My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.
Does that mean you've shared the private keys with your wife and kid or you've shared part of the key with your wife and part of the key with your kid. So that in case of unexpected death one cannot take control of the entire holdings. Both needs to mutually agree and only then the wallet will be accessible. I don't know in what aspect you mentioned the word "share". However this gave me think of a better way to keep the private key safe in case there are two kids person to share ones holding.
Topic: What Happens to One's Bitcoin if Death Occurs? - page 3. (Read 612 times)
The best thing to do is not to tell anyone about it directly in straightway rather you just need to give them some clue before passing away, it's up to them whether they can solve it or not. after all, this is your own money and you are the one who works for it. telling them right now will result in some kind of treacherous behavior that you don't want to see when you are still alive. That's the reality when they heard about bitcoins, they will assume you have a huge amount of it and will try to get it from you in any way they know. Only a rare case is exempted with this and they are the ones who loved you unconditionally and willing to take care of you.
no one knows exactly when we will die, as much as possible if we have assets in the form of crypto at least make a will for the family in the form of a letter that is deposited with our attorney, without having to open the contents of the letter
that's all my advice and i applied it already
that's all my advice and i applied it already
Private key is access to your Bitcoin. So make sure you do have back up for private key of your wallet. Depends on wallet you use, it can be either private key or mnemonic seed. You must back it up and have a few backups for recovery later.
Recovery can be done by you or your family members (in case you pass away unfortunately). Of course if you prepare for sudden accidents and have clear idea on who will inherit your Bitcoin, you should let them know about what they should do in case you die.
Whenever we do talk about passing away and talking about inheritance then this one would be most suggested imho.Recovery can be done by you or your family members (in case you pass away unfortunately). Of course if you prepare for sudden accidents and have clear idea on who will inherit your Bitcoin, you should let them know about what they should do in case you die.
https://bitcointalksearch.org/topic/using-locktime-for-inheritance-planning-backups-or-gifts-5180850
Using Locktime for inheritance planning, backups or gifts
This one is much more better rather than setting up some will or letting family members completely of privatekey or seed.
Using shamir secret sharing Is a good option but sharing the access to the recovery phrase to each of the children isn't advisible as for me
Nothing like giving a single seed phrase to all the children, if given all the children, anyone among them that is fast enough can spend the coins controlled by the keys of the seed phrase, so that is not making any sense at all. Sharmir secret sharing is an encryption method that encrypt the seed phrase into M-of-N secrets for example. The M (shares needed for decryption) is needed to decrypt the seed phrase while the N is the total number of the secrets. Assuming you have 4 children and including you, making 5. You can make the secrets to be 5, which is N, while only 4 among the 5 secrets is enough to decrypt the seed phrase which is M, which means 4-of-5 secrets. Assuming, if anything happens to two people among the 5, you can get a means 3 of the children will be able to access your own share of the secrets to reconstruct the seed phrase. And to make the recovery easier, you can go for 3-of-5, which means 3 shares from 5 secretsnwill be needed to decrypt the seed phrase. letting your children know the number of shares needed to recover the seed phrase, and give each children one share and you will have one too.
Using shamir secret sharing Is a good option but sharing the access to the recovery phrase to each of the children isn't advisible as for me, consider having 4 children and given all of them a single share to the recovery phrase knowing fully how children can be careless in handling things, secondly one of the children might develop a serious misunderstandings among themselves and decided to hurt each other at their disposition and knowing fully that they all have the secret share to access their father's wallet, things might definitely go wrong here.
I will suggest the father having one share with him and another with the eldest son and thirdly another set to his diary which is only accessible to him except when he dies then the family can access it.
Nobody wants to die, but death is inevitable and sometimes unpredictable. I had a friend that was robbed and killed. His family couldn't have access to his Bitcoin account because nobody knew his password or even his email. It became extremely difficult because the armed robbers stole his laptop and phone. Currently his wife and son are suffering because he invested heavily on cryptocurrencies.
Data analyst believe that only one in four people share thier password with others. They also say that between 2.3 million and 3.7 million bitcoins amouting to over $15 to $24 billion have been lost due to disappearance of owners mainly caused by death.
Financial Analyst has advised the following:
1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment's.
2) Write it and keep it in a vault. Although it's risky but at least it's more preferable.
3) Include your crypto investments in a will.
4) Use wallets that have inheritance plans.
5) Seek advice from cryto inheritance firms.
The conclusion is keep your Bitcoin secure, but accessible.
https://www.death.io/what-happens-to-your-cryptocurrency-after-you-die/
no one plans his death either, we know not what would become of us in the next second.Data analyst believe that only one in four people share thier password with others. They also say that between 2.3 million and 3.7 million bitcoins amouting to over $15 to $24 billion have been lost due to disappearance of owners mainly caused by death.
Financial Analyst has advised the following:
1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment's.
2) Write it and keep it in a vault. Although it's risky but at least it's more preferable.
3) Include your crypto investments in a will.
4) Use wallets that have inheritance plans.
5) Seek advice from cryto inheritance firms.
The conclusion is keep your Bitcoin secure, but accessible.
https://www.death.io/what-happens-to-your-cryptocurrency-after-you-die/
They're trusted persons everywhere it may be difficult to handpick them but it's easier if we can discern.
Most of the times, we find it difficult not because good and trusted persons aren't around us, but because we do not trust ourselves, and if we do not have trust in our selves, there's no tendency that they'll be trust for the people around us.
For persons with trust issues though, it's best to include your private keys in your wallet.
That's an old topic that has been discussed many times even here on the forum, I think as the OP said you may have many options to chose for your coins after death, however even after all these options I guess many people prefer to do not share anything from their wallet for the inheritance, that would be a reason to say why some bitcoins maybe lose during years, there will be maybe thousands of bitcoins belong to people who passed out and their children do not have access to their assets yet.
I find threads like this very often. Bitcoin becomes an inherited asset that will be transferred to someone else when the owner dies. There are many ways to do this other than what you mentioned.
The most important thing is to choose who will be the legal heirs and really trusted and where to store the private key safely and can be accessed by the inheritors. Some banks have also provided Safe Deposit Boxes which will be useful for storing documents containing private keys, but with a storage fee that must be borne every year. the most important thing is to keep it safe and accessible.
The most important thing is to choose who will be the legal heirs and really trusted and where to store the private key safely and can be accessed by the inheritors. Some banks have also provided Safe Deposit Boxes which will be useful for storing documents containing private keys, but with a storage fee that must be borne every year. the most important thing is to keep it safe and accessible.
I know lot's of people have been looking for ways to make their family members benefit from their crypto investments after their death but am not in support with your first idea, I think that's completely wrong, you don't have to trust anybody with your private key, maybe is the person that you trust will be the one that will steal from you even before you die.
Your wife or husband can definitely save and secure it, we need to trust someone or an entity to secure our investment. Some rich people might put it in their will or in their safe that can only be access when the family member is already dead. There are more ways now to know bow to access an account, if you don’t trust yet anyone then having a safe that is registered only in your name can be an option like how insurance works too. But it’s better to tell it to someone you trust to guide them how since there’s no really point in investing for the future more if we don’t share or save it for the family. Private key is access to your Bitcoin. So make sure you do have back up for private key of your wallet. Depends on wallet you use, it can be either private key or mnemonic seed. You must back it up and have a few backups for recovery later.
Recovery can be done by you or your family members (in case you pass away unfortunately). Of course if you prepare for sudden accidents and have clear idea on who will inherit your Bitcoin, you should let them know about what they should do in case you die.
Recovery can be done by you or your family members (in case you pass away unfortunately). Of course if you prepare for sudden accidents and have clear idea on who will inherit your Bitcoin, you should let them know about what they should do in case you die.
This should actually conclude what OP is asking on his question.
Generally speaking, your wallet contains your private keys in which only you shall have access. In the event of an unfortunate death, the wallet can be accessed but the BTCs inside cannot be transferred from one wallet to another without providing your private keys/passwords. In order to remedy this problem, the only way could be by providing your wallet information to your most trusted friend and/or family member so they could keep it in trust or as an extra measure of security.
There are tons of wallets with a few number of BTCs inside. Unfortunately, there is no way for it to be recovered or to be transferred if the owner of such wallet did not disclose its private key to another fellow member.
If you are worried that your bitcoins may one day be lost if death will overtake you, then everything is very simple. Tell about them. Do you have close people? People you could trust and show how to handle your wallet. If you do not trust anyone now, and there are no people around you, then why worry about what will happen after your death?
If you do not trust anyone right now, nothing should bother you, since you are a very lonely person.
If you do not trust anyone right now, nothing should bother you, since you are a very lonely person.
1) Let at least one trusted individual know your password. It's difficult to get such person but it is better than loosing your investment's.
I know lot's of people have been looking for ways to make their family members benefit from their crypto investments after their death but am not in support with your first idea, I think that's completely wrong, you don't have to trust anybody with your private key, maybe is the person that you trust will be the one that will steal from you even before you die.
indeed we always hope for long life, it's true what you said when fate said otherwise, one of the examples you mentioned, this is like turning a situation around giving space to think in the form of anticipation. especially if almost all of the investment is in cryptocurrencies. Don't let things be possible It's natural to happen but it's too hard to say. I think that step by step is a good enough preparation for personal use, but if an institution or legal representative has to intervene, especially since this is an asset in inheritance that must be distributed according to the rights of the heirs, this becomes a new experience when friends above mentioned that there are institutions that facilitate and regulate this outpouring of funds, it is very good like other exchanges and management. Indeed, this seems ridiculous but must be prepared for those who fully invest in cryptocurrencies.
Indeed, there is no safe system, but when we feel a gap, it is so safe to open it
Indeed, there is no safe system, but when we feel a gap, it is so safe to open it
Several threads have been raised on the forum regarding this topic already, always make use of the search engine for relevant posts.
What happens to my bitcoin if i die today?
https://bitcointalksearch.org/topic/--5284708
We make a plan bit heaven has it own
https://bitcointalksearch.org/topic/we-make-a-plan-but-heaven-has-its-own-5386921
What happens to the coins after your death?
https://bitcointalksearch.org/topic/what-happens-to-the-coins-after-your-death-5346148
What happens to my crypto when I die?
https://bitcointalksearch.org/topic/what-happens-with-my-crypto-when-i-die-3080695
While in my own opinion, i will advise for adequate plan which start now, no one knows tomorrow but we all plan for good ahead, take control measures to ensure a proper pick up of your crypto keys by your immediate family anytime death occurs, make something worth traceable to locate having access to your wallet by your wife, child or family.
What happens to my bitcoin if i die today?
https://bitcointalksearch.org/topic/--5284708
We make a plan bit heaven has it own
https://bitcointalksearch.org/topic/we-make-a-plan-but-heaven-has-its-own-5386921
What happens to the coins after your death?
https://bitcointalksearch.org/topic/what-happens-to-the-coins-after-your-death-5346148
What happens to my crypto when I die?
https://bitcointalksearch.org/topic/what-happens-with-my-crypto-when-i-die-3080695
While in my own opinion, i will advise for adequate plan which start now, no one knows tomorrow but we all plan for good ahead, take control measures to ensure a proper pick up of your crypto keys by your immediate family anytime death occurs, make something worth traceable to locate having access to your wallet by your wife, child or family.
Even though this has been discussed many times before but there is no perfect solution to this. You may share your private key to someone you trust. It could be your best friend, any relative or your wife, children or siblings. But there is a risk that comes with this. If your relationship gets wrong with any one of the above, they could misuse your coins and spend it or transfer it to themselves.
And I feel sorry that there are people who have nobody in their lives they can trust with access to their money.
While I understand that there are people who don't have anyone they trust enough to share something like seed phrase/private key due life circumstances (no parents, wife, kids, siblings etc), the thing that baffles me is when I hear that people don't even trust their own wives when it comes to that. If you can't trust your wife with something like that, why would you even stay married with that person in the first place? Yeah I know that many people got rekt by their spouses, but more often than not it's a matter of a bad character judgement.Also my problem is that no one in my family is involved into crypto but only me.
Why is that a problem? Inserting seed phrase is not a rocket science and anyone can do it provided that you left them instructions how to do it. My wife & parents know nothing about how crypto works so they have clear instructions what to do in case something happens.My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.
Does that mean you've shared the private keys with your wife and kid or you've shared part of the key with your wife and part of the key with your kid. So that in case of unexpected death one cannot take control of the entire holdings. Both needs to mutually agree and only then the wallet will be accessible. I don't know in what aspect you mentioned the word "share". However this gave me think of a better way to keep the private key safe in case there are two kids person to share ones holding. 
I had been saving Cryptocurrencies for my children and wife so yeah I did all the precautionary measures as I also assume this may come to everyone .
My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.
My wife and Eldest Son already has the share for my private keys so in case of unexpected death then they can share the keys and will take all my funds for their uses when I'm gone.
I've seen a few services that promise to inherit your crypto savings to your trusted person. But I doubt they will work properly since inheriting money is more about possible legal issues. There are many laws that regulate the way this assets will be distributed. It often happens that relatives spending years trying to sue someone to get their inheritance. Therefore, it doesn't seem that 3rd party services (usually centralized) imo is not trustworthy.
It feels like it is safer just to give your private key to your lawyer (or if you don't trust the lawyer then you can make a bank deposit box and tell the lawyer about it) and pass it to someone else in your last will. In this case you private key wouldn't get lost and your relatives would have less legal problems.
It feels like it is safer just to give your private key to your lawyer (or if you don't trust the lawyer then you can make a bank deposit box and tell the lawyer about it) and pass it to someone else in your last will. In this case you private key wouldn't get lost and your relatives would have less legal problems.
More suggestions were provided by users to inherit the holdings once after death. Keeping the private key safe and informed to a person close to him/her is considered the best way.
There are more firms supporting such services of inheriting the holdings legally. Nowadays centralized exchanges have started to request to provide details on nominee, so that if the respective user dies the holdings can be transferred to the nominee with ease. Coinbase exchange provides such access of transferring funds according to the will provided by the user.
There are more firms supporting such services of inheriting the holdings legally. Nowadays centralized exchanges have started to request to provide details on nominee, so that if the respective user dies the holdings can be transferred to the nominee with ease. Coinbase exchange provides such access of transferring funds according to the will provided by the user.
Quote
According to the information from coinbase one need to name a beneficiary in his/her will and add a document to his/her estate plan that lists crypto assets and any passwords, PINs, keys and instructions to find your cold wallet. If you have an account at coinbase cryptocurrency exchange, beneficiary can contact customer support to notify them of the death and claim the holdings[/url]
Jump to: