the same thing as storing your Bitcoins in a centralized exchange. There are better alternatives. You can choose to tell your spouse or someone you trust where they can find the private keys in the eventuality of your death. Though I personally recommend the use of timelocked transaction method. There are many threads on the subject:
[Tutorial]Making your Bitcoin Inheritable
In what way you’ll inherit Bitcoin to your loved ones?
When Bitcoin Must Be Inherited
Bitcoin inheritance
Leaving Bitcoin as inheritance

Zlantann

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Quote from: Accardo on July 21, 2024, 01:03:21 PM

Questions about Bitcoin inheritance and what happens to our bitcoin when we are gone isn't new. But the solution to this isn't satisfying, including the idea of Bitcoin inheritance services, that is gaining traction in the cryptocurrency market. While their ideas of introducing vaults and the use of multisig wallets in the platforms are all great. The need to pay about $2,100 a year is quite much for a person who needs to trust a platform with their bitcoin when they're gone. What if the site drops dead before the coin owner dies? If eventually the person can recover their assets the service fee would be a big loss. On a scale of 40 years interval the service fee would be quite enough for someone to inherit it.

I don't know the custodian or inheritance services that charge such an amount to keep funds for future beneficiaries. It is only people who are rich that can afford such a high service charge. I wouldn't also risk the suggestion of keeping my money in a centralized platform. These services can go bankrupt which means, everybody will lose their funds. It will be safer to teach my heir how to use wallets. So that they can be able to retrieve my funds when I am gone. Life is unpredictable that's why I have started making moves to teach my close relatives the rudiments of the crypto space.

Dr.Bitcoin_Strange

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Personally, I don't buy the idea of using any third-party service to give my bitcoins to my children. For the multiple times that this topic has been discussed here, my opinion has always remained the same, which is that I will only hold my coin in a cold wallet and I will keep a trace of how my family can get access to my crypto asset when I pass it on.

Some rich people don't even want their kids to know about some of their investments when they are alive, but they will keep some trace of how their children can get access to those investments after they die. So, that's the approach I will take towards my Bitcoin investment. I will keep trace to how they can access my wallet and how they can share the asset.

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Quote from: Accardo on July 21, 2024, 01:03:21 PM

Questions about Bitcoin inheritance and what happens to our bitcoin when we are gone isn't new. But the solution to this isn't satisfying, including the idea of Bitcoin inheritance services, that is gaining traction in the cryptocurrency market. While their ideas of introducing vaults and the use of multisig wallets in the platforms are all great. The need to pay about $2,100 a year is quite much for a person who needs to trust a platform with their bitcoin when they're gone. What if the site drops dead before the coin owner dies? If eventually the person can recover their assets the service fee would be a big loss. On a scale of 40 years interval the service fee would be quite enough for someone to inherit it.

For me, not so much.

Call me selfish or whatever but I'm not building wealth right now just so someone else can enjoy it when I die. Don't get me wrong, I'm still putting money in the bank for "future generations" to have something, and I have a couple of properties that they can use so it's not like I'm leaving them with nothing, but the fact of the matter is that I have this money right now for me to enjoy and spend. So in that regard, the concept of bitcoin inheritance isn't something that I trouble myself with.

But even if I do look into the options to have someone else effectively inherit my shit, I wouldn't get into these inheritance programs that you're talking about, especially if it's just going to cost me even more money in the process. I'd rather just hold the coins on an airlocked computer and give the pass phrases to my kids/grandkids when I'm about to die than risk getting my money tampered or stolen in the process of securing it.

Zaguru12

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Quote from: alani123 on July 21, 2024, 02:55:07 PM

This process can be made more decentralized than relying on a proprietary platform. If you don't want you don't have to involve the state either. Just find a way to release a signature upon death. Certainly the more traditional methods other than online services seem more trustworthy to me. We've been doing wills for centuries for instance.

I agree with this opinion, we can all agree about the anonymous nature of bitcoin but once the assets in question is stored for special cases like the inheritance we are talking about, someone needs to be trusted with the keys or seed phrase of the wallet, and the best bet is to put into death will like the traditional way of sharing properties. I believe with the current adoption of the bitcoin they will get to the knowledge of it themselves and know how to go about. One can add a security feature like the lock time script and set out a time that you feel your inheriting person can come of age.

The lock script will protect it to the certain period of time and only the seed phrase or key needs to be protected.

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Quote from: _act_ on July 21, 2024, 02:44:25 PM

You can hold bitcoin in a trustless way. I do not have to pay inheritance service providers before I can use a good and secure way for my bitcoin inheritance process.

My hire would know what bitcoin is very well and I can go for time lock which I think is the best. I can cancel the transaction and make another one at anytime and set another time.

Indeed, one can hold Bitcoin and be able to use the time lock feature. Aside from that, having a third party service to use to keep one's Bitcoin may produce trouble in the future. One is the what if of the service shutting down before the need for it come. Second, we use Bitcoin because we wanted to have full control of our funds, why would we entrust our holdings to other people? This is no difference from services available for fiat. The possibility of identity problem will also possible to occur in the future. So why do we have to undergo this difficulty and pay too much money to give our heir a huge problem in the future? And I think the annual service charge stated by @OP is too high.

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Quote from: Accardo on July 21, 2024, 01:03:21 PM

Questions about Bitcoin inheritance and what happens to our bitcoin when we are gone isn't new. But the solution to this isn't satisfying, including the idea of Bitcoin inheritance services, that is gaining traction in the cryptocurrency market.

Are there such services? although I don't think that they're thriving or gaining traction because if they're going to be like that, there's a trust issue regarding these services IMHO.

Quote from: Accardo on July 21, 2024, 01:03:21 PM

While their ideas of introducing vaults and the use of multisig wallets in the platforms are all great. The need to pay about $2,100 a year is quite much for a person who needs to trust a platform with their bitcoin when they're gone. What if the site drops dead before the coin owner dies? If eventually the person can recover their assets the service fee would be a big loss. On a scale of 40 years interval the service fee would be quite enough for someone to inherit it.

That's the risk there and even the platform becomes dead or out of service, the very person who handles all of these might runaway with their customer's money. That retaining or service fee isn't worth it at all, start teaching your kids and wives/husbands about Bitcoin and how to keep their wallets safe and instruct them how they'd get their inheritance through your holdings once you're gone.

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Why not just teach your children while you are still alive and let them know you have coins to access when something happens? Just let them know you own this much of coins and then make sure they can enjoy the inheritance. I think you would agree to this rather than entrusting your coins to a lawyer who could betray them the first chance they get.

For me, I would rather give them their share and only make them inherit the real properties and businesses. It's more convenient.
It's possible to have an extra phone where they can open it when they scan their face and this phone has a wallet in there.

alani123

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You can use multisig with a lawyer or a notary public and skip the entire process of relying on a service of a platform that might go down.
Under many jurisdictions the state can hold secure inheritance documents for you. So long as you explain to the receiving party that their BTC will be free with their part of the signature that they must keep secure, it's all good.

This process can be made more decentralized than relying on a proprietary platform. If you don't want you don't have to involve the state either. Just find a way to release a signature upon death. Certainly the more traditional methods other than online services seem more trustworthy to me. We've been doing wills for centuries for instance.

darkangel11

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Maybe it's time to start this type of business? How much does it cost to set up a multisig wallet? Let's say I'd offer this to someone, I'd probably build a vault somewhere on my property that would be an elevated concrete building with no electricity, no flammables anywhere near, blast doors and that would contain all the private keys to people's wallets engraved on metal plates. Realistically that place would be indestructible. All that's left is to make sure there's at least 3 people that know about the building and how to access records, in case I die in a car crash or something and you're telling me that I could get $2k a year for that per key stored? Crazy. I'd be able to make it worth my time for half the price.

_act_

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You can hold bitcoin in a trustless way. I do not have to pay inheritance service providers before I can use a good and secure way for my bitcoin inheritance process.

My hire would know what bitcoin is very well and I can go for time lock which I think is the best. I can cancel the transaction and make another one at anytime and set another time.

Stalker22

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$2100 a year seems crazy high for what is basically a custodian with a fancy name. I mean, shoot, you could just make one of those multisig wallets with a couple trustworthy folks and save a boatload. And if you ask me, not relying on one platform that might go belly up down the road seems smarter.

Im not saying its a bad service or nothing. But that sticker price - sheesh! With a DIY setup youd keep more cash in your pocket rather than forking it over to some company. Know what I mean? Id pass if it were me.

Accardo

hero member

Activity: 1274

Merit: 561

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Questions about Bitcoin inheritance and what happens to our bitcoin when we are gone isn't new. But the solution to this isn't satisfying, including the idea of Bitcoin inheritance services, that is gaining traction in the cryptocurrency market. While their ideas of introducing vaults and the use of multisig wallets in the platforms are all great. The need to pay about $2,100 a year is quite much for a person who needs to trust a platform with their bitcoin when they're gone. What if the site drops dead before the coin owner dies? If eventually the person can recover their assets the service fee would be a big loss. On a scale of 40 years interval the service fee would be quite enough for someone to inherit it.

Topic: Is it worth a shot to pay Bitcoin inheritance platforms? (Read 288 times)