Topic: Make sure you have a contingency plan for your assets - page 3. (Read 831 times)

The Lord is your father's strength, I pray he gets better in no time.

If you don't want to be bothered about your father taking risks on risky assets then help him convert the coins back to Bitcoin, unless you are very good just like your father when it comes to handling risky assets, I think you should be though because you are not a newbie on this forum.

I don't have to worry about what will happen to my crypto asset if something unexpected happens, my other half knows what to do and we have discussed this so many times already, I know how serious it is when it comes to life-threatening situations, we are not promised tomorrow like you said so we must always be prepared for any possibility.

I am very sure that many people choose crypto investment because of its hidden nature, where I come from there are many family feuds and trust issues everywhere, some people won't even dare to leave valuable things in the reach of their families, having valuable crypto is like knowing you are worth millions without anyone knowing.

First of all I am sending prayers to the recovery of your father and I am sending support to the rest of your family as well. Second, I am glad that you seem to have some idea about crypto already but in some families not everyone would be so familiar. I would recommend anyone with valuable assets that need maintaining to appoint a legal or professional advisor to handle all of it. Sure a family member would be trusted but would they be of any good in handling these finances?
Like I said your father is lucky that you can help but not everyone would be able to understand and do a good job of maintaining one’s assets especially in an industry like crypto. Especially if your loved one is not tech savvy, teaching them might just a bit fruitless. So for me a trusted advisor would be the ideal scenario but I would still make sure that my partner or any loved one knows at least my assets and can check if there’s any suspicious behavior from my advisor.

Woah there, we are getting too meta.

I'm pretty sure I have no problems trusting myself either, he's talking about immediate family who you can't choose who you get. I wouldn't be leaving any seeds for my own folks either at this rate - they'd just squander it.

Wishing for a complete recovery for you dad. I agree that we should have contingency plans of how we're going to distribute our holdings whenever some unforeseen things happen to us. For me, it's actually a good thing that we're planning on how to pass on the inheritance that our kids might have and they'll be able to use it for their future as well so that they won't have a miserable life.

It's not that easy to teach Bitcoin to our loved ones when we're on a situation that we can't barely move or we are going through between life and death situation. We can make notes and instructions on how they can retrieve our Bitcoins through our seed phrases or whatever is comfortable to you. I have done that already and told my family on what they should do if I'm gone on an instant or I didn't wake up anymore one morning.

Am happy your Dad is recovering faster than should and am sure his main motivation for getting better soonest is the assets he has that's not safe from volatilities and the ever changing cryptocurrency market.
Am sure there's what's called next of kin in your region and although I know that there's hardly a next of kin option for cryptocurrency wallet  users and exchanges, unless am not aware of it, then the best bet for any investor not willing to loss their funds or assets in the future due to such excuse of sickness or sudden death, is to entrust some key details and information to a child or spouse or lawyer or relative that's closer and trusted to some degree, incase such a need arises that demands liquidation to solve such problems.

That's a big dilemma, really.
I trust my family and some close friends, but they too are not into crypto that much.
They can always be taught about it, though.

If you want to leave something after your death but don't want to get robbed while being alive you have to diversify your investments into other assets like real estate or gold.

Cryptocurrency was meant to be used more casually and can be seen as an investment but for sure it has too many problems to use it as a decrease.

There are just too many better, safer options for that.

People on forums like this are very close minded when it comes to other investments, they see crypto as the ultimate and only investment you should do - it's... lame.
Same goes to every other one asset oriented forums like precious metals etc.

Granted.. I have all my money in crypto right now (aside from few properties), because I don't trust my corrupted government.
But I also don't care what will happen to it after I die.

Someone could write an Ethereum based contract to release funds on some conditions but this contracts are hacked all the time and I wouldn't trust anything that runs on that cluttered nonsense.

Very sorry about your dad's health. I hope he gets better sooner. About your advice, it is something I agree to and totally recommend for everyone. Nothing indeed is promised except this moment we have which is called the present. It takes a visionary person to do this and it entails a lot of sacrifices and delayed gratification in the eventuality of the unknown. Even if one is not into crypto, whatever you do have a savings and investment funds that your kids can have or maybe your wife. And if the family is doing well financially, at least something for the less privileged in the society.

I have two people I can trust with money, even though it's not completely. Other than that, I don't trust any other person. It's not an ideal way to live, but it gets me through. I don't like it, I like trusting people close to me, but I don't have a choice because I'd be a fool to do that. I haven't really looked into it because I don't have that many assets yet, but I believe there are ways to make sure your asset gets passed to the right people in case of your death.

The problem I have is that the people I trust don't live close to me and they don't have any idea about how what I do works so I cant even rely on them to do things right if any thing happens to me.

Firstly, I sympathize with you and your father. But you should also understand and be prepared for the fact that a stroke always leaves a mark, and you should understand that things will not be as they were before.
But the fact that many here now agree with the statement that we should trust our assets to our loved ones does not fit in with other posts on other topics where people refuse to trust someone. I always remember that we are not eternal, and we must have people nearby whom we can trust to manage our funds in the event of unexpected situations that happen to us, and also so as not to leave in danger those for whose lives we are responsible.

On the verge of healing your dad needs to erase the worrying part, this will only slow down his recovery, I am sorry that he is going through this right now and I hope he gets well sooner.

A word of encouragement, make sure you ease him of his worries, even if his assets aren't been managed well tell him that things are under control, nothing else matters right now than his health, not even his assets.

---

For the planning part, not everyone has the same family as yours, some people are all alone by themselves, some do have family but there is big absence of love and affection among them, some people would rather die leaving their assets in their cold wallet forever.

Fast recovery to your father, my prayer to him is already on the way, God is in control.

From @OP story, it is clear that we must have a plan for our crypto so they can access it when we are pass away. We can teach them how to use Bitcoin so they can continue what we did and can do something with our crypto while they can search for more information. We don't know what will happen in the future but if we can prepares that with our plan, we will see our family can do the best thing with our legacy. I am still teach my wife about crypto so she can continue what I've done without a problem if this is my last day. Although I am still worry if she have a problem someday, I am sure she will be fine

We hope your dad will recover soon and we pray for your father. You can besides your father and telling him to keep his spirit and not just give up with the situation. Someone can recovery from stroke but that will need a big effort because many people are give up when they are in the hard situation.

Situations like that remind us how short life is and how suddenly we may find ourselves doing what used to be the job of another family member. On one hand it's great that people divide responsibilities like in the home of our OP where mother probably took care of the house and the father dealt with money and investments but on the other hand when one of us gets sick we begin to struggle. I don't know how to fix that because you can't expect both mother and father to be able to take care of everything all alone.

This is what you will hear from your attorney when he robs you out of everything  

He/bank will also reveal everything to authorities if they get such request, you're on a plate ready to be served.

My trust in people is ZERO because I have too much to lose, maybe if I had only couple hundred K's I wouldn't be so paranoid.

I think access to your crypto wallet should not be shared with anyone and if you want to have a backup plan for your family you should just diversify into other assets that can be easily transferred after your death like real-estate / etc because they can't be as easily stolen as crypto.

I have said that before, who you trust may not be the same person I trust, it differs for different people. You are the one living the life, so you can decide who to trust and entrust such vital informations to, no one will hold you questionable to your choices in life especially your wealth.


That doesn’t still mean there won’t be any exception to some people that are Attorney who can be trusted.
 Peace out ✌️

This is the worst possible way, I would rather trust directly my family members than my attorney or bank.

Robert Graham (Nevada Attorney)
Case Summary: Robert Graham, a Las Vegas attorney specializing in estate law, was accused of stealing over $16 million from the trust accounts of his clients.

Tom Girardi (Girardi & Keese)
Case Summary: Tom Girardi, a prominent Los Angeles attorney and the husband of reality TV star Erika Jayne, was accused of embezzling millions of dollars in settlement money from clients.

Marc Dreier (New York Attorney)
Case Summary: Marc Dreier, a Manhattan attorney, ran a massive Ponzi scheme that defrauded investors out of more than $700 million.

Timothy Dennin (New York Attorney)
Case Summary: Timothy Dennin, a New York attorney, was accused of stealing over $500,000 from his clients' escrow accounts.

Scott Rothstein (Florida Attorney)
Case Summary: Scott Rothstein, a Florida attorney, ran a $1.2 billion Ponzi scheme through his law firm

Ronald Slayton (California Attorney)
Case Summary: Ronald Slayton, a California attorney, was convicted of stealing over $4 million from his clients by pocketing settlement funds meant for his clients and their medical providers.

I can do this all day - the list is long.  
Do you also want a list of inside jobs where bank vaults were robbed by the employees ?  

Remember - if you really are worried about not leaving anything, you don't have to give access to 100% of the funds, give your family access to 25% or 50%.

At least you’ve given them something they can use to have access to your savings when you’re no more, it’s different from not even dropping a clue or something to rely on and have access to the portfolio. Hardware could be the best way to do that, but for some people, they will use other methods, just like the one that prefers to give the private keys to the attorney to help save in the bank.

What you need if you're worried about not leaving anything to your love ones is a hardware implementation of "Dead Man's Switch":

https://www.deadmansswitch.net/
(DO NOT use it for seed phrases)

If you would lose such device, you would simply transfer funds to another address before it unlocks itself.

Seeing how much concern is around this issue, I think it's a good business plan for someone willing to design such device.

Cryptocurrency have clearly explained the reason for its existence but still we can’t overlook this aspect and not wanting for someone to benefit from what we have after we are no more, it is more like keeping and saving money that you can’t take along with you when you’re gone, who then should enjoy it, your loved ones? Charity organizations? A friend or who?

Even the fiat we use today and are stored in banks, there’s always a next of kin that will have access to the funds when you’re no more, but since it’s a third party system, they can always have access to your fund and give it to the rightful person you used as next of kin when you’re no more. I don’t see the reason why you’ll keep everything anonymous, there must be someone you can trust if not how have you been living your whole life happily?

The whole reason Bitcoin exists is because we can't trust people.

Some people need to put their hand in fire to realize the danger.

If we could trust other people, cryptocurrencies wouldn't be needed.