Your post is rather thought-provoking.
Most people in my circle wouldn't know how to withdraw any inheritance that I'd leave them, even with me describing the process, hopefully crypto will become more mainstream as time goes on, so that people will be more knowledgeable about these kinds of things.
Topic: Leaving Behind Crypto When You Are Gone? - page 3. (Read 510 times)
Like to add something to this. Binance and Bittrex give you a code for your phone for 2FA in case you ever lose your phone device connected to it. Does the family need to have the codes for both of these to access it?
Of course if someone in the family knows how to use crypto and can do everything themselves and claim it themselves, that would be easier. But most family or relatives i assume don't. But even if they do, they have to contact an accountant on this since its going to be a mess right especially if they have no idea if their family member paid entire taxes, some taxes or no taxes on it?
Also a related question. But if someone has your bittrex or binance secret code, they can't reset your device right or they could just by having that? Or they need to know at least your email address at least?
Of course if someone in the family knows how to use crypto and can do everything themselves and claim it themselves, that would be easier. But most family or relatives i assume don't. But even if they do, they have to contact an accountant on this since its going to be a mess right especially if they have no idea if their family member paid entire taxes, some taxes or no taxes on it?
Also a related question. But if someone has your bittrex or binance secret code, they can't reset your device right or they could just by having that? Or they need to know at least your email address at least?
Read examples of people gone and they never gave their family or relatives their keys to their crypto. How do most of you handle this? Now if you have everything in your nano ledger s or trezor or even electrum for example, well you give them the 12 or 24 word seed and they have it. Now i thought of some issues. What if they dont know how to operate a computer? Who do they turn to? Are there bitcoin services where when someone is gone, their family or relatives go to that service and say this is the code or phrase for the crypto and they mention if its stored in a hardware wallet or exchange or electrum etc and have that service get their crypto for them for a price? Like it will cost $100 or $500 for the service? Such as they would then transfer the crypto to the family's own wallet or contact the exchange and have them set up the crypto to be sent to their family member's account?
The other issue comes then is taxes. Most likely that person who has crypto stored most likely did not pay all or most or any of the taxes assuming they were holding for a long time. Now if they paid all the taxes, well you could transfer the money to the family member but there is only a certain limit they can transfer a year without taxes i believe right? This is concerning ppl in the US Now what if that person paid taxes on some of it or none of it. Well the family can't just take the money into their bank account since that person didn't pay any or entire taxes of it. So how in the world would that work then? Because when you file taxes on crypto, it needs to be written down when was the coin bought and sold and at what prices. The family or relative wouldn't have a damn clue about it. They also wouldn't know when they got it and say that person was a trader, they wouldn't have access to say the 500 or 1000 plus transactions that person did etc even if most were basically buying bitcoin and selling it for altcoin immediately since most altcoin you can't go from altcoin to usd or usdt etc.
Does anyone have experience or tips on this? I think leaving crypto behind in a hardware wallet is the easiest right? But what if some were in an exchange like bittrex or binance? Do they contact bittrex or binance about it and then send in the paperwork? Of course they would need that person's binance or bittrex email address and that person most likely had 2FA. How does that work then? I assume coinbase probably would be the easiest to work with? Now let say that person also had their own wallets in their computer like for example bluecoin or greencoin where its not compatible with hardware wallet and they have some of these wallets on their computer. Now if their family has the seed or phrase for this, they can claim it but if they have no clue how to do this on computer, are there services that allow this? So imagine someone has crypto in their trezor or ledger and some in computer like bluecoin and greencoin and some in binance and coinbase. Are there services that would help them recover all these for a fee? Thus they would help that family email binance of coinbase assuming that family doesn't even know how to use computer? Such as that person left behind a paper that says
ledger wallet seed
24 word phrase
binance
email
password
coinbase
email
password
bluecoin wallet
account adfsmskdj
password lkfasdjfsdfas
greencoin wallet
accounta sdfdskjjksda;jasdfj
password aflkdskafjdsjfas;jldf
Are there places where they can bring this to in public like an office or something and that company or business help them recover everything for a fee? I assume it probably would be like a fee for each place its located?
Then they probably have to contact an accountant with all these accounts right?
The other issue comes then is taxes. Most likely that person who has crypto stored most likely did not pay all or most or any of the taxes assuming they were holding for a long time. Now if they paid all the taxes, well you could transfer the money to the family member but there is only a certain limit they can transfer a year without taxes i believe right? This is concerning ppl in the US Now what if that person paid taxes on some of it or none of it. Well the family can't just take the money into their bank account since that person didn't pay any or entire taxes of it. So how in the world would that work then? Because when you file taxes on crypto, it needs to be written down when was the coin bought and sold and at what prices. The family or relative wouldn't have a damn clue about it. They also wouldn't know when they got it and say that person was a trader, they wouldn't have access to say the 500 or 1000 plus transactions that person did etc even if most were basically buying bitcoin and selling it for altcoin immediately since most altcoin you can't go from altcoin to usd or usdt etc.
Does anyone have experience or tips on this? I think leaving crypto behind in a hardware wallet is the easiest right? But what if some were in an exchange like bittrex or binance? Do they contact bittrex or binance about it and then send in the paperwork? Of course they would need that person's binance or bittrex email address and that person most likely had 2FA. How does that work then? I assume coinbase probably would be the easiest to work with? Now let say that person also had their own wallets in their computer like for example bluecoin or greencoin where its not compatible with hardware wallet and they have some of these wallets on their computer. Now if their family has the seed or phrase for this, they can claim it but if they have no clue how to do this on computer, are there services that allow this? So imagine someone has crypto in their trezor or ledger and some in computer like bluecoin and greencoin and some in binance and coinbase. Are there services that would help them recover all these for a fee? Thus they would help that family email binance of coinbase assuming that family doesn't even know how to use computer? Such as that person left behind a paper that says
ledger wallet seed
24 word phrase
binance
password
coinbase
password
bluecoin wallet
account adfsmskdj
password lkfasdjfsdfas
greencoin wallet
accounta sdfdskjjksda;jasdfj
password aflkdskafjdsjfas;jldf
Are there places where they can bring this to in public like an office or something and that company or business help them recover everything for a fee? I assume it probably would be like a fee for each place its located?
Then they probably have to contact an accountant with all these accounts right?
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