Secure Your Legacy, Educate Your Loved Ones - page 4.

uchegod-21

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

In some people's culture, it is not nice to talk about death when you are still alive. And that is why this set of people do not actually prepare for death. Death takes these people unaware and that is why they do not pass inheritance procedure well. Even the will that a common man will write, they do not write any will before they die because they believe they will not die prematurely.

This is a clarion call to every Bitcoiner to ensure that they enjoyed their bitcoin while they are alive or made an adequate procedure so that their bitcoin will be enjoyed by there family and friends whenever they are no more. It is a painful thing to to lose bitcoin even when there is limited bitcoin remaining to be mined.

Helena Yu

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it.

Who said this? each person has it's own reason to accumulate Bitcoin and there's no proof if every Bitcoin holder will regret if he's not pass his Bitcoins to his wife or kids.

Remember, if you share your seed phrase with your wife, kids etc, you're accept the risk of they would use all of your coins or betray you. So, if you can't accept that risk and the worst possibility you will become poor, you shouldn't share your seed phrase.

wxa7115

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

This is the saddest story I have read today. The lesson from it is to make the most of your time while you are here, both for yourself, family and friends. Do not relent on asking all the questions you need to ask about bitcoin so that you will be able to secure the financial well being of your future generation in your absence. Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

That would be ideal but it is never that simple, even when there is money at stake many people refuse to learn even when it is for their own benefit, so while you may have the best intentions and teach your loved ones about bitcoin and how to retrieve your coins in the case something happened to you, there is no guarantee they will know how to do it when the time comes.

So this can leave you with almost no options, as if you were pass away suddenly then it will be almost impossible for your family to recover your coins, and if they were to ask someone else for their help, those people could easily steal those coins while pretending they are helping your family.

ChiBitCTy

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As a financial advisor this is something I preach religiously. It’s so important for people to establish Wills that are constantly updated. Even simple things like not having a beneficiaries listed on peoples retirement plan accounts like 401ks etc I see all the time.

It just comes down to laziness unfortunately. People need to stop being lazy and spend a few hours to protect your assets for life and after life “control from the grave” we call it.

vv181

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Contrary to the usual and physical collection of assets, such as property, investment, asset, cash, etc., beneficiaries of bitcoin asset is tricky if it is not done and planned correctly. There is also an intestate that has a policy/laws in place concerning the matter. Surely it is unlikely to happen with cryptocurrency, especially if the owner uses a non-custodial wallet.

Personally, I know services that handle inheritance planning, this idea surely arises from an issue raised at OP. The service is called Mixin Safe, in which I and others have reviewed before on Bitcointalk. There is also a more manual way of handling as suggested in the first reply on this thread. In any way, it is necessary to plan and give out all the detailed information to the owner's beneficiaries as suggested by the referenced tweet.

hd49728

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Not your keys, not your coins!

Quote from: Findingnemo on September 21, 2023, 01:32:17 PM

Using Locktime for inheritance planning, backups or gifts is one of the best possible ways to lock your assets for your kids for certain years and they will have access to it. But I just want to remind you that never forget your health and life insurance which will act as an emergency fund for your family even if it makes them a fortune for their remaining life.

You can use time lock as your scheduled time for your family members to inherit your bitcoins but they must know what Bitcoin is, what Bitcoin wallet to use and how to access that inherited wallet.

It is not very different than you give them your wallet seed and teach them how to recover that wallet by importing the seed. The common steps are teaching them basics about Bitcoin, recover, back up, make an on chain transaction. It's so important to warn your family members that they should never share wallet seeds with anyone.

Not your keys, not your coins. Teach them about it.

https://chainsec.io/checklist/

GreatArkansas

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

(....)
It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

This is reality and we must be aware of this, even if we do not believe that we will not go very soon, we don't really know what will happen that's why it is always better than nothing.
Besides that, we can also have some safety precautions to protect our Bitcoins or any investment to become healthy. We need to protect our self from any sickness that could lead us to death.
I am really planning about having some backup or a way that my family will able to access my Bitcoins just incase bad happen.

Ale88

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

This is the saddest story I have read today. The lesson from it is to make the most of your time while you are here, both for yourself, family and friends. Do not relent on asking all the questions you need to ask about bitcoin so that you will be able to secure the financial well being of your future generation in your absence. Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

Unfortunately I don't own a lot but anyway I prepared a Word document for my family with all the information they should eventually need, and every month I add some more info that maybe I forgot in the first place. The thing I stress more about for sure is about never telling anyone the seed, even if it's a friend, a lawyer, or the pope, it doesn't matter. That in my opinion is the first thing they must absolutely understand because the chances of someone trying to take advantage of the situation are extremely high.

Mr.suevie

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I think this particular thought should be common among any reasonable Bitcoin holder with big investment because it's same that goes with any currency and it's taught of because of the need of the person involved to actually have knowledge to inherit what is his, because things like this are rather common because no one today would possibly know of some way to help out family members and stay quite on it only if that person doesn't have good motives.

Wexnident

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would.

The best way to do this is to honestly let them hold coins themselves. Or let them set up a wallet. Experience is the best teacher, after all, just blabbering on and on about what they should do would probably not get anything anywhere. Might even be best if you let them use whatever method you use you are going to set up for when you die, albeit do it in a short term instead e.g. a week if it was using some tech, just to let them familiarize themselves.

If you aren't going to do so, then I don't think there's any point in setting up a plan to let them get the coins after your death. They'd probably have no idea how to do so in the first place, or even get scammed trying to get help in accessing it.

serjent05

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The story is an eye opener to those people who are involved in cryptocurrency investment and have amassed a huge portfolio that it is better to prepare documents, processes, or instructions that can be given to the family to access his cryptocurrency portfolio in case unexpected things happen. It never hurt to be ready for any unexpected circumstances. As a family I do not think that there will be a trust issue between the members of the immediate family.

Baofeng

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Yes, I know it's a sad story, and there are a lot of what if in life and it's really hard to comprehend. But for me, the best thing is to really know at least your wife that you are really into bitcoin. At least she has an idea your investments and ventures and then you educate her. I also in non agreement of giving her though the private key, just put it a safe box or something and then tell here to open it up just in case something happens to him. And you just give her the instructions on how to retrieved, but caution her to not trust anyone.

Rruchi man

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

This is the saddest story I have read today. The lesson from it is to make the most of your time while you are here, both for yourself, family and friends. Do not relent on asking all the questions you need to ask about bitcoin so that you will be able to secure the financial well being of your future generation in your absence. Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

Unfortunately, some people never plan for death but they die untimely and suddenly before they could start letting or introducing any of their family members to what bitcoins are. The moment you start hodling bitcoins and you realize that the bitcoin you have is now big and will be lost if you die, you begin to make steps to making sure that it is not lost when that time comes because it can come at anytime. In addition to transferring the access to your next of kin from your family, you should also have taken the step to make sure that they understand what exactly is being transferred to them on your death.

suzanne5223

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This is a piece of sad news for the people close to the Bitcoiner that just passed and I am just happy the person in the subject made the right decision about getting a cold storage for his family BTC holding. However, this is a wonderful lesson for every Bitcoiner on this forum who's yet to follow the advice once provided on this forum about how our heir will inherit our holding if passes way instead of the holding lost forever.

Quote from: Aikidoka on September 21, 2023, 03:11:41 PM

I agree with what you says, If you're holding a lot of money (crypto), you shouldn't keep it a secret from your family, especially your parents, spouse or children. In the worst case scenario, even if they aren't interested in learning about Bitcoin or crypto, it's a good idea to leave a piece of paper with your seed phrase for your trusted loved one.

This way, in case you die, they would have access to your funds and could use them instead of the assets being lost forever.

To be honest, anyone could face unexpected death at any time so imo it's really important to share knowledge with your trusted loved ones before it's too late.

For safety, I dont think it's a good idea to provide one's wallet seed phrase to anyone who seems to be our trusted one judging by the serials of attack on crypto holders.
Yes, we can educate them about BTC and how to use a wallet but the wallet seed phrase should be kept in a vault or safety deposit box which can be handed over to our heir after die.

Cryptomultiplier

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Quote from: Aikidoka on September 21, 2023, 03:11:41 PM

I agree with what you says, If you're holding a lot of money (crypto), you shouldn't keep it a secret from your family, especially your parents, spouse or children. In the worst case scenario, even if they aren't interested in learning about Bitcoin or crypto, it's a good idea to leave a piece of paper with your seed phrase for your trusted loved one.

This way, in case you die, they would have access to your funds and could use them instead of the assets being lost forever.

To be honest, anyone could face unexpected death at any time so imo it's really important to share knowledge with your trusted loved ones before it's too late.

In truth, using words to make reference to death might scare alot of folks here and out there, into thinking you are sounding superstitious or fetish.
You aren't off point in your opinion and it is the fact that having at least one person who you trust in this life, be it a friend, family, lawyer, doctor or anyone or even calendar and AI, is more of the education that anyone would need to be aware of such an inheritance of legacy. The next would be an interpreter or lawyer to dicipher what the information left behind means.

How else are lost treasures found? I wonder!

Quidat

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

This is the saddest story I have read today. The lesson from it is to make the most of your time while you are here, both for yourself, family and friends. Do not relent on asking all the questions you need to ask about bitcoin so that you will be able to secure the financial well being of your future generation in your absence. Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

--

We husbands or the ones who do support their family would really be always or mainly minding about for the better good of our family and having that kind of security and we are really that doing our very best on accumulating coins as much as possible and this is what we are doing just for them to have that no problem in terms of financial and it would really be that a waste if they wont really be able to get a hold of those coins once you do pass away and this is why it would really be always that recommended that you should really be prepared and telling them about accessing those coins once you do pass away. Its ideal that telling your family specially your spouse or wife in regarding about your holding but pretty sure that not all would really be that confident about telling it while
they are still that alive because of some trust issues? I cant really blame those men though because even myself having those doubts too. Cheesy

Aikidoka

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I agree with what you says, If you're holding a lot of money (crypto), you shouldn't keep it a secret from your family, especially your parents, spouse or children. In the worst case scenario, even if they aren't interested in learning about Bitcoin or crypto, it's a good idea to leave a piece of paper with your seed phrase for your trusted loved one.

This way, in case you die, they would have access to your funds and could use them instead of the assets being lost forever.

To be honest, anyone could face unexpected death at any time so imo it's really important to share knowledge with your trusted loved ones before it's too late.

Furious 7

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Quote from: alastantiger on September 21, 2023, 01:21:51 PM

This is the saddest story I have read today. The lesson from it is to make the most of your time while you are here, both for yourself, family and friends. Do not relent on asking all the questions you need to ask about bitcoin so that you will be able to secure the financial well being of your future generation in your absence. Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

For my current condition, I have a life partner and fortunately he is also a little more understanding of what I am doing with bitcoin investment at this time so there is nothing wrong with what you said when educating your closest family or partner but in this case it must be noted that they are also interested in bitcoin because basically the learning done will be better if someone has the same interest.
I personally prefer to say sharing knowledge rather than saying myself as an educator because in my opinion in this case I am also still in the same phase by continuing to study bitcoin so as to create a discussion space apart from on the forum I also always talk about my activities and have light discussions with my partner until now he also started to be on the same frequency as I did. This is a good approach rather than imposing a will by teaching something by force.

Pokapoka124

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This is one of the biggest concern of bitcoiners - how to transfer ownership of their coins to their next of kin in event of death. I have read so many threads about the issue and what I have come to understand is that using a timelock system is the best option. Of course this is useless if your beneficiary knows nothing about how bitcoin works. This is why it is important to involve your partner or children in your bitcoin activity, I understand this is kind of difficult to do since bitcoiners have a need to protect their privacy. But at some point, you will need to relinquish control to someone else.

RockBell

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Quote from: EL MOHA on September 21, 2023, 01:32:38 PM

Nice thread OP, we usually take things for granted because we feel we are health and death wouldn’t come anytime soon. But that is not true it can come anytime soon. As such of a bitcoiner has some investment in bitcoin they shouldn’t keep it to themselves and should share the recovery seeds with their children, Kins or trusted allies, just like the Death Will is updated regularly bitcoin seeds should be updated on it also once purchase some.

If you have plans of them not spending the coins till your stipulated period then just use the lock time process and set to your desired date.

The way things have been going lately has made me despondent. I started to believe that one day, all of us will pass away and cease to exist in our planet's surface. I've also heard tales of people dying and their families not even being able to find their deceased loved one's assets. Sharing specific information with family members is therefore not at all a bad thing. I always believe in legality if you feel you can not trust anyone then you can get a lawyer to keep proper documentation of your seed phrase has a bitcoiner rather than keeping such information to your self because when you die with it since nobody is aware of the assets it will be of no relevance to anyone. And that is if you the person wants his or her family to benefit from investing in bitcoin there proper procedures that can be taking that will favour your family even when the person departs.

Topic: Secure Your Legacy, Educate Your Loved Ones - page 4. (Read 537 times)