Topic: Secure Your Legacy, Educate Your Loved Ones (Read 537 times)

Most people here would say that you would just need to educate at least one of your family member but I assume that is difficult for you too. It may be true that we cannot bring our fortunes on the grave but we can help other people with while we are living, family or not. Sometimes, those that are beyond our bloodlines believe in us more, right?
You also have to consider your family's feelings too. Are they interest in crypto? are they willing to learn? Because if not, there'll be no sense of pushing it. If they've seen you work on it and get rich thru it but they still don't feel the need to learn, then maybe you should ask someone else. Go ask your family straightforward about it. It may also sound dumb but you can choose to liquidate cryptos as you age if you find no one who will continue holding it for you. What's the sense of having if your family won't benefit from it right? Try to stop worrying about things you can't control.

Financial honesty, especially within a family, is essential. It's only fair that your family supports Bitcoin if you do. Imagine if they're surprised and don't know about all your bitcoins! The investing oversight is also a family oversight.

Say the family patriarch is into Bitcoin and has told their spouse and kids. Great! What if they're overloaded by wallet addresses, passcodes, exchange dynamics, etc.? Bitcoin can appear like a foreign language to beginners. Not everyone is tech-savvy. Paradoxical, right? Tell them, but how much is too much?

Education matters regardless. Let's not plunge them in. My friend, baby steps. Always have backups. Passwords and wallet codes are crucial. Make things simple for them. Because if your family can't access Bitcoin, it's useless.

Well that's true that it should be passed down to our loved ones since we still have time in the earth. But in my case, I rather teach the people I love that are really willing to learn. Some might say he might do something about the funds but he literally deserved it as he exert effort to learn and study the knowledge you want to give to them. Though this is only my case and it really depends on the situation in the family, but normally you'll really have to choose the person you'll entrusted your funds so it wouldn't be wasted like straight to gambling.

It's true, we must apply this to ourselves and our families as bitcoin investors. Because don't let the bitcoin assets that we have collected over the years become meaningless. Therefore, this is where openness in a family must continue to be implemented. Because for example, there could be a wife who doesn't know that her husband has investment assets in the form of bitcoin. Or sometimes the wife knows, but doesn't really care, because the most important thing is that her husband always provides her with a decent and sufficient living. So she (wife) doesn't really care about her husband's overall income.

So basically in a family there shouldn't be any secrets, including regarding bitcoin assets. Because basically husbands and wives (in particular) must be open to each other. Whether it's about the past, background or about wealth, assets and income. Because if it's not like that, I'm afraid something like this could happen. So when you have a family, don't ever have bad thoughts such as lying and not being open.

So in essence, providing teaching or knowledge about Bitcoin to your wife and children is very important. Because after all, all bitcoin assets that, for example, are owned by the head of the family (father), will most likely one day be inherited by his children and wife. So at least equip wife and children with knowledge about Bitcoin, just basic knowledge. Such as about personal wallets and about crypto exchanges. In my personal opinion, that is more than enough. But don't forget to tell family bitcoin wallet code or phrase, so that when an emergency occurs, all bitcoin assets will remain safe and usable.

Every person should be educated first. When a person is educated he can find different means to lead his life by himself. I pretty much did my education and then I got into bitcoin and learned from bitcoin to bitcoin. I have admitted my wife to university for education. If my wife can be educated then surely my son and daughter will be educated and will be made like a human being. Because the more educated the mother is, the more educated her children will be. Everyone in my family is fairly educated. The funniest thing here is that my wife expressed her opinion to me about learning about Bitcoin. He said that if he can understand Bitcoin then surely he can earn from Bitcoin. But I also thought I would teach my wife about Bitcoin. In my absence (like if I leave Earth) he can take over from here.

What must be known, one of the most useful aspects of managing bitcoin is that we can pass it on to future generations, namely our wives and children. I think the idea of passing on bitcoins to future wives and children is a source of pride for many bitcoiners themselves. No one likes to think about death or the possibility that we will experience a disaster that will result in us not being able to remember anything.

This is uncomfortable for us but unfortunately this is the main reason why so many people die without an estate plan. Dying without an inheritance plan is very detrimental to loved ones, both financially and psychologically. So it is important from now on that we have thought about and reviewed the basics of bitcoin asset planning to pass on our bitcoin assets to them and help them organize and prepare for the inevitable in the future and to ensure that when we leave our loved ones can access all the assets that we leave behind so that with this their path forward is very clear.

Although I can see your point here, I'd say it is better if you introduce Bitcoin to your loved ones earlier and at least bring it up during conversations. It will be harder for anyone who will get your will to just know about Bitcoin and how it works the moment it was handed to them. It will surely be confusing for them. Hence, it is better if you at least try to slowly introduce it to them and how it works so by then it will be up to them if they will do their own research regarding it and learn, or at least keep the things you have shared in mind.

Although having a will and putting everything there is good, having a more advanced plan will still be better as you will still be around and will have hands-on experience as to how and what you will share to your loved ones.

If we are not told or taught by our loved ones in life, the crypto assets we accumulate in this business industry will really go to nothing, so as long as there is time and opportunity, let's really think about who we can trust dearly in life and also make a will of testament regarding this matter.

And everything in the will of testament should also be detailed. There are all the instructions on how to release all the assets that you have set aside so that they can be transferred correctly to the currency of the country where you are located.

In this age of plentiful information, you're right; its about sharing and guiding others. Although sharing is caring, have you ever wondered how to determine the "rightness" of information?

Imagine you teach your cousin Bob about Bitcoin, and Bob, being excited, rushes in headfirst without more research. What if the data was incomplete? The age-old pseudo-problem of information overload and discernment!

However, theres hope. We can emphasis self-research and careful diligence even if we share. Thus, everyone is better informed and trust and knowledge grow. Share with prudence and wisdom.

Luckily for you or someone whose partner has interest, understanding and support regarding Bitcoin investments made by their partner.
I think that's what couples are for, namely supporting each other and having a way to support each other in everything in the process of becoming a family.
I also share all my knowledge and activities in Bitcoin with my partner so that everything about the amount of assets I own, the seed phrase keys I own to where I store them my partner also knows all about it.
Even though my partner is not directly involved with activities in the world of Bitcoin, but my partner also understands the basic knowledge about wallets and seed phrases and indeed I decided to tell my partner and share it because no one knows about end of age or death, so if it turns out that I die first, my partner can taking advantage of what I have tried in the crypto world for herself and my child in the future.

Some people are also not sharing with their parents because their parents do not treat all children in same way and to some their love is immense but for others they don't show any love. In the case of sharing your thoughts with wife is also not acceptable by some people because they realize that their wives are not sincere with them.

I know that there is nothing more important than a family and parents but if you realize that they are not supporting you and they are sweet with you for money only then separating your ways before losing everything is necessary.

I was wondering how well my wife would be able to figure things out if she had to do it alone, I talked to her about it and realized that it would be very difficult for her. But she doesn’t want to think about it, because she wants to believe that I will always be there.

I understand that I need to teach her everything that I know, it definitely won’t be superfluous, because no one knows when it might come in handy. I know that there are people who are afraid that if they give access to another person, there will be a risk of losing everything, but I don’t worry about that, because I trust my wife as much as I trust myself.

Bitcoin education cost nothing, all that’s needed is just for you to tell someone this is how it should be done and this is what you need to know and they can go from their, considering how things have been made earlier now in life we don’t even need to be teaching someone like who is teaching a nursery school pupil, everything is set all tools are made available for the reach of all.

Now that we have the idea about bitcoin, giving our relatives access to that free knowledge will really be beneficial, let’s even take the any unpleasant incident that might happen apart, those knowledge can be useful to them, and also sharing our wealth with our family is also not a bad idea as we are not going live forever in this life and after this life we are going no where with those holdings.

Savings is good protecting those savings is also a good one but what benefits will it be if something happen to the holder today and no one have access to it, they will be regarded as a wasted investment, lucky the person who made a bold move in sharing his savings with his family even if he was not able to distribute all and giving access of all his holdings to his family, the bold step taken means he made the right decision. Let’s all just learn on how to share with those we have a little bit of trust for.

The type of family we come from are different, some people don't even trust their family unfortunately, love is very important in our lives and I pity those who are from families where there is no love among them.

It is a total waste when you die and your love ones keep struggling without them having access to your Bitcoin wallet, it doesn't make any sense, because it's not always about you, but also about those that are close to you.

What is the usefulness of your gold and wealthiness when those around you can't benefit from it? So I am supporting many people on here that believe that teaching at least one person in your family how to operate Bitcoin wallet and sell them on exchange is a good plan, no one prays to work all the days of their lives and lose all that hard work because of death.

I know some families are full of back bitters and bad people, it's better to look for someone you can trust If you have trust issues in your family, moreover a family full of back bitters are not worth calling a family.

I haven't been in that situation so I don't know who to believe, but I'm talking about relatives, parents, wives and children. Many people pride themselves that they trust no one but themselves, they value bitcoin more than the lives of their loved ones, I don't think that's something to be proud of.


I really don't understand what those people think when they value money more than the people who gave birth to them, without our parents, we would not be where we are today. Then later, they will understand that feeling when their children also do not trust them.

We must immediately determine the choice of person who is trusted to hold the inheritance to replace the position of asset manager if the person concerned is no longer there. I am sure that no one would choose someone other than a member of your biological family or your wife, because other people cannot be trusted to manage our assets without the services of a notary or a letter relating to an asset management agreement for the needs of the immediate family of the owner of the inheritance. We don't need to force someone to manage investments, but make sure we focus on teaching the person to convert BTC to currency for bank withdrawals. If he mismanages investments, it will have a negative impact on crypto investments without the knowledge of managing risks.

That’s so heartbreaking. But either way, it’s still the best option to find a trusted ally wherein he will leave all his investments in case he’s no longer alive anymore. It can be your best friend or whoever he is, as long as he’s aware of your investment and he knows how to run and continue your legacy, for me that’s good enough. Your investment reflects your hard work, so if you think you can’t no longer benefit it, then leave it to a person who actually deserves your trust and had shown you kindness while you are still living your life.

Have them experienced investing as well. Education may be good to hear but I know it would never be enough. They need practice and on hand experience so that if ever you lose out of their sight, you will never worry of those who are left because they already know what you are used doing. Investing needs guidance, that’s why seize the time teaching them while you are still physically available to do that for them.

That is where I am currently struggling. I have been trying to teach my family about crypto. I am holding my crypto assets in a ledger. Still, no one is able to handle my device in case I pass away. It's really a concerning matter for me. Also, it's hard to trust anyone outside of my family with such funds. I hope I can teach someone about my holdings before I pass away. Because if my family can't access my funds, they have to suffer. I know everyone thinks about privacy and trust. But in our lives, we have to trust someone; otherwise, we can't live. So yes, it's very important to teach a family member about our holdings.

Of course, your point is based on truth. I have experienced this myself. On this forum, probably at the beginning of this month, I was reading a replay of a person on a thread in which he wrote that I do not want to share my private key even with my family. He says that he should not take my money from me. I don't understand how people do not trust their families. So I believe that you should tell your family that if you die tomorrow or some other problem occurs, at least your family should get the benefit of your assets so that they don't use them unnecessarily or waste them.

I understand. People can often let money, even Bitcoin, cloud their judgment. When I think about it, Im reminded of how fleeting and unpredictable the value of Bitcoin can be. We've seen it surge; we've seen it decerease. Yet, some people are so addicted in it that they forget the real value of human connections.

I mean, come on, folks. Trusting a digital currency more than your family? Thats a sophisticated problem right there. Are we really afraid of someone finding out our Bitcoin secrets? If Bitcoin vanishes tomorrow, you can probably find another way to make money. But can we replace trust? Can we replace family? No. And, in this wild, wild world of crypto, I believe its important to remember who and what really matter.

Because not every people in this world are raised in the same way.

According to your post, you're raised with a good parenting and your wives are nice to you, this make you willing to give everything you have to your loves ones.

But there's a person who start to work when he was still 7 years old because his parents abandon him, his wives choose other rich man over him etc. So who can he trust?

I agree with you as you say this since it is accurate, moral, and logical. In reality, it should be the case that as we grow stronger, we will progressively inform our loved ones about what we do in the cryptocurrency industry because they are the reason we are aging.

Because I won't always be strong, I'm educating my wife to grasp how to understand the trading concept in the cryptocurrency field. I'm doing this gradually. And what role does blockchain technology play in the era we currently live in.

Indeed, we try to work hard to earn a lot of money not only for ourselves but also for our loved ones. But there are still some people who consider money more important than family affection. I remember a long time ago, I read comments that they don't want to share their bitcoin secrets with anyone, not even their parents or wives, they don't trust anyone but themselves. I really don't know what those people were thinking when they could say those things. I wonder, if there are no parents, who will raise them, why do they doubt their own parents?

After all, bitcoin is money, if we lose it, getting it back is not too difficult, but if our parents are no longer there, can we get their back?

If the person does not tell anyone his information for investing in bitcoin it is very difficult to get the information in the absence of the person. That's why it's better to teach people close to you about bitcoin inheritance in future he will be able to control them very easily. Everything can be done safely by teaching your son or daughter or your wife if you keep the family's trust and confidence, it will not be difficult to enjoy life. That's why I'm slowly educating my family about bitcoins so that they can easily manage them if they go somewhere in a hurry.

This is what I thought before, and I have been educating my wife about Bitcoin, especially in terms of transactions, and for other things I taught her as time goes by.
And I also say that Bitcoin is for the future or old age, and also to anticipate when I am no longer in this world because no one can predict the death that will definitely occur.
And I also keep the Bitcoin wallet keys in my own way and only my wife knows about it, and currently only my wife because my child is still very small and when he grows up I will educate him because he is the one who will get the Bitcoin inheritance.

This is a sad story, when we live in a short time but don't teach the slightest thing we know about Bitcoin and other cryptocurrencies to our children. 
my child is still small, not yet 5 years old, but he often sees me opening the computer and when i trade for a while he always asks him 'what is that dad', i have great intentions to teach him bitcoin and everything i know later when he 10 years old or more, that is if he is interested and has a great curiosity about bitcoin ^{(i won't force that)}

Whatever you do at a certain point, especially when it's all about making wealth, make your family aware of it so they can back up you when you're no longer capable of what you used to do, like having a terminal illness or you're no longer existing anymore.That is one way to prepare yourself and your family as well so they can still pursue all the time and efforts you have put in a certain investment, and enjoy those benefits you have store for them.

so long you have someone at least one person who knows what you're dealing with, they have the chance to get what you have. it is not really advisable to just keep it on yourself, without trusting any single person.

I don’t see a sad part on this thread or perhaps am missing a point which you didn’t spread out for me to understand?
The individual in context as the screenshot on the thread carries depicts that, steps were carried out to ensure safety of self and family hodlings by this individual in context so, what’s the sad part?
His demise? I suppose not as that is inevitable in a persons life, bless his soul though but, hope he was aged enough and he’s left behind can find the strength to bare there lose.
The sad part still, is it on your side as to not have done anything about your hodlings?

The unforeseen nature of these incidents and the privacy nature of bitcoin makes it a difficult to decide on what’s the best means of making this inheritance possible.
Well, it isn’t a strange thing in the forum no more as several threads have been created on it.

I agree with you. When we talk about death, we don't know age or time, everyone will definitely die. So what we have to do is tell our Bitcoin asset ownership to our family or people we trust. Because that way, after we die, our Bitcoin assets can be taken over by our family. This way it also ensures that the bitcoin assets can actually be utilized by the heirs.

I have also read an article about this where it is very important not to take this as trivial. He is Hal Finney, one of the early adopters of Bitcoin, he wanted all his Bitcoin asset ownership to be passed on to his children so he gave them the keys to his bitcoin wallet so they could access it. When he died in two thousand and fourteen, his children were still able to access and benefit from his Bitcoin investments. However, we also have to teach our families about bitcoin technology first so they can manage bitcoin safely.

I really believe it's one's responsibility not just to keep your investment all by yourself but to teach your spouse and your kids as well so they will know how to continue your legacy even if your presence is not here anymore. That is to assure yourself that whatever you put effort into it, your family will certainly benefit and will never be a waste of money and effort for you especially when you're suddenly gone and your family has no hold to your investments.

Why not when we are the ones who save it? We should benefit on it first before the others but we can share our blessings to others if we have extra, or we can just follow what you said there, so that they are the ones who will benefit from what we will left in case a bad thing happen to us.

I still think that many of us are having a hard time of doing it. It's either we are greedy or we don't really like the attitude of the people around us. We need to try though and decide as long as we are still breathing. Don't let that the number of lost Bitcoins are going to increase again. It can make Bitcoin scarce but only the other people who are still living are going to benefit on it.

Well, investing in Bitcoin doesn't make one less likely to relate to their loved ones and family members, and while spending time with loved ones, you will definitely have someone you trust, either your mother, wife, brother, sister, or children. Among them all, you can tell one person about your asset without giving them complete access to it while you are still alive; you can just keep a trace so that should anything happen, they would be able to access your crypto asset. It has been discussed on this forum in different threads on how to transfer a crypto asset to your loved one if you passed to the after life. I have a few relatives around me who already know about my crypto involvement, and if I get married and have children, my children will definitely learn about Bitcoin when they come of age.

Yeah, if you are accumulating bitcoin and planning to hold for long term, then yes, you should also have a plan to pass it to your family in case something happens to you. Imagine saving bitcoin for the whole of your life and then something happens to you and you die suddenly. There would be no way for your family to access your coin unless they somehow finds your private key and any password/encryption associated with it. But yeah, the issue is, you might have to end up sharing your private keys. The best way to do it would be by storing parts of the private keys on different bank vault/storage boxes. Small storage space rental will cost you as low as $50 or something annually. Won't hurt to spend few bucks per year for your family.

What I understand for bitcoin education is that Bitcoin learning or education doesn't not finish, why the education of bitcoin doesn't finish because the knowledge of bitcoin continues moving on because is a technology and all its techniques can not be known once it is something I know that when you make your research and know the things that's  strange or new things about the best thing to do is make that you passed the information across other people so that any other person can get the information, people always lament that we should teach our children bitcoin, yes it's necessary to teach your children bitcoin but don't enforce it to children to learn bitcoin, learning of bitcoin is a personal race and decisions so its not compulsory that all children most learn a bitcoin

I think that a head of house will not think about himself because whatever he is earning is for his family. So if someone is working hard day and night for his children and family so he should also share his earning potential with them.

If a person accumulate bitcoin for a reason that it will provide benefit to his family and suddenly he dies without giving knowledge about it to his family then I think his whole hard work becomes useless. Always think that a single person cannot get whole money as life is unpredictable so prepare your investment in such a way that it can be beneficial for both you and your family.

Share your knowledge of bitcoin with your family so they if they grew up surely they will be profitable as they have learned all the things in advance.

Educating your next of kin about bitcoin becomes a key important thing because if you look into traditional investments, they all have the nominee system but since bitcoin is still new in this, we have to set up this nominee thing ourselves. Let not be saddened by the state of events but take this as a grain of salt into reality, we all will face this day and therefore get your close ones knowledgeable about crypto first hand, slow and steadily and then allow them access to your coins partially or send them coins to own once you feel they have learnt well.

Eventually they will learn and be able to take over as inheritance.

I also thought about this in the last month when I was sitting at home and not working, because all this time my family didn't know about Bitcoin and in my house I was the only one who knew about Bitcoin. So I thought that I shouldn't keep quiet like this for a long time, because one day I have to tell about Bitcoin to my own family who generally live in the same house as me. It is inconceivable that someone who died had 1, 2, 10, or 15 Bitcoins in their wallet, but their family could not take a single Bitcoin that had been left behind by their deceased family member.

That's why it's really important that you have a loved one that you can trust, especially if you're married. You should teach him as early as possible and familiarize him with what you're doing in the bitcoin or crypto business. Specifically, if you have at least 1 bitcoin or more, which, after all, when BTC becomes 100k, that is a huge amount, or if possible, make a will of testament to bequeath it to your loved one.

Bitcoin or other crypto assets here that are top cryptos can provide good savings to the family you leave in the future, and at least they have an inheritance to get from what we do here.

But that will return to the owner of Bitcoin because some people do not want to share or tell their experience in Bitcoin to their loved ones. They think it's not time to reveal the secret to them, especially if they still need to understand many things about Bitcoin. Yes, it is up to them because they will decide it.

But if we prepare this Bitcoin for them, we can teach them basic things about Bitcoin, including how to access it in the wallet and other basic things. This is so that they can understand the basics first until they can do it themselves in their wallet. And we can prepare a letter or something about accessing our asset savings when we die so they can use it well.

If they can use our Bitcoin well, they can have a much better life, especially our children. Those who will continue what we have started so that the journey will continue with them.

One of the most prominent reasons why we are working so hard and putting so much effort into our investments and assets is to ensure a good future for us and our loved ones. Hence, it will be really unfortunate and sad if we end up not being able to pass it to them when something as inevitable as death happens to us. To think that all of our time, money, and efforts will just be stock somewhere wherein no one will be able to access it and be wasted as time fly is a sad ending I'm sure none of us wants to ever experience. Hence, it is smart to have a plan now (especially since death is always untimely, we can never be too sure) and ensure that none of our investments and assets are wasted. Yes, there is the factor that we cannot be sure what our loved ones will do to the money and properties we are able to accumulate while we are still alive, there is always the risk that they will just mindlessly spend it and it will all be nothing in a blink of an eye, but still it is better to at least have the assurance that they at least are able to use it, and it will be then up to them how they will be smart about it.

This is not a sad story because it seems the late bitcoinist was able to leave a clue to how his family would claim his Bitcoin. As we are accumulating Bitcoin, It's actually good for us to have a rethink about life and make plans to leave some vital information about our wallet with our loved ones because we don't know when death will come knocking. It would be too bad that after stacking Bitcoin for so many years, we don't get to spend it and neither our family.

Here's a Bitcoin locktime inheritance plan for love ones:
https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850

I had this discussion a few times too and only once a year ago was it serious. I urge you, if you hold Bitcoin, to have this talk.

I advise underestimating your loved ones too when it comes to Bitcoin inheritance. I've experimented, with siblings of the same age, partner, and children. They all either forgot, didn't understand (and in the case of the one person I thought was the best, he even lost his private key and could not correctly explain recovery anyway).

I still worry, but important exercise to repeat and practise recovery with whomever it is you trust.

It's not much for me, but it's a year or two of relief for the family back home at today's prices.

Remember, it's not enough they know, and not even enough for "education" -- judging from the many so-called crypto users out there who lose their wallets. It must be something practical. Video walkthrough. Guide. Underestimate.

This is the reason why we need to take a few time to at least educate our loved ones if we're saving for our future and for them as well. Not gonna hurt if you spend a couple of weeks and a few hours for that range to teach them about the important matters about wallets and private keys.
Tell that to the family member/s that you wholly trust that will take care of your assets if ever you're gone. Of course that while you're still alive, they shouldn't touch it until you give permission or you're totally gone from this world. It's the reason why we're working hard, it is for them, for our kid, for everyone that we wholly love but if it's about entrusting your holdings you gotta choose few.

Everyone certainly won't be able to know when these two things will happen to them, yes you are right, everyone does their job, of course everything they do is just to make the people they love happy, so if we invest in crypto assets then we need to teach people who We love this so that they can use it when we are gone. Don't let us collect a lot of it and don't teach it to the people we love so that they can't use it if we are gone this will really be very detrimental to us.

Did you just say spouse? What will happen in the case of divorce? I agree with parents and children but spouse is a doubt for me since spouse can not absolutely trusted today again and you know, your spouse is not part of your family. If you're been cheated by your parents or children, it's not a lose. And writing your seed phrase on a piece of paper is never an ideal idea due to dangers associated with it such as, lost, theft or being destroyed by water or fire. Suggestions under this thread recommend timelock so your asset will not be lost, inaccessible and useless when you are no longer alive. Sharing information about your investments with loved ones is not a bad idea though but one has to be careful because of consequences attached to it.

No one could really predict death and also accidents so it's better to be secured. If you're purpose on becoming rich is to give your loved ones a better life, why hide it from them right? Always remember that your money would be going with you in the after life, just leave it to your loved one's as they can continue your investment as well, so as long as we're still strong, we should educate them in the way we think they could easily adapt, they might not take it seriously since crypto or Bitcoin is literally complicated for someone who doesn't have any background. But trust me when they see you got sick they would follow your instruction instantly.

Unfortunately, many people did not wish to leave their money to their loved ones. As a result, when their time comes, no one will be able to take advantage of them. We can't blame them for believing they're selfish if they do something like that because we don't know their real reason.

Personally, if I just had one thing to pass on to my future child, I would do it now, when he is a teen, because we never knew when we would die. Bitcoin is a treasure that cannot be recovered if the private key is kept secret. Unlike with banks, you may be able to obtain the money of relatives who have passed away.

Usually, people make the mistake of hiding their Bitcoin investments from their loved ones. And what happens to that person as mentioned by OP gives us a hint as to what will happen if nobody knows our doing as death can't be predicted as well, especially when you are involved in an accident. We have to anticipate that situation, we need to let someone or any of our family members know everything about crypto.
We don't need to hide from them in the first place because what we did is also in preparation for their future and sooner, they'll be the ones to continue this unless they decide to stop.

Our bitcoin is something we should keep secret and of course it's appreciated so far as security is concerned but there's a limit to being secretive with our bitcoin and other assets especially for asset's that worth huge amounts of money there must be a trusted person in the family

you'll need to tell about how to gain access to your wealth in the verge of a sudden life threatening incident leading to your loss. Tomorrow is not guaranteed what will happen to us as we strive our health can fail us without pre-informing

We don't pray for evil to happen but that doesn't mean it will never happen, so making it known to one trusted family member about our wealth gateway is another form of security to our wealth should anything bad happen to us. It will be bad you lost your live and that begins the suffering of your family when they could have been living from your amassed wealth.

I have done this method and in simple terms, I just give the method starting from backing up the Phrase to sending Bitcoin to the exchange. Everything went well, even my wife and I simulated it with several satoshi and told my wife to do all the methods that had been given. As a result, he has done it correctly step by step. So I wouldn't worry about the legacy Bitcoin has in store for the future.

The significant issue at hand is the twin challenges of procrastination and the uncertainty of when death may inevitably strike, an event known to no one. Indeed, one could pass away suddenly, without any prior preparations, leaving their assets unattended and without proper allocation.

I've never been concerned about the physical assets I possess, as my family and those close to me are well aware of them. They also come with official documentation that my family is familiar with, eliminating the need for formal bequests since ownership is a foregone conclusion within the family.

However, Bitcoin presents an entirely different scenario. It's an intangible asset accessible only through the computer I use every day. What I never forget is regularly checking my secret vault, where everything needed to access my online wealth is stored.

Yet, up to this point, I haven't taught my family members how to access the BTC I own. I haven't chosen to do so at this time for certain reasons. Perhaps in two years, I'll disclose this information to my 19-year-old sibling.

I think at this point we don't need to be too secretive to our families (wife and children) because as a father or parents you wouldn't know your departure date on earth. In as much as you are saving or accumulating bitcoin we should do as well to be more open with our children and wife at least for one of them to be aware of the whole concept otherwise if they couldn't find themselves alive any day the whole saving and all digital assets are lost. And one thing about bitcoin is that, without the right seed phrase you can't unlock a wallet or even write to a support for the family of disease to come in claimant of lost asset.

I wish my child is of age, then I don't mind risking it to share with her for future purpose but nevertheless will still it make possible for other relatives to know about it. Life is too short and no one's knows when the bell shall ring on anyone. Still at this point I can say banks are still more better even though they aren't trusted anymore but it would allowed the family of the disease to have access to their fathers wealth after going with the death certificate to show proof of death.

Everyone has their reasons why they don't involve people around them with their investments, no one should judge anybody about this or try to tell me what's right and wrong with this, my home is different from your home, my family is different from yours.

There are some people who don't believe in Bitcoin, even if they know you are into Bitcoin investment they will rather see everything go to waste because they don't give a damn about your investments. Some home consist of people who only knows about taking what belongs to others, the type you don't get close to when you are alive but once you died they will fight over your belongings.

For many people, they will prefer to keep their investments away from friends and family, that's because the world is now a very wicked place, real world is different from online world, only a fool won't understand my point.

I am blessed to have a wonderful family, there is no such things happening within my home, we all love each other and support each other, but few unfortunate things have happened to my friend, he lost his life and those who don't care about him ran after all he has. That's why, only educate those who loves you about your investments, I prefer sharing this with your children than anyone else.

This, my friend, is more than a lesson; its a wake-up call. While many are distracted by trivial matters, a financial revolution is unfolding right under our noses. You think its a coincidence that theres such a limited understanding of Bitcoin among the general population? Think again. Forces, powerful ones, would rather have the masses remain uninformed.

The urgency to impart Bitcoin knowledge to your family isnt just about ensuring their financial well-being. Its about equipping them against possible manipulations and control by unseen entities. The real tragedy is letting your family be potentially blind-sided by an evolving economy they could have benefited from.

This is why sharing your knowledge is a must. If you can educate your spouse or your children about bitcoin and how it works as an investment, then you will never fear and worry when death suddenly attack you. Of course, there’s still privacy but that is only for those who are not part of your bitcoin journey. But with your family, you should be transparent to them so that if ever unpredictable events suddenly happen, rest assured that they will continue the legacy that you have started. But make sure that they are also passionate about bitcoin, otherwise what you have built will also end when you’re no longer here.

Don't let all the assets you have collected so far go with you, you need to take steps to protect your assets by teaching your family members how to access the wallet where a number of assets are stored in it. Share the Seed Phrase with your loved ones then spend a little time teaching them how to exchange the assets in their wallet. This sad story could happen to anyone, anytime and anywhere. Immediately educate family members so they can access the wallet which has so many assets stored in it because they have the right to enjoy all the wealth you have collected so far.

This is another lesson for all of those people who still have not made an effort to educate their loved ones regarding Bitcoin or someone whom they want to inherit their bitcoins after they have gone into this world. Time passes by so quickly and if they don't act fast, it will be too late for them that's just how it is when they don't have the access needed for your bitcoins, then it's just impossible for them to recover it and sometimes, others are so ignorant that they don't even know their families have bitcoins that's why we have lots of untouched bitcoins wallet right now because those who passed away while having some bitcoins in their crypto wallet in the early stage of bitcoins, didn't have time to educate the person they wanted to inherit their bitcoins.

Making preparations is better than not making any preparations at all. Likewise in terms of ownership of the bitcoins that we have and also in securing all the assets that we have that our children or family may not know about. If we have a lot of bitcoin or even a small amount, it still needs to be secured properly. And our family should also be informed about ourselves having assets in bitcoin no matter how much. Because it might not have much value at the moment. But 20 years later the price could be beyond our expectations.

We should at least make our families know about bitcoin. Because if they know then at least they will know where to start learning it when one day they need it. Because if we teach them lessons about bitcoin then maybe they won't be too interested. But convince them little by little and just tell them the basics easily.

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.

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.

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.

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.

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.

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/

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.

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.

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.

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.

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.

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.

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.

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.

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.

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!

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.  

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 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.

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.

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.

This is not a sad story cause the person in the story was able to set up a cold storage just in time for the family to be able to access his bitcoins. It will have been really sad if they were not able access it and those coins were lost forever.

Anyone who holds up to 1BTC or even up to $1000 - $5000 worth of bitcoins should create a way in which those coins will not be lost if they lose access to it through a tragic incidence. We should have at least one person with knowledge of how bitcoin works and if we fear they can steal it from us while we are still alive, then we can use a timelocked transaction or address.

- Jay -

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.

If you are someone who accumulated so many assets then you should be prepared for your family can access it if you are no more no matter if you are young or old because life is unpredictable so never take a chance with that.

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.

Honestly, it is one hell of a fear that every man holds with them so never forget about leaving what you made in your life to your family, and hopefully it's not a debt.

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.