Well, if you understand how Bitcoin works and what the self-custodial thing and possibly with a hardware wallet mean, then you pretty much know how you should handle it. You can set up steps so that if you die, you have a thing that would send the instructions to your loved one and how they can claim it. This would be a great thing to do if ever something to happen. It's best to have backups.
The question is, do you want them to enjoy your wealth in crypto? Then do the steps necessary. I'm not sure how the ETFs work though. That would probably depend on the broker or something.
Topic: Upon the death of a bitcoin user. - page 7. (Read 1246 times)
If you do that, you'd be charged with embezzlement I think or maybe fraud, that money will stay there no matter, there was this case where a man was homeless for a really long time but when they get to the bank, they were shocked by the fact that he's still getting the social security checks but it just goes through his bank account that he's forgotten, thinking that he might be dead, they still didn't stop sending the money or bothering to check up on it.
In regards to your worry about bitcoin being left out when the person who owns them dies, if they don't know that you've got it then that's lost forever, that's it. The best thing that you can do in that situation would be to talk to your loved ones about your investment, putting the wallet where you hodl your bitcoin in your will together with the seed phrase for that wallet would solve the problem that you've got but you need to be sure that you're trusting the person that you're going to tell your investments because if not, you're probably going to be in for a world of pain.
In regards to your worry about bitcoin being left out when the person who owns them dies, if they don't know that you've got it then that's lost forever, that's it. The best thing that you can do in that situation would be to talk to your loved ones about your investment, putting the wallet where you hodl your bitcoin in your will together with the seed phrase for that wallet would solve the problem that you've got but you need to be sure that you're trusting the person that you're going to tell your investments because if not, you're probably going to be in for a world of pain.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.If any bank staff arbitrarily to withdraw that money to use, he will be put into jail later when there is a lawsuit from the passed-away person's family members.
Quote
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
If you are fearful about your death and how your bitcoin will be lost after your death, leave the private key of your bitcoins to your wife/ husband/ children, and make sure you teach them how to recover it from the private key/backup.You must backup your bitcoin well, and teach them of recovery.
How to back up a seed phrase.
There are already a lot of solutions for this. You can choose to tell your spouse or someone you trust where they can find the private key. Though I personally recommend the use of timelocked transaction method. There are many threads on the subject, you can learn a lot from them:
[Tutorial]Making your Bitcoin Inheritable
In what way you’ll inherit Bitcoin to your loved ones?
When Bitcoin Must Be Inherited
Bitcoin inheritance
Leaving Bitcoin as inheritance
https://news.bitcoin.com/death-bitcoin-digital-inheritance/
[Tutorial]Making your Bitcoin Inheritable
In what way you’ll inherit Bitcoin to your loved ones?
When Bitcoin Must Be Inherited
Bitcoin inheritance
Leaving Bitcoin as inheritance
https://news.bitcoin.com/death-bitcoin-digital-inheritance/
Those money in banks are distributed to debts and taxes of the dead person if there is any, then distributes the remaining to the heirs.
While people who have bitcoins, if the seed and/or private keys are not shared to any of its heirs or in safe place, it's good to say that it was lost forever. That's why saving those important things such as seeds and private keys offline is the most important thing, for safety, then the inheritance it may give to the bereaved family.
While people who have bitcoins, if the seed and/or private keys are not shared to any of its heirs or in safe place, it's good to say that it was lost forever. That's why saving those important things such as seeds and private keys offline is the most important thing, for safety, then the inheritance it may give to the bereaved family.
Planning for what happens to your Bitcoin investments if something happens to you is definitely important. Unlike regular bank accounts, Bitcoin doesn't have the same system for passing on assets. So it's a good idea to make sure your family knows about your investments and how to access them. You could write down instructions or even designate someone you trust to handle it for them. Put it in you will. Getting advice from a lawyer who knows about Bitcoin and estate planning could also help make sure everything's in order and your family can benefit from your investments if anything happens to you
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings. Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.
Agree with this mate nothing id permanent in this world even life is temporary so we need to put extra effort and trust to our closet relatives. And about our holdings it better to have a companion that know about our investment cause there's a chance that when the investors died and no other people know about his/her investment then his/her money will remain his Wallet forever. And the money will remain untouched.
But there's a positive impact if theres a family member who knows about the money of and investors cause when the investors died they can use the money to sustain thier needs.
If that's the case that no one knew even your family and friends about your assets, then unless the deceased person will leave last will and can also be used by its family or friends but if not, then expect that your assets will just sit in your wallets or where you stored it forever, simple as that, as we know our assets are secured in crypto currency space as no one could access it, so your assets is like a an assets that will maintain the foundation of the community and also can be consider as lost bitcoin or crypto currency. But of course you didn't want your assets to just sit there and do nothing incase you died right? so of course you should prepare a letter or statement where you can give the inheritance of your assets to someone that has knowledge about crypto and of course someone that will make your assets valuable and can make it grow more, or simply donate it.
Satoshi said they're like donations to the community.
In terms of the altcoins market, they're like burned already as those bitcoins are gone forever. That's why if you hold some bitcoin, it's up to you whether you'd tell a family member or relative that you own one.
But you know at these times, it's quite dangerous to tell someone that you own and hold bitcoin because they might think of you as someone who's truly rich and bad things can happen to you like being attacked by a wrench or any other worst things possible.
In terms of the altcoins market, they're like burned already as those bitcoins are gone forever. That's why if you hold some bitcoin, it's up to you whether you'd tell a family member or relative that you own one.
But you know at these times, it's quite dangerous to tell someone that you own and hold bitcoin because they might think of you as someone who's truly rich and bad things can happen to you like being attacked by a wrench or any other worst things possible.
Just as nwada001 said instead of your hard work to be considered as donation when it could help your family, then you shouldn't keep everything away from them one person should be able to know your way about.
I hope you don't get me wrong when I say free donation to other holders; it does not mean that it will be shared among others, but that particular volume being off-market circulation can have a little positive contribution to the price of bitcoin. Just as millions of dollars worth of bitcoin have been sitting in some wallets for years, there are no outgoing transactions in those wallets. Any form of movement from a wallet holding large amounts like that can trigger a negative market reaction.
The fact that it's required of us to keep some things private doesn't mean we cannot share some certain level of things with someone who we think we can trust, it's advisable that at least one of all your relatives, sisters, brothers children etc should at least know some things about you incase the unforeseen happens.
There are ways in which you can do that, for me I have wallet where I'm storing some digital assets especially bitcoin and I have told my elder sister that happens to be more closer to me than others that I have so digital assets but as time goes on I will point to you some private key that is the password to where it's being kept with that I have created an awareness in her that something is somewhere with this combination of words but at the point she may not be able to access it.
Just as nwada001 said instead of your hard work to be considered as donation when it could help your family, then you shouldn't keep everything away from them one person should be able to know your way about.
There are ways in which you can do that, for me I have wallet where I'm storing some digital assets especially bitcoin and I have told my elder sister that happens to be more closer to me than others that I have so digital assets but as time goes on I will point to you some private key that is the password to where it's being kept with that I have created an awareness in her that something is somewhere with this combination of words but at the point she may not be able to access it.
Just as nwada001 said instead of your hard work to be considered as donation when it could help your family, then you shouldn't keep everything away from them one person should be able to know your way about.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
If you are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings. Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.
I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?
Jump to: