Leaving Bitcoin as inheritance - page 5.

casperBGD

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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 is a good question, i am also thinking regarding it, it is important for the family to have access to funds if someone is not there, but there is still no perfect mechanism to store your keys, and the family could take them afterwards, and it will be missed if you do not leave them, this has to be solved in the future

crwth

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I know this has been discussed, and I think will be continued to be discussed over and over again. It varies with different people, especially what the family is like. It's going to be easy if the family you are going to leave it to is tech-savvy. If not, you are going to have a hard time explaining it.

Leave it this way, prepare the last dying will video for your family to see or whoever you want to leave that inheritance to. Make a written instruction as well as video instructions on what to do. I think if you have a hardware wallet, just teach them how to recover using your seed, and I think that's pretty easy. Prepare a list of links to help them as well.

Velkro

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Quote from: pooya87 on May 02, 2020, 01:37:26 AM

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

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.

that doesn't add any kind of security, either reveal the whole password or none of it. partial password is only adding more problems than solving anything.

Agree 100%.
Your solution isnt a solution when you put on non technical people need of brute-forcing password. Its like black magic to them.
I heard and red many inheritance solutions. Not single one is perfect, they all have their lows and highs.
Solution is needed here, because it should be as easy as transacting bitcoin through smartphone.

Sanugarid

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If I'm going to die soon, and want my bitcoins to be inherited I'd probably leave my family the simplest clue I can think of on how they are going to reach it. Since my computer has a password, I'll change it to much easier one, like my name, my initials, my birth date some kind of stuff that they are going to guess easily and I'm sure they are going to find my files I'll save a notepad containing all the instructions, private keys, password they need to reach out for my bitcoins. Having a lawyer for this is like also inheriting the lawyer of your bitcoins, coz having a lawyer is expensive, Aside if the amount of your bitcoin is not that huge then absolutely you won't be needing any of middle man.

Timelord2067

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Recently a guy by the name of Bruno Kucinskas died who was an early participant of both the forum and bitcoin more widely.

He has an appeal to donate to help cover his funeral costs and in the couple of weeks since he died, those funds have remained untouched which has led many to speculate the family either doesn't know how to access the bitcoins, it's an elaborate hoax (ie he's not dead - wankety wank) or, the family are waiting to access the funds at a later date. In either case, it highlights the need for families to be aware of just how many crypto's as person is HODLing when they die.

o_e_l_e_o

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Quote from: BlackFor3st on May 02, 2020, 06:07:49 AM

The idea is great but the easiest way to do it is via flash drive or usb, save your private keys in notepad then you will also create an instruction in notepad on how they can access wallet then convert and withdraw it.

Extremely risky. Your private keys should not be saved electronically, and especially not in plain text. Anyone who finds that flash drive can completely clear out your wallets in a matter of seconds. There is also a risk associated with copying and pasting your private keys in to notepad or similar. There is plenty of malware which could steal your private key from your clipboard, from the file itself, from your RAM, etc., and transfer it to a malicious third party.

Quote from: Yatsan on May 02, 2020, 08:29:26 AM

give the private key to your lawyer somehow.

This is even more risky than above. Not only do you have all the issues with extracting your private key and saving it to an electronic file as I described above, but now you are also printing that file (and have to worry about printer malware and the printer's built in memory), and giving it to a complete stranger. You are placing complete trust in the honesty of that lawyer, and everyone that he or she works with. You are also placing complete trust in their security systems and the security of their building. You also have to consider physical degradation or damage to your storage medium over 20, 30, 40, etc., years. There's an awful lot of things that go wrong here.

hitsnorth

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doesn't it all sound like an old idea of creating something very similar to solicitor's company in crypto?

Yatsan

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Quote from: acroman08 on May 02, 2020, 07:43:53 AM

if you're worried about it being stolen how about letting you most trusted lawyer hold the encrypted key that is designated to each of your beneficiaries with the password attached/sealed to it and stored on a bank locker and will only be retrieved and distributed to your beneficiaries once you died?

Damn this is a good one! Just include it to your "last will testament". Write the beneficiaries, amount/private key there, or simply put it on a hardware wallet and give the private key to your lawyer somehow. For me this is the best way to make sure that your money is going to your family if you are gonna die. It could be a friend or anyone else but it's hard to trust anybody, so for me a lawyer will be a good one. Grin

camito

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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's a good idea to leave Bitcoins as a form of inheritance to your family member. It would be very unsafe to just encrypt keys and share the password to your family member. What's best to do this is maybe to let everything be written in your last will and testament. It's something secure and private and can be trusted with your lawyer. Also, you can urge them to start their Bitcoin accounts and transfer maybe transfer coins little by little.

acroman08

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if you're worried about it being stolen how about letting you most trusted lawyer hold the encrypted key that is designated to each of your beneficiaries with the password attached/sealed to it and stored on a bank locker and will only be retrieved and distributed to your beneficiaries once you died?

davis196

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You are overthinking too much
If you have kids,just tell them what Bitcoin is and that you plan to leave some BTC to them after you die.
Find some notary and give him your last will/testament/legacy written in paper.Your last will might include the passwords of your BTC wallet.After you die,the notary is obligated to read your last will to your kids and family and execute your last will by giving your password to your kids.Unfortunately,there's a middle man that has to execute the inheritance procedure,but that's what a notary should do.
Personally I don't plan to leave Bitcoin or any other cryptocurrency to my kids.What if Bitcoin becomes really cheap after I die.My kids will inherit a really small amount of money.

BlackFor3st

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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.

The idea is great but the easiest way to do it is via flash drive or usb, save your private keys in notepad then you will also create an instruction in notepad on how they can access wallet then convert and withdraw it. You can just leave the usb in the vault or anywhere as long as the member of your family can easily find it once you will die.

There are many bitcoins also that were not being use because in this type of scenario especially if the owner of that bitcoin was unable to think about the inheritance and he died in either accident or a sudden death.

thesmallgod

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Quote from: M-BTC on May 02, 2020, 03:18:25 AM

Casa has set up a special Bitcoin inheritance plan. You could check it out and learn from what they've already thought of: https://keys.casa/bitcoin-inheritance-plan/

Of all the means that people have suggested, I do not think putting your inheritance in the hands of some people that run a platform is quiet sensible. What if people disappear one day? what will you do ?. It is better you get and hardware wallet and write the password as part of your will is consider as the best option

cabron

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I would rather have it in my text file in a flash drive andput it in my pile of things, I'm sure no one will touchmy things except my kids since they are the only around in the house. Entrust it to you wife if you trust her. When its given to the wife its usually spent for the kids unless she's taht irresponsible. Don't make it hard and dont trust a 3rd party.

Gyfts

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Do you not trust your family with at least giving them the location of the private key to obtain if they need it? Giving them a partial pass word and asking them to brute force it is the most inefficient way to leave a Bitcoin inheritance. You could leave your things in the hands of a trusted 3rd party and ask that 3rd party to give your possessions to your family when you die. This way, you could write down the password and hand it off safely to your family.

XenoFever

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Great idea, we should have an idea about these things on how are we going to transfer all of our cryptocurrency to our family when we die but for me to lessen the stress of thinking that, if you really love your family you will let them know how to access your account. What is family if you keep a secret to them? Your family is your family, your wife your son, and your daughter, they are the ones why you are working why you are making cryptocurrency.

o_e_l_e_o

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Quote from: ?? on ??

Just print the private keys and attached it in your will, if you intend distributing to different family members then you state it clear in the will with each family members get a percentage of the bitcoin you own before you deceased.

A will may potentially be read by several people at your chosen law firm, and even more if it is contested for any reasons, needs to go to court, etc. I wouldn't store a private key in plaintext in a will. Better to give an encrypted private key or seed to a trusted family member or two, and put the decryption key in your will.

Quote from: M-BTC on May 02, 2020, 03:18:25 AM

Casa has set up a special Bitcoin inheritance plan.

This requires you to use (and pay for) a third party company. This involves a large amount of trust, and could also leave you or your family unable to access your coins if they go out of business. Casa use a 2-of-3 multi-sig, where you have one key on your mobile phone, one key stored offline, and one key stored with them. However, your mobile phone key is backed up online (encrypted) and they hold the decryption key, meaning they effectively have access to 2 of your 3 keys, meaning they are in full control of your funds. It's not a solution I would recommend.

Reid

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

2 - Print the encripted keys in paper or some more durable medium and store securely in your home.

Remind, Covid-19 is over here.

My pick.
Kind of old school but it will work.
Remember before, wills are being processed by lawyer and there are times titles are being given.
It would be something like that.
You will just need to enhance it a bit.

How?
Of course the private key is there. if you have the seeds then input it too with your handwriting. (Somehow they might also remember you that way)
Put instructions on how they will deal with it.
Do not leave a blank step that would give them a hard time. (it should not look like a treasure hunting)
You are already dead at that time, don't let them curse you until their last breath too.
Safest method as for me. Still, you do have a lot of choice.
Like flash drive, paper wallet and so on.

fiulpro

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Keeping a paper wallet is a hard task , but I do think at the end of the day you would have to use a centralized body to keep it into a safe location. Because sooner or later it would be problematic to keep it safe by yourself.
Even banks have an entitled locker assigned if you want to keep some documents or something precious there , I do think you can hire a lawyer and give him instructions , the family can directly be contacted by the lawyer and given instructions .
Your idea is good too but I do think to be safe , if I had enough Bitcoins to pass it as inheritance , I would like to use a centralized body . Ironic .

YOSHIE

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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?

That crossed and lightest in my mind for the inheritance of children and families is not Bitcoin: that is, shops, land, gold and houses are all obtained from the results of investment or trading on Bitcoin.

I am thinking of getting as much profit as possible from Bitcoin, so that I can leave it to my family, not bitcoin but the results of bitcoin.

Why, it would be difficult for your own family to receive inheritance, by providing a password / key and then entering into a bitcoin wallet, my advice, leave a legacy for families that is easy to accept and reach. Don't complicate things while there are easy ones.

Topic: Leaving Bitcoin as inheritance - page 5. (Read 1772 times)