Leaving Bitcoin as inheritance - page 2.

NavI_027

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Quote from: velhoti on May 02, 2020, 01:17:19 AM

[....] 4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.

That was a nice yet a little bit tricky way of passing your coins to your loved ones Cheesy

. But what if you died because of a sudden accident (knock on the wood), how did they find where your safety box located? And how can they open it just in case you used a vault? Well, just a "what if".

I think much better to do is pick someone who you trusted the most. The one who really loves you as a whole and not because of your money. You can tell him/her your private keys right away and how can they have it. You now have nothing worry about because if a person really loves you, he will not get tempted with all of the assets you have and try to backstab you over these material things

. It is very crucial so choose wisely.

Mahanton

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Quote from: FanatMonet on June 02, 2020, 05:34:03 PM

Quote from: Debonaire217 on June 01, 2020, 11:21:14 PM

Maybe, you could entrust your security to your friend, for example, ask them to remind your family if you die, that you have a drawer where you store bitcoins, including all the security passwords to your account to make sure that they can access it. I think there's no reason for you to put up a puzzle for them to brute force your accounts just make it easy for them, the only problem you need is how you could make sure that you are the only person who can access your drawer, and to make sure it is secured. All you just need is a piece of paper, hide it in the safest place possible.

As far as I understand, a person initially does not want to trust his money to anyone, friend or family. He wants them to be able, even theoretically, to receive money only after his death, and not earlier. And here big problems are possible, because let's say that a person does not trust anyone, although, I would probably suggest then, a bank cell.

You do have a point on where not all people would really have that kind of trust even though it do talks about into their closest loved one when it regards to money.We dont now that in-depth reason but its their choice
we cant even tell if they do tend for those funds to be inherited or just fully decided to let those coins lost in void after his/her death.I do see that bank cell option but it would be all useless if you havent teached out
everything to those people whom you do like to received your crypto as an inheritance. If you are willing to leave it all then you will surely have that option on teaching out everything next to the person whom you trust.

FanatMonet

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Quote from: Debonaire217 on June 01, 2020, 11:21:14 PM

Maybe, you could entrust your security to your friend, for example, ask them to remind your family if you die, that you have a drawer where you store bitcoins, including all the security passwords to your account to make sure that they can access it. I think there's no reason for you to put up a puzzle for them to brute force your accounts just make it easy for them, the only problem you need is how you could make sure that you are the only person who can access your drawer, and to make sure it is secured. All you just need is a piece of paper, hide it in the safest place possible.

As far as I understand, a person initially does not want to trust his money to anyone, friend or family. He wants them to be able, even theoretically, to receive money only after his death, and not earlier. And here big problems are possible, because let's say that a person does not trust anyone, although, I would probably suggest then, a bank cell.

pamelawjd

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I'm a lawyer, working in bitcoin full time since early 2014. I've been working on this inheritance issue for a few years now. You can find free resources at my website: empoweredlaw.com, including a "Letter to Loved Ones" template that you can use to let your people know you have bitcoin after you're gone. If you need more, I've also written a book: Cryptoasset Inheritance Planning, which will guide you through the steps of making a plan that will (hopefully) work for you and your loved ones.

There is no one solution, every family is different. Some people have families who are technophobes, others are cryptosavvy. Some have younger or older people they are responsible for, others don't. Your risk profile and your family situation will determine what the "right" plan is for you. However the most important thing you can do to help them is designate 2-3 people who can help them recover your assets when you're gone. It's likely you're the bitcoin expert in your house. When you're gone they'll need someone else, trustworthy, to help them. I don't like the idea of just one person (single point of failure) so I prefer to designate a couple of people who don't know each other or have no reason to collude.

Hope this helps.

Debonaire217

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In Code We Trust

Maybe, you could entrust your security to your friend, for example, ask them to remind your family if you die, that you have a drawer where you store bitcoins, including all the security passwords to your account to make sure that they can access it. I think there's no reason for you to put up a puzzle for them to brute force your accounts just make it easy for them, the only problem you need is how you could make sure that you are the only person who can access your drawer, and to make sure it is secured. All you just need is a piece of paper, hide it in the safest place possible.

Sadlife

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I mean why give them problem after you die when you can just tell your wife the password that way they wouldn't stress their minds out figuring out the key to the wallet of your Bitcoin wallet address.
You can give the password to other members of the family, the ones you trust but limit it to three person.

famososMuertos

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Anything you leave your family is important, we always think of the things of greatest value as if they make our heirs or family happy.

The reality is that no matter the good that is going to be left, you only have to leave clear and precise instructions on how to do it.

You can leave something notarized and registered for the law through an attorney to enforce it, remember something, in these times of the 21st century, there are such valuable things as YouTube channels, website, applications, etc., they are not different from a active as the bitcoin for which you inherit them, so sometimes the instructions of what to do with the ones you are giving as an inheritance can be more beneficial than the inheritance itself.

ChiBitCTy

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This is an important topic that I don't see being discussed nearly as often as it should. I made a write up about it a few months back in the collectibles section. While this write up was more geared towards collectibles, it also applies for digital assets such as bitcoin pretty much just the same. Worth a read, a lot of good info contributed as well- https://bitcointalksearch.org/topic/m.50703294

skarais

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Quote from: Lanatsa on June 01, 2020, 05:03:32 AM

Even myself do tell my wife
about it and all of my files are on USB on a text file in all of my wallet keys even though i dont totally trust up my wife (lol) but this is better that to entrust
it to third party or do make will on a lawyer.

I havent been able to fully decide to tell someone about the assets I have so far on bitcoin even if its my closest family. As an asset that has value, bitcoin can be inherited 100% to others of our own volition and in our own way.

I understand on what basis this thought emerged. We cant know when we die and that has become the main idea why we all have to prepare everything well so that it can be used by families. For a small amount, I dont think you need to bother thinking about how it should be. But if the amount of assets that are owned in large quantities, then it must trust someone who can represent us as well as in a lawyer.

Even so, I also have a special note that I keep safely and will notify someone one day. Among the important things that I think should include:
1. Bitcointalk.org account with a password
2. Private key bitcoin wallet
3. Email along with a password
4. Exchange account and a few other things.

For to get additional security then I wont say what the actual amount is.

michellee

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Quote from: layoutph on May 31, 2020, 08:58:45 PM

Bitcoin is a wonderful wealth inheritance. i guess you should inform and educate your family members how to use it. Educate them how to encash it. If you do not educate them, your bitcoins might be invested to scams like Bitconnect. Or they might seek advice to wrong people when you die. Must teach them properly.

Maybe not all of the family but he can tell his trusted family members and teach him/her about how to use bitcoin so he/she won't have a problem in the future. We can tell the family members, but we cannot force them to learn bitcoin or use bitcoin because that will be their decision to use bitcoin or not. But if one of our family members have a curious about bitcoin, that will be the right time to tell and explain everything that we know to them.

Lanatsa

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Quote from: retnoanjani on May 11, 2020, 05:57:25 PM

Quote from: velhoti on May 02, 2020, 01:17:19 AM

Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?

Does your family understand cryptocurrency too? if not yet available, you should provide education to the closest and most trusted family, for example, your husband or wife, your brother or sister. This is as an anticipatory step so that the inheritance can be well utilized.
There is a simpler way. You create a document containing letters, instructions, etc. You can also include a private key or password to access the wallet containing your inheritance. Then you can ask for the help of a trusted lawyer, or to make it simpler to keep it with other important papers.

Thats the simpliest thing on my mind in talks of inheritance where you do teach the closest family member and even teaching out the basics which would really be
enough yet incase you die they will able to access your crypto wallets yet even having that basic knowledge would really be enough.Even myself do tell my wife
about it and all of my files are on USB on a text file in all of my wallet keys even though i dont totally trust up my wife (lol) but this is better that to entrust
it to third party or do make will on a lawyer.

layoutph

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Bitcoin is a wonderful wealth inheritance. i guess you should inform and educate your family members how to use it. Educate them how to encash it. If you do not educate them, your bitcoins might be invested to scams like Bitconnect. Or they might seek advice to wrong people when you die. Must teach them properly.

Quote from: velhoti on May 02, 2020, 01:17:19 AM

If I die, my family can use my death certificate to rescue all my money from bank and appropriate all my posses.

But not bitcoin, I was thinking about how to leave bitcoins as inheritence in a safe way, minimizing risks of be stolen by my own family (still if I trust my family, they can store improperly the keys and be stolen, or forced to deliver).

The perfect solution, in my opinion, is a mechanism whithout intervention that reveal my keys to my family, this could be done if I do not access some service for a month, or if I don't store some stuff in the blockchain for a month or ... I don't know a solution. And only my family could access my keys, possibly they have keys that allow then to access my keys.

An good solution could be some artifact, like a file, that I can send to my family, or left it stored online and thar artifact could reveal my keys only to my family.

My basic ideia is:
1 - Encript the keys with your password, but must be a very strong password, resilient to brute force atack.
2 - Print the encripted keys in paper or some more durable medium and store securely in your home.
3 - Reveal to your family a limited set of characters with wich they can sucefuly find the password using brute force, in a short time.
4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.

Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?

Remind, Covid-19 is over here.

Timelord2067

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💲🏎️💨🚓

China Passes Law Protecting Cryptocurrency Inheritance

https://news.bitcoin.com/china-law-cryptocurrency-inheritance/ by Kevin Helms

Quote

China has passed the country’s long-awaited civil code which expands the scope of inheritance rights to include cryptocurrency, such as bitcoin. Inherited cryptocurrencies will be protected under the new law. Meanwhile, several Chinese courts have recently ruled that bitcoin and ethereum are properties protected by law.

Read further by following the link: https://news.bitcoin.com/china-law-cryptocurrency-inheritance/ by Kevin Helms

retnoanjani

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Quote from: velhoti on May 02, 2020, 01:17:19 AM

Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?

Does your family understand cryptocurrency too? if not yet available, you should provide education to the closest and most trusted family, for example, your husband or wife, your brother or sister. This is as an anticipatory step so that the inheritance can be well utilized.
There is a simpler way. You create a document containing letters, instructions, etc. You can also include a private key or password to access the wallet containing your inheritance. Then you can ask for the help of a trusted lawyer, or to make it simpler to keep it with other important papers.

panganib999

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Quote from: velhoti on May 02, 2020, 01:17:19 AM

If I die, my family can use my death certificate to rescue all my money from bank and appropriate all my posses.

But not bitcoin, I was thinking about how to leave bitcoins as inheritence in a safe way, minimizing risks of be stolen by my own family (still if I trust my family, they can store improperly the keys and be stolen, or forced to deliver).

The perfect solution, in my opinion, is a mechanism whithout intervention that reveal my keys to my family, this could be done if I do not access some service for a month, or if I don't store some stuff in the blockchain for a month or ... I don't know a solution. And only my family could access my keys, possibly they have keys that allow then to access my keys.

An good solution could be some artifact, like a file, that I can send to my family, or left it stored online and thar artifact could reveal my keys only to my family.

My basic ideia is:
1 - Encript the keys with your password, but must be a very strong password, resilient to brute force atack.
2 - Print the encripted keys in paper or some more durable medium and store securely in your home.
3 - Reveal to your family a limited set of characters with wich they can sucefuly find the password using brute force, in a short time.
4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.

Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?

Remind, Covid-19 is over here.

It seems like you are already getting ready to have your last will and testament to be prepared once you die. Well, that was really a problem because your assets (money) stored in your bank as well as your properties are easy to be stated in the legal document because it has already a legal process since it is clearly stated as you owned. But when it comes to cryptocurrency like Bitcoin to be left as your last will seem to be hard because privacy is the main thing we are all protecting when it comes to our accounts. We cannot just entrust it into anyone having your private key or password because they can already have an easy access on it once known. But if you are really wondering how you will leave it as inheritance, then you may at least leave some clues to be able for your family to have an access on it. But I think since they will be your beneficiary once you die, I think it will be best to directly give them the access since they were the once who will be having it. But in any cases that you don't know and no one do really know when a person will die, maybe writing it on a piece of paper your private key or access to your account and include it into your last will for your family to have it directly.

rodskee

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I will choose Bitcoin to be my inheritance than Money in banks or any
other assets since i Believe this will
be a fortune for my family's future,all the cryptocurrency that in my
pocket now will remain for them
10-20 years from now,though it is not that Big amount but i believe
when time that adoption finally
happens?amount like mine will be worth more than what i am expected.

yazher

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You own the pen

Your way is the like of that national treasure movie where only those who know to decrypt the map can find the treasure. why not make it simple for them, you're giving it to them anyway. why not put all information at once that can be easily to understand by some normal person. In my opinion, the only crucial information you need to put on the letter of the inheritance is "Do this alone" no matter what happens. This will make sure that no one can get access to whatever the amount of cryptocurrency that you left them.

Lorence.xD

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You can use hardware wallet to make things easier, store the wallet in a bank and put it on your will and testament, and give instructions there on how they will use the wallet and what is the part of each family member to the piece of bitcoin pie. Inheritance system for bitcoin, in my opinion does not solve any problem, you can entrust almost anything in your will, that includes your online accounts and stuff like that. I think that there is no merit in going extra step to do something simple that works. And on the side note, making a inheritance is vulnerable to attacks in this time and age and the non-electronic concept works best because hackers do not see any merit attacking a notary or lawyer's office and expect profit.

Yamifoud

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Quote from: cosmofly on May 05, 2020, 11:10:13 PM

If you have a lot of money in your wallet, you should do so, or you can instruct your wife or your child to remember them. In addition, you should ask them to learn how to dep and withdraw the coins to their correct wallets to exchange fiat money. There are many people who don't know and frequently transfer wrong wallets and your bitcoin number can take forever. Guide them as soon as you can.

Even though they are your brother or sister, or any member of your family if they don't have any interest in this, you better not risk. Better to find someone that could be worthy of such confidentiality.

Maybe it was best to expose them to crypto early and give them a chance to explore in such a way they'll never get hard to understand the market as they will take the responsibility in the future.

Latviand

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Quote from: bitbunnny on May 02, 2020, 03:10:39 AM

Many has such idea to leave their Bitcoin as an inheritance. In that case you have to have in mind that Bitcoin is volatile and so the value you leave to someone will not be fixed. With time it can become bigger or smaller.
And I think that the best way to do that is to attach the private keys to will, thus they will also be legaly secured and protected from possible abuse in case that you give them directly to person who will inherite your coins.

You need to choose someone who is trustworthy, responsible, creative, and wise enough to inherit your coins. It is not that easy to hold a bitcoin, there are a lot of things to consider to prevent losses in bitcoin. Market is one of the most crucial factor in the price of bitcoin because of its volatility in the market.

When you die, you should teach some of your family members some idea about cryptocurrency so that as early as they can, they practice and gain a lot of experience manipulating that. Private keys are also important and the best thing to do is secure and protect your assets until your family members are already knowledgeable about bitcoin.

Inheritance is not that easy, giving your trust and your assets that you've worked for, for so many years needs to be in a good hand. Being open-minded about cryptocurrency is the most essential thing that people who will inherit needs to acquire.

Topic: Leaving Bitcoin as inheritance - page 2. (Read 1772 times)