Topic: Make sure you have a contingency plan for your assets (Read 921 times)

Sorry about your dad wishing him quick recovery.

Like OP has said,it is important for you to introduce someone among your family members,I don't mean extended family,I means from your children,wife or husband, like he said ,he saw his mum struggling to manage the financial aspect,and his dad is lost in his condition, imagine what could have happened if OP has no knowledge of Bitcoin? would he have been of help to his Mother's financial issues as at the period of illness from his father's Bitcoin investment , even if he was called upon at least they don't have to start looking for or borrowing money, OP saved the situation because his Father must have trusted him with some of his Bitcoin information.
What if you find yourself in Op Father's situation and your family is struggling to survive,and no family members is aware of your Bitcoin investment details,no money to meet up your hospital bills,then your health keeps deteriorating until you were able to survive the sickness,who are you to blame, seeing your family not able to take care of you up to average standard of living, therefore pls try to see one sincere and trustworthy person in your family he /she is by your side, entrust your Bitcoin seedphrase and others to that person.

Our basic goal in investing these assets is actually to be enjoyed by our family after we die. Of course, although many negative assumptions will come if the assets we have are later divided incorrectly or not on target. There are several things that need to be planned for the distribution of assets before we die at any time and assumptions beyond expectations usually come from our own family or the female side (our wife). As you said, bitcoin deserves to be inherited by those who deserve it, of course.

I have never met anyone like that in my life, from family to friends. Everyone has their own self-esteem, even if they are in trouble and I am willing to help them, they will refuse, let alone take advantage of me.

I agree with you on this, I also don't like to brag or show off. But it's not that I'm afraid of people taking advantage of me, what I'm worried about is that showing off will create distance between relationships. Some people will feel inferior or some will be jealous of each other when there is a big difference in wealth. That is why we live together or play together but rarely ask each other about income or assets, which is not good for our relationship.

Thank you so much Obim and everyone else for all of your kind words. The last week or so has surely been crazy but I am happy to report that since I’ve come and gone from my home state where the majority of my family resides my father is doing much much better. The first day he could only still speak a few words and over last week I was able to see the progression day by day until my final day there when they cleared him for rehab. While I was there I was able to help my family gain access to my father’s accounts. I will say that my eldest brother and I took it upon ourselves to aid my mother with this- she was surely overwhelmed. I was able to find my dad’s whole life insurance policy and found a new line of accessible money without interest due to its cash value which will come to the rescue for my mom. My dad was just about to start a very high paying job but it was delayed due to city permits and that must have been causing him so much stress. He was laid off from a very lucrative position about 8 or 9 months ago just cruising collecting unemployment and now Medicare since he is of age. I do know that my parents took the J&J vac and I suspect that was the major culprit in this stroke, I told them not to take it. Alas my dad seems to be regaining his strength and only rehab and physical therapy can do the trick. As far as trusting your family family is all that you got, it’s sad if you can’t trust them but believe me I understand that background and I think everyone and every family has at least felt their portion of breach of trust. The very woman who was there as soon as I got there was my conniving aunt who stole the entire family fortune on my moms side and I told her to get the hell out as soon as I got there. Ugh. It’s something truly words cannot describe how much of a shit head she is and the manipulation to my mom her whole life and theft of my mothers inheritance from that grandfathers side makes my face red and smoke come out of my ears. However, my siblings and I and mother and father have all remained close for the most part and it not majorly together than at least close separately amongst ourselves with our busy lives that we live. It’s funny the timing because I already had my flight booked to come and see my siblings for this very trip but to go on vacation with them, this is our relationship and we trust eachother fully. Anyways, it’ll be a long road to recovery for my dad but I do believe he is getting better by the day and for that I am truly greatful to God and thank you all for your words of encouragement and prayers 🙏 please do continue to pray and again make sure your family is set up for success in this area.

It all depends on your environment, but I'm almost sure that there will be several people willing to borrow from you when they find out that you have become a wealthy person, and most likely they will not repay the debt if you give it to them. I always tend to think that money loves silence, there is no need for strangers to know about my financial situation, and it is better not to advertise it too demonstratively, it seems to me that this is unnecessary, but not everyone shares this point of view, there is a type of people for whom status is of great importance and they try to show it in every possible way.

Sorry for your dad and I wish him a speedy recovery.

As for me, I thought about it before, but my children are still young and cannot take responsibility early and my wife does not know much about dealing with Bitcoin and cryptocurrencies, she basically does not know how to deal with computers well, so it will be difficult for her to take care of these matters.

Sometimes I think about putting all the seeds, passwords and important data of my exchange accounts and so on in a password-protected flash memory and keeping it with my wife to hand over to the children when they grow up in case something happens to me.

Are there any differences between cultures and how people treat each other in each country? Is it true that people will rely on us or ask us for money if they know we have a lot of money? Do they really do that or are we being too suspicious and thinking badly of our loved ones? Honestly, that rarely happens in my area because everyone has their own job and their own self-esteem. Asking or demanding money from family members is considered insulting and only shows that you are incompetent and will not be respected by others.

I think the problem is that inheriting bitcoin seems more complicated than other assets because if someone has our seed phrase, they can own all of our bitcoin. You are right about this.

That I can agree and sometimes it's easy for us to say that we can just open up a little to our loved ones but that's not that easy especially when you're put into a position like that, you can never expect yourself to break your generational curse that easy just because people told you so, sure there's the fact that you can do it with sheer will and discipline but that's not all there is to it. Probably the best thing that could've been done in this situation is that you should have a way for your kids or next of kin to be able to access your stuff, I think that should be a thing no matter what is the state that you're living in, make sure that the things that you cherish the most should be passed on.

Sending up prayers for your Dad for fast recovery mate. He would really be alright.

In regarding about the situation then this is indeed something hard when someone whose the one taking care all the bills will be having some health issues on which it would be resulting into some possible
problems on how to make things still be in order specially on business or financial aspect then it would really be hard if there's none of the family members isnt really that knowing on what your father is doing
or someone whose really that the one who raises up the family. As a husband or father then the only one whom you can trust is really that your wife. If you are assets are really that put up on crypto space
then it will really be ideal that you should really be teaching her on how to managed it out on the moment of emergencies or the time that you cant be able to do so.

I do agree into those sentiments above that it would really ideal always that  you should also have that physical business in real life and not really just that fully focusing on crypto
so that in case if there would be some emergencies then the rest of the family do knows on how they would really be handling it.

Apart from people avoiding not to allowing their love ones not to know about their bitcoin asset because they may think they have so much money to rely on, some people feel Bitcoin is not an asset to disclose to family members and not also an asset that can be handed legally because of security purposes. Every other asset physical, fiat in the bank are handed to to the legal team and it is still safe for people to inherit even after the real owner is no more alive,  but people always think the same can't happen to bitcoin because it is something that can be tampered with if someone have access to the seedphrase.

Inheriting bitcoin needs proper planning, to understand the people you are surrounded with, if letting them know about an assset like bitcoin is safe or not. If it is not safe telling them, is to make a better plan concerning inheritance that will be safe for the future.

About preparing everything regarding the assets owned, investing in crypto or even other assets is indeed very important.
Now I'm starting to organize all of that, starting to educate my wife about what to do when I'm not around and how to manage those assets to be able to sell in an emergency.

It is not easy, but it must all be done to rescue this formless asset.
I fully own the assets in crypto and some property assets that have indeed been converted in my wife's name.

I made things easier, started giving my wife access to all the assets I owned, and when that happened, everything was under control.

I pray for OP's father that he is always healthy and recovers from his illness soon.
It is not easy to face all of that, but you must live and do your best.

Wishing your father a speedy recovery, sickness isn't something we should be joking with and we have to be prepared at all time as we don't know what is going to happen to us that'll make us not bee able to make money again and we have to rely on the money that we have made before we got sick. Having different investment and not only Bitcoin is a good way to plan for our future and we also have to get sold plans on how our assets are going to be managed when we're not here anymore or have some health issues. Not having all our money in one assets through trading or investing will help us or any individual managing our assets when we're no more.

I can imagine how you feel because I also experienced it when my grandmother was sick which required her to go into the operating room and ended up in the ICU (intensive care unit).
I hope your father recovers quickly from his illness so he can joke and laugh with his family again.

Long before an incident like this, it would be better to give full trust to one of the family members to be able to manage the assets because no one will ever know what will happen tomorrow. Luck is still with your father because he has the opportunity to tell family members to manage the assets that have been collected so far. What just happened to your father is an important lesson for all of us that trusting family members is very important so that their assets can be saved and enjoyed by other family members if something undesirable happens to the asset owner.

I think it's still a case to case basis, when someone is dying who holds Bitcoin, they're for sure going to let their loved ones know and give them instructions on how to obtain and generate its wallet for them to enjoy the value of it.

That makes sense but you can't blame those family members that have Bitcoin and they want to remain silent about it. We're not all the same about our perspectives and beliefs why we want to keep it hidden from our families.

praying for my father to get well soon and return to his normal activities,
Actually, emergency funds existed before crypto, it's just that people are lulled by luxury and they don't realize bad things in the future that require funds, I personally prepare emergency funds in the form of crypto and savings in banks where bank savings are an alternative if crypto is not doing well, such as experiencing a decline and we need money,

I have also asked this question to some people when they said they do not trust and do not want to disclose about bitcoin to anyone in their family. After all, bitcoin is just money, an asset like any other. If we can reveal other assets to our loved ones, why can't bitcoin? It's puzzling that some people claim they'd rather let their bitcoins disappear with them than leave an inheritance to their loved ones.

If investing in bitcoin causes a split in the family, people are skeptical and wary of each other, then I believe bitcoin is a bad investment for that family rather than a good investment.

First of all, just seeing this from the OP, it's something disheartening to witness or hear about, my prayers be extended to your dad and I hope by now he must have been quite better since the creation of the thread.

Coming to @MeGold666, you have said according to how you see the whole case but I think on me it should be something not to brag about, if you check around every member of your family and can't find a single person you can trust then it's a big problem, which means even you is the same and likely no any member can trust you when it comes to finances. I think if any one should be proud of their family then I should be, currently I know my stance and who stands with me because with how far we've gone and what we both went through, he deserves to be trusted and I feel more at peace knowing that my whole assets can be extended to someone if it calls for my absence.

I agree and I think the thought that scares many is that when people hear about Bitcoin, relatives or not, they think that person is rich already. They have a misconception about that person but the reality is that he's also another investor just like the others with assets. And they're afraid to become heard by their relatives because they might just ask them for money repeatedly. This is a typical thing for those cultures that are family oriented but it changes of course because of what's happening in this world and there's no assurance and so as with the money from investing. Someone is just protecting himself from them being asked and being sucked but it's true that they shouldn't be scared about that and they have to inform their immediate family or closest relatives about it.

Considering that bitcoin has a very high value, bitcoin should be considered an inheritance that can be inherited.
Just like any other asset or your money in a bank account, you can trust your family to know the whereabouts and total amount of that wealth, then there is no more reasonable reason not to trust them with bitcoin.

Some people may be afraid or paranoid about something dangerous for themselves if they tell their family about their bitcoin holdings, but they are never afraid about other assets that their family knows about. I don't know the exact reason, but bitcoin deserves to be inherited by those who deserve it.

Ah, Yeah that's my brother haha, nice words, Bro let me tell you if your parents are not good to you in your view, there's a fault in your understanding, not only for parents in any relationship. Buddy if you want someone to take care of you better be ready to support him/her/them in any condition.

Honestly Love, Humanity, Care, and Selflessness are what give value to your life, If you want to die like no one remembers you in good after your death then eat, drink, earn, and die also trust no one. A selfish approach cant get anything in life. There should be boundaries for trust I know but in your social circle not in your relationships.

Haha I'm not a relationship advisor, but the first priority should be to get good relations with your parents/wife/children and friends. Money is not that important what is important is your relations, your health, your faith.