Leaving Bitcoin as inheritance - page 3.

Reatim

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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.

I think letting them know that soon is not a good idea because life has so many obstacles and we don't know what will be the future understanding so making this is not a good idea that fast.

Maybe better to just let them know in time,maybe make them ready in case of emergency or unexpected situations.

Having a proper written is best way to do,or at least have them a USB that can be found in your personal things when you died unexpected so they will know how to take their part from your crypto assets.

AniviaBtc

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Quote from: CarnagexD on May 02, 2020, 02:44:33 AM

If you want to give a bitcoin as an inheritance to your family it is better if you do not make too much security progress to your account because some of them does not know what you are doing at the same time they did not know all the things you are stating on the account and they need to ask other people to do this instead. I'm suggesting it is better if you withdraw those funds immediately so they can use but if you don't want and just stay into the bitcoin it is better if you give already the wallet username and password to your wallet so they can immediately use your bitcoin funds. If you still have some time it is better to teach them immediately because they have some insights on how does the transaction of the bitcoin works it depends on your if you will before you die or let them explore the transactions before they'll get your funds.

If your family members aren't interested and not knowledgeable about bitcoin, you should convert it into a fiat money so that they can directly get the benefit from it. Send it to their bank accounts so that it is less hassle for them to have an access to your bitcoin, especially when some of our family members are old enough to become more engaged in technology. Bitcoin as inheritance is good if your family members know how to manipulate it, if you teach them the concept or principles of bitcoin, maybe they can continue what you've started. Managing bitcoin is not that easy because we all know that it is very volatile in the market, it takes time to adopt in the market and you really need practice and experiences to become an effective bitcoin holder.

cosmofly

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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.

TitanGEL

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Death is inevitable so its good to be prepared for this one, though I’m not considering this as an inheritance, but I do have a black note where I listed every single details of my wallet and a procedure on how to use the wallet, the recipient of this note is still unknown, maybe but future family. We have to make a full back-up of our wallet, we work to get more bitcoin and for sure you don’t want your bitcoin to be useless, so let someone that you love know about your bitcoin, and tell them everything.

It is a good idea especially for the people who have a lot of bitcoins, our family can use it if we have a note or certain information about our wallets and how to access it if there will a bad things that happen for us. We cannot see the future after all so it is better to be prepared. Our bitcoin will be a waste if there not note that we will leave in our home, it is better if we will see it as inheritance that our family can use. But we should also make sure that our family have good money management where we can sure that our bitcoins will use in good things and not in illegal or bad things.

Shasha80

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The best way to leave bitcoin as an inheritance, is to tell the person we trusts the storage of the private key from our wallet.
Usually our parents or spouse. Therefore we can rest easy our bitcoin heritage can be accepted by our families. Or another
way to hire a professional lawyer, so you can leave bitcoin as an inheritance safely. No need to worry will be controlled by our
greedy family.

sendbit.io

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Some usefull information can be found here https://news.bitcoin.com/how-to-bequeath-your-digital-assets-to-your-descendants/

Its vital to keep your private keys in a safe place. For example you had 100k worth of bitcoin on site A and this happened to go down or vanish over time..With private keys you can retrieve your coins from the bitcoin network into another wallet or site B. Bitcoins are always safe if you keep your private keys safe from hackers or greedy family members.

My advise is buy a mini saftey deposit and place you private keys inside. Instruction with the deed lawyer. Lawyer dosent need to know what asset are being written down. if tax has been already paid no need to worry!. some countries do require inheritance tax to be paid. In the bitcoin law im not to certain.

Trezor is another safe device..the issue is firmware updates are required on regular basis.

The other method is time lock bitcoins. :-)

Regards

Timelord2067

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Quote from: Sadlife on May 04, 2020, 06:50:48 PM

I also have taught about this, i was thinking that maybe i could create a program that continuesly have a popup notification in my phone checking if im still active/alive and if the day comes that i can no longer turn off notifications and if something happens to me then the program will activate and my private keys and creds about bitcoin will be sent to my family.

Might want to rethink that strategy ... All a "bad guy" would have to do is hack/clone your relatives systems ahead of time, then cause you to loose your phone - hey presto! No more BitCoins.

Sadlife

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I also have taught about this, i was thinking that maybe i could create a program that continuesly have a popup notification in my phone checking if im still active/alive and if the day comes that i can no longer turn off notifications and if something happens to me then the program will activate and my private keys and creds about bitcoin will be sent to my family.

pixie85

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I think that you can easily include your password in your last will somewhere and keep the will locked. Don't tell your family that you have Bitcoins.
Usually people don't read last wills of their family members before their death.

You can also write it on the property deed. They won't have the need for that before your death, but they will need it to transfer ownership of your home to them and then they'll find it.

You can also tell them and divide the password among all of them, telling each of your loved ones a part of the phrase. They will have to come together to be able to share the coins when you die which means none of them will be left behind.

carriebee

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This is also I’m thinking to leave all of my crypto assets to my love ones. The only thing that comes in my mind is to share my private keys to them. Of course, the best part on that you are discussing it first to your family what truly is bitcoin. This way they will understand the usage and importance of crypto.

online73

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Hello everyone. I think this is an ideal idea to leave bitcoin as an inheritance to your children. How to do this technically is the second question; it’s not difficult to come up with. But this is phenomenal - someone leaves a legacy of an apartment, a car, but cryptocurrency is like leaving a micro plant that makes a profit. No one doubts that the price of bitcoin will rise, and if you treat such an inheritance correctly, it will be the best inheritance that a person could come up with.

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Quote from: cabron on May 04, 2020, 01:12:23 PM

Do not trust anyone, even a lawyer. Remember these guys are the best liars you can imagine, they can lie to their God if they have to. I don't even trust my wife for if given a chance, she might just give everything to the next lover she meets after I die. It's best to just keep it for your kid. I'd try not to die until my kid knew how to crypto works.

Do you have a bad experience regarding relationships in building trust? Your wife is your life's companion, a support system that should support all your efforts, if there is no trust, how do you live your life?

Teaching the world of crypto to children is a good choice. Moreover, in the future this will be useful, it can be one of the most potential sources of income. And yes, if you plan to make a legacy with BTC then you should teach your children well.

Lanatsa

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Quote from: cabron on May 04, 2020, 01:12:23 PM

Do not trust anyone, even a lawyer. Remember these guys are the best liars you can imagine, they can lie to their God if they have to. I don't even trust my wife for if given a chance, she might just give everything to the next lover she meets after I die. It's best to just keep it for your kid. I'd try not to die until my kid knew how to crypto works.

I actually laugh on this one but actually i would do the same thing which i cant even trust up my wife in regards to this matter.Im not even giving all of my income
even if im still alive because when you die you wont really know that those funds that you've worked so hard will just go to the hands of other guy that he would
meet up when youre gone.I would surely secure my funds into my siblings just in case.In talks of crypto i would early tell up my kids on how crypto works
and incase if i die i will tell them that they do just simply access my USB into my safebox and put all the instructions there.

acroman08

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Quote from: blockman on May 03, 2020, 06:38:00 AM

This is an option but it's also risky to entrust those things to a lawyer knowing the details of the encrypted keys.

the lawyers don't have to know the details of the encrypted keys. you can just instruct the lawyer to distribute it when you die

Quote from: blockman on May 03, 2020, 06:38:00 AM

And do you think that the bank will keep something like this?

yes, bank locker is like a vault and you can keep almost anything important or valuable in it.

Quote from: blockman on May 03, 2020, 06:38:00 AM

they don't even recognize cryptocurrencies.

even better. they won't care or take interest to it. but since it is just an encrypted key I doubt they'll be suspicious about it.

Quote from: blockman on May 03, 2020, 06:38:00 AM

Educating your family while you are alive is the best option, teaching them how to access a wallet, retrieving a wallet through private keys that they can easily understand that it's the main key to unlock the funds that you'll above to leave as an inheritance.

yeah, but if you read the OP, the OP is worried that he's relatives might try to steal it and teaching them how it works will just make it easier for them. the process of retrieving it can be easily learned. you can just leave instruction with the encrypted key on how it works or what to do etc...

cabron

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Do not trust anyone, even a lawyer. Remember these guys are the best liars you can imagine, they can lie to their God if they have to. I don't even trust my wife for if given a chance, she might just give everything to the next lover she meets after I die. It's best to just keep it for your kid. I'd try not to die until my kid knew how to crypto works.

joinfree

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I have also thought about this thing sometime and I couldn't come up with any better solution at the moment. What I resorted to is that whatever be the case there has to be someone that you can trust to keep your private keys safe just in case the inevitable happens. So I have exchanged private keys with my very best friends and given instructions how to give it to my family just in case. he has also done same with me and we have not had any issues for the past two years. it's not the best but that's what I have to use at the moment.

carlisle1

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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 all of your money from banks even if they will get it years after you died still a small amount right?you cannot even earn 100 % of your investment from now and 10 years when you died.

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

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).

why need to tell them earlier?when you can just wrote all the details in your last will and testament?they can just find it when you died?

maydna

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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?

Yes, of course. I want to leave bitcoin as a legacy to my family, especially for my kids. I already teach some information to them, and I hope that they will understand even if they are still in school and learn many things. If they are growing up, and ready to know more about bitcoin, I will tell more about bitcoin to them, including how to keep the private keys in a secret place.

I am thinking to give the private keys to the one person who I can believe so the private keys will not be used for anything, and only for my family. I will use one password with a unique word and separate the password, and make it like a puzzle so they need to gather all of the words in one sentence so they can encrypt the keys, and they can use all of the amounts of bitcoin in that wallet.

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Quote from: enhu on May 03, 2020, 08:50:24 AM

I'd spend all my coins before I'd die though. I will buy big properties and teach my kids to rent it to accept BTC, this way I won't have to worry about them fighting over some BTC that they can earn by the business I will be giving out to them. I'd like to buy a big lot somewhere near a resort. Build a small hotel I guess, keep the two kids I have to be busy.

If I know when will I die, I'd probably do the same thing too. Let's say I have just a month to live, I'd spend that time to treasure everything after getting reincarnated lol. Well maybe inheriting is best way to end your life, it would be the most remembered thing that you'll do before you die at least you have given your love ones a money. To give it an easy job for them, just make sure you converted it into your local currency before dying haha.

Quote from: enhu on May 03, 2020, 08:50:24 AM

If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.

Don't bother to think of these things while dying, you'll be off soon so don't bother Cheesy

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Quote from: imstillthebest on May 04, 2020, 07:57:06 AM

i like your idea of inheriting a bitcoin to our family or parents but your own personal idea is i think to complex or hard enough for our loved ones to figure it out . bruteforcing means they need to use some software to crack your password or privatekeys ? this can only be done by a techy person but most mature people will likely have no clue to do it . its better to give your keys or password and instruct them in advance on how to open your wallet so that they can withdrew the funds in a less hassel way .

Making an inheritance is quite a good idea because at the early time while the market price of the coin is profitable it is a huge income to your family but the main problem is you want to keep it secured but how they withdraw their funds because if they are not knowledgable enough in the world of cryptocurrency it is a huge problem to them because they need to hire someone that will help them to open your account and we cannot tell this is safe because when people see the huge money they cannot stop themselves to attempt bypass and get your information at the same time they also paid and your family does not get any income to your stored bitcoin. Else you will withdraw this into a fiat currency so they can easily use this and do not want to help other people because this is the most common transaction nowadays.

Topic: Leaving Bitcoin as inheritance - page 3. (Read 1785 times)