Please review my inheritance strategy

Mauser

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Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

This is definitely one way to setup your inheritance plan and as long as your partner knows what to do with the seed phrase your crypto assets shouldn't be lost. I don't know how old you are or in which physical form. Hopefully there are no issues for you and you have a happy and long life, but this would mean you need to constantly respond to your Deadman switch. What if you are on vacation or forget about it? This could lead to some trouble if the index is sent early. Don't you have other forms of inheritance to give to your partner or kids? Another way would be to include it in your will and leave it sealed with the lawyers. Or do it like me and put everything in a deposit box at the bank where it is insured and your family has everything in one place. I think it all comes down to how large your crypto portfolio is, the more valuable the more money you should spend to make sure it falls into the right hands after your death.

Dr.Bitcoin_Strange

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Well, you cannot predict life all the time and be able to get an accurate result for your prediction. Just like the first comment stated, there could be other situations that might cause you not to respond for the agreed period—not as if you had no intention to respond, but just due to that situation, you might not reply.

Giving out your seed phrase to someone depends on the level of trust you have for the person and whether it's really someone who can disburse your asset the way you want to fulfill your wish. There was this footballer whose mom was in charge of all his finances, and because he trusted his mom. If you really know and trust your partner, you can share your seed.

serjent05

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Quote from: Tytanowy Janusz on September 20, 2023, 12:57:18 AM

Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

When I read your thread, I immediately thought that it would be too easy to break. Certainly not for an ordinary person, but still: "Computer programs used for brute force attacks can check anywhere from 10,000 to 1 billion passwords per second.", but i did some calculations and:

number of combinations - 24! (24 x 23 x 22 x 21 x ... x 3 x 2 x 1)

24! = 620,448,401,733,239,439,360,000

Assuming 1 billion tests per second, the correct order will be 100% cracked in 19,631,267,468,771,206 years! half of this time to be 50% sure. I think its secured enough!

At least to my knowledge

I agree it is secured enough that his partner will have trouble cracking it if the other part of security is lost Grin

. I believe the simple way is much better and do what the earlier reply says, put it in the bank's safe, and give full authorization to the trusted family member when the time comes @OP unexpectedly meets his demise.

But for me, it is best to put trust in our family 100%. if it is not the wife then our child.

BVeyron

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Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

I think that it's better not to think about inheritance strategy, at least in case of cryptocurrency. I'm thinking so because it's quite smple: if the relationship within the family is friendly, then its easy to pass seed phrases to the successors... If there are some issues between family members, then its possible to create a new account for every successor with his/her share. If the relationship within the family is terrible, then its better not to pass the money to anyone... In general, it depends on family, not on technology...

livingfree

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Quote from: deepskydiver on September 21, 2023, 05:45:10 AM

Quote from: livingfree on September 21, 2023, 02:57:28 AM

If you're going to do it for the inheritance of your chosen immediate family member, I wouldn't make it too complicated for them.

I'll just write down the seeds/recover phrases or private keys and then have those instructions on how to retrieve it. Every detail will be in there and I'll just trust them that they shouldn't open that treasure chest where these keys and instructions are placed on.

It's a matter of trust for me and I know that it's hard to trust that to anybody but your best option is to just put that trust to your immediate family, mom, dad, bro/sis, wife or your own child.

The only problem I have with this is that I am NOT confident they could keep it secure from other people on one hand, or remember the password on the other hand...
That's why my solution requires no need for passwords and is useless to anyone else who finds it.

I am sure that they use smartphones and has got passwords for their socials. That's like the basic requirement that you can have them for teaching about these technical stuff.

So that inconfidence of yours for entrusting them with these can be gone if you're going to teach them little by little until they are already familiarize with how the process does.

Anyway, there have been a lot of suggestions that were given to you and you can try all of those until what works for you well.

Also, when you reply to different people, you can just merge them in one post as replying consecutively is likely going to make your posts deleted or any other consequence decided by mod as we've got this rule;

Quote from: mprep on July 21, 2014, 12:27:51 PM

32. Posting multiple posts in a row (excluding bumps and reserved posts by the thread starter) is not allowed.

deepskydiver

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Quote from: livingfree on September 21, 2023, 02:57:28 AM

If you're going to do it for the inheritance of your chosen immediate family member, I wouldn't make it too complicated for them.

I'll just write down the seeds/recover phrases or private keys and then have those instructions on how to retrieve it. Every detail will be in there and I'll just trust them that they shouldn't open that treasure chest where these keys and instructions are placed on.

It's a matter of trust for me and I know that it's hard to trust that to anybody but your best option is to just put that trust to your immediate family, mom, dad, bro/sis, wife or your own child.

The only problem I have with this is that I am NOT confident they could keep it secure from other people on one hand, or remember the password on the other hand...
That's why my solution requires no need for passwords and is useless to anyone else who finds it.

deepskydiver

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Quote from: Reatim on September 21, 2023, 03:50:03 AM

GO FOR IT OP.
you have the best option chosen .

Thanks!

deepskydiver

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Quote from: kryptqnick on September 21, 2023, 04:09:35 AM

At first (just like Tytanowy Janusz) I thought knowing all the words would make it possible to brute force the order, but with 24 words, it's not actually possible (too many combinations), so that bit seems safe. As for the switch, I haven't heard of it before. I've read about various examples, and are you referring to some sort of software that will send the message with the numerical order when triggered by something that can signify your death? I just don't know how reliable these things are, and how user-friendly for the person on the other side of it (the one who'll get the message). If it's a physical switch, what will trigger it?

There are a couple of options:

First, there's this https://www.deadmansswitch.net/. With it you can send emails containing the numbered index.
Alternatively google have an inactive account process (https://support.google.com/accounts/answer/3036546?hl=en) which lets you send messages and give access to various things (like your email and google drive or keep). You can leave the numbered index in google's ecosystem. The numbers will be useless by themselves to anyone else even if they gained access.

Yamane_Keto

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Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

Trusting these devices is difficult and it may not broadcast the message at all, so I prefer to use a 3-of-5 (or 3-of-4) multi-signature wallet, and you can choose the distribution according to what you need:

A key to a safe place such as a bank or a safe for a private company that protects everything, with their names placed on the list of guardians after proof of death
Another key is in the house.
A lawyer's key is in a safe whose password no one knows.
Distribute the password among them.
You have two additional keys that you can keep in a safe place outside the country or with a friend you trust.

or

Code:

Card 1: mutual forum bacon XXXX ritual danger XXXX XXXX lonely blossom calm equip illegal future XXXX blur lift XXXX XXXX XXXX spoil XXXX tennis alpha
Card 2: mutual XXXX XXXX apart XXXX XXXX sponsor devote lonely XXXX calm XXXX illegal future wasp blur lift cupboard odor quiz spoil brown XXXX XXXX
Card 3: XXXX forum bacon apart ritual danger sponsor devote XXXX blossom XXXX equip XXXX XXXX wasp XXXX XXXX cupboard odor quiz XXXX brown tennis alpha

Source

satscraper

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Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

In my view you should consider both bearings of the case - technical and legal. Technically you could make your transactions dependent on such parameter as nLockTime and do moving of funds before condition becomes valid. As to the legal side all arrangements are dependent on legislation in your country of living, thus, I would advocate to find reputable lawyers and consult them to find the optimal solution.

kryptqnick

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At first (just like Tytanowy Janusz) I thought knowing all the words would make it possible to brute force the order, but with 24 words, it's not actually possible (too many combinations), so that bit seems safe. As for the switch, I haven't heard of it before. I've read about various examples, and are you referring to some sort of software that will send the message with the numerical order when triggered by something that can signify your death? I just don't know how reliable these things are, and how user-friendly for the person on the other side of it (the one who'll get the message). If it's a physical switch, what will trigger it?

Reatim

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Quote from: karabiber on September 20, 2023, 07:31:27 AM

Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

It's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer. There is no harm in giving your family the seed words and passwords for your Bitcoin inheritance. If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance. However, i think the method you mentioned is the most reliable one. I would never make the bank a third party for my relatives to inherit.

actually as if he has other option but to trust His family , because death is unpredictable and none of us can hide from it.
and also His plans are indeed best because od deadman switch , as I believe there is a certain period of time that he will let it trigger.
also he is knowledgeable in what he is doing , so what needs to be answer here but GO FOR IT OP.
you have the best option chosen .

Z-tight

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Quote from: karabiber on September 20, 2023, 07:31:27 AM

It's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer.

If trust is the problem, then why should op add a lawyer in the mix and increase the number of people to trust, if i am to find a way to pass on my BTC's to people, i would never involve a lawyer in it; i trust my loved ones far more than i'll trust a lawyer. You could use locktime as your inheritance strategy, but you have to know exactly what you are doing so you wouldn't lock yourself out of your coins.

Quote from: karabiber on September 20, 2023, 07:31:27 AM

If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance.

You should not store your assets on an exchange in the first place, Binance or any other centralized exchange will probably get hacked or lose your money in other ways long before you're even dead.

Litzki1990

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I think after death you may not have any tension about whether your bitcoins are being used properly by the person you left them with but while alive it is your responsibility to leave your invested bitcoins with someone you trust. If you think that whoever you leave your bitcoins with will not spend your bitcoins then you are wrong. When that person has financial problems he must try to solve his financial problems by selling bitcoins. After leaving the investment with someone I don't think there is a need to think about it so much in advance. What matters is whether you can leave your bitcoins with the right person in order to survive.

livingfree

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If you're going to do it for the inheritance of your chosen immediate family member, I wouldn't make it too complicated for them.

I'll just write down the seeds/recover phrases or private keys and then have those instructions on how to retrieve it. Every detail will be in there and I'll just trust them that they shouldn't open that treasure chest where these keys and instructions are placed on.

It's a matter of trust for me and I know that it's hard to trust that to anybody but your best option is to just put that trust to your immediate family, mom, dad, bro/sis, wife or your own child.

yazher

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Since you already know the risks if the strategy you are cooking won't work, you can always find some other alternatives that are not that complicated to do because I think you are planning to give it to someone who is not that knowledgeable in terms of computer security. As others said, if you trust the person enough and you don't have anybody around who knows your secret inheritance, you can just simplify how they will able to take it in the future once you are gone. But when you have multiple persons interested in your wealth once you are gone, then I recommend making it more complicated for the one you give the bitcoins to.

Rikafip

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Quote from: karabiber on September 20, 2023, 07:31:27 AM

It's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer.

How exactly hiring a lwayer will sort his problems?

Hiring a laywer means that you have to entrust someone location of a seed phrase and since you have to do that, why involve lawyer at all when you can instruct directly people that you plan to include in your inheritance on how to access bitcoin in case something happens to you.

Quote from: karabiber on September 20, 2023, 07:31:27 AM

If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance.

That's probably the worst thing that you could do, use Binance (or any exchange for that matter) as a cold storage and entrusting them with your money.

barisbilgili

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Quote from: Plaguedeath on September 20, 2023, 07:19:51 AM

Quote from: deepskydiver on September 20, 2023, 06:25:11 AM

I don't want to just give it to the people I'm leaving it to, because they're not good at keeping things secure or remembering passwords etc. So if I gave it to them it would either be lost or they'd forget the password to it. That and the fear that someone else might compromise it in any form which is easy enough for the beneficiary to access it. People outside IT and in particular bitcoin do not have good practices or pay attention to this.

The point is you've tried to give your inheritance with the most easy way, if they're not good to keeping things secure or forget where the place of your wallet seed phrase, it's not your problem anymore. If they can't hold "money" they're also can't hold fiat, gold, stock etc that something valuable because "they're not good".

If you're still expecting they must your money for good thing e.g. education, daily expense, creating business etc, you're still not ready to give your inheritance since it's up to them and you can't control it anymore.

In our lives anything can happen without us expecting it, especially death, if we save large amounts of Bitcoin then we need to tell our family so that after we are gone the Bitcoin can be used for the needs of the family we leave behind and we also need to teach them how to use it if they don't have the desire to continue what we have done. I really agree with you that after we are gone, what is left behind is no longer our responsibility, everyone who is left behind will have the right to use what they want, but it would be better if it was used for their needs and not used for things that are not necessary useful.

karabiber

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Quote from: deepskydiver on September 19, 2023, 10:47:36 PM

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

It's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer. There is no harm in giving your family the seed words and passwords for your Bitcoin inheritance. If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance. However, i think the method you mentioned is the most reliable one. I would never make the bank a third party for my relatives to inherit.

Plaguedeath

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Quote from: deepskydiver on September 20, 2023, 06:25:11 AM

I don't want to just give it to the people I'm leaving it to, because they're not good at keeping things secure or remembering passwords etc. So if I gave it to them it would either be lost or they'd forget the password to it. That and the fear that someone else might compromise it in any form which is easy enough for the beneficiary to access it. People outside IT and in particular bitcoin do not have good practices or pay attention to this.

The point is you've tried to give your inheritance with the most easy way, if they're not good to keeping things secure or forget where the place of your wallet seed phrase, it's not your problem anymore. If they can't hold "money" they're also can't hold fiat, gold, stock etc that something valuable because "they're not good".

If you're still expecting they must your money for good thing e.g. education, daily expense, creating business etc, you're still not ready to give your inheritance since it's up to them and you can't control it anymore.

Topic: Please review my inheritance strategy (Read 335 times)