What Happens to Our Bitcoin and Other Assets If We Die? - page 2.

bitterguy28

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Quote from: Sarah Azhari on October 28, 2022, 08:06:24 PM

Quote from: BitcoinAddicts on October 20, 2022, 05:48:45 PM

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

I think the seed needs to be split to the lawyer and the people you are going to give the funds in case of drying , with this I'm sure there is no one that can take the funds unless they will agreed to each others claim.

giving it completely to the lawyer will surely take the business effect as greediness may take place .

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Quote from: Sarah Azhari on October 28, 2022, 08:06:24 PM

Quote from: BitcoinAddicts on October 20, 2022, 05:48:45 PM

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

Lawyers or banks are not as safe as we think, they also have greed and if it is a large amount of money they are willing to ignore morality to get it. I wonder what are we investing or making money for?, for whom? for ourselves or for our loved ones or families. If it's just ourselves, then we don't need to share or inherit it to anyone. And if we do everything for the family, instead of giving the private key to the lawyer, give it to the person we trust most in the family. It's strange how many people don't trust their loved ones but trust their lawyers.

Sarah Azhari

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Quote from: BitcoinAddicts on October 20, 2022, 05:48:45 PM

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

noormcs5

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Quote from: Sanni_w on October 20, 2022, 09:24:10 AM

Same question I've been asking myself. I hope binance will not inherit my Bitcoin 😣 . The best thing to do is to write down your key ☺️ and share it with a trusted family member

First of all, the binance does not have a key. If you have funds in Binance you need to give your password and the 2fa code and probably the email associated with binance too , to the person you trust and become the owner of your funds after your death.
In case if you are storing your bitcoins in a decentralized wallet, you will be giving your private key to your loved ones. However some complications still remains as if you give your wallet access to someone and he misuse it even while you're alive.

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Quote from: Antonas1 on October 28, 2022, 05:41:29 AM

Quote from: Mahanton on October 27, 2022, 04:11:08 PM

Quote from: Antonas1 on October 27, 2022, 08:20:48 AM

~

~ You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

Two simple questions:
1. Is it your goal to collect bitcoins just to enrich yourself and not share with your wife or even your children?
2. Before you die, you know that if you die your wife (and children) will be broke, don't you wanna give your bitcoins to them?

For me, I would put my trust in my wife and children more than banks or any other 3rd service. I work hard and invest, the ultimate goal is to bring happiness and a full life to my family, there is no reason why I don't trust them but trust outsiders. Currently all my crypto assets are stored in hardware wallet and my wife is the holder of it, I have copied my private key into 3 different copies, my wife keeps 1, my son keeps 1, and one for me. For me family is everything, if my family is gone then I have millions of bitcoins will also be meaningless.

Antonas1

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Quote from: Mahanton on October 27, 2022, 04:11:08 PM

Quote from: Antonas1 on October 27, 2022, 08:20:48 AM

~

~ You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

Two simple questions:
1. Is it your goal to collect bitcoins just to enrich yourself and not share with your wife or even your children?
2. Before you die, you know that if you die your wife (and children) will be broke, don't you wanna give your bitcoins to them?

kamvreto

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MAaaN...!! CUT THAT STUPID SHIT

Quote from: Mahanton on October 27, 2022, 04:11:08 PM

You should really make yourself that responsible on teaching up things on your loved ones because its better that they do have knowledge on how to access things in case you passed away.
Some do really have trust on their family members where they could expose their PK even if they are still alive but there are who doesnt really like on doing so due to some trust issues.
This actually boils down on how a certain crypto earner or holder on how he would be securing out their assets.You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

the ones we can trust are the people we love and we know they'll be able to do that by providing some education while we're still healthy and being able to teach them, or providing some guidance that they'll open up later when we're gone. Instead of having to entrust it to a third party like a lawyer, of course there are still doubts. We also really have to imprint heirs on the digital assets we have so they can open them. don't let the stored bitcoins can't be opened again.

Mahanton

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Quote from: Antonas1 on October 27, 2022, 08:20:48 AM

Quote from: fennic on October 05, 2022, 12:14:52 PM

~ I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Seems you already have the answer to your question. But don't put the key or backup file in the bank. You can use a metal plate to save your private key or sheed phrase, then keep in your safe-deposit box or another secure place. And don't forget to use hardware wallet like Trezor or Ledger as the most secure wallet, use it and teach your wife or kids how to use.

You should really make yourself that responsible on teaching up things on your loved ones because its better that they do have knowledge on how to access things in case you passed away.
Some do really have trust on their family members where they could expose their PK even if they are still alive but there are who doesnt really like on doing so due to some trust issues.
This actually boils down on how a certain crypto earner or holder on how he would be securing out their assets.You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

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Quote from: BitcoinAddicts on October 20, 2022, 05:48:45 PM

It's very simple. You have to make a will with a lawyer.

What if the lawyer gets biased and decides to keep the asset for himself after your departure? You know that crypto is just crypt. No one will know, even if you have a billion coins. I don't see it as a wise idea.

Quote from: fennic on October 05, 2022, 12:14:52 PM

~snip~

For me, I have a hard drive and a 500-page notebook. I store all my information and directions for authorization on the hard drive and the note book. These two items are kept just within my reach and no one else's. I will definitely leave my will to my children after my departure, and these two items would be able to guide them through recovering every asset I own on the Blockchain. I have my brother, who I am teaching about crypto. This is a modernized world, so I have plans to teach my children about cryptocurrency as well. If I died one day and they (my children or brother) came across my hard drive and the note book, they would have every piece of information they needed to recover my assets.

Quote

Still not getting Any merit 😁

Begging for merit is against the merit system. I guess you are not aware of that. Instead, you could search for some thread (earn merit on quality posts) created by some merit source, and report your post that is of good quality and deserves merit.

Antonas1

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Quote from: fennic on October 05, 2022, 12:14:52 PM

~ I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Seems you already have the answer to your question. But don't put the key or backup file in the bank. You can use a metal plate to save your private key or sheed phrase, then keep in your safe-deposit box or another secure place. And don't forget to use hardware wallet like Trezor or Ledger as the most secure wallet, use it and teach your wife or kids how to use.

CryptSafe

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No one on Earth knows when their time in Earth would be over. So while you are still alive breathing, you should be able to do the right thing in the sense that as a Crypto Enthusiast, you will have to let your next of kin know more about what you are into. Your heir should be able to access your private keys when you are no more so that they can also enjoy the fruits of your labor. It would be very sad that you accumulated massive wealth onchain as a result of your investment in project at their early stage and gradually, those projects turns out to be a mega projects and you had no idea and your next kin by privy of information guy to know you had such investment, they should be able to make a good earns with it to remedy what ever situation they are in so as to cushion their current predicament. If you know it would cause issues amongst your children, you make a Will and instruct your lawyer on what to do when you are no more there. I is as simple as that.

BitcoinAddicts

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It's very simple. You have to make a will with a lawyer.

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Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

This is always happening in cryptocurrency and it is a very difficult question to answer because many of us, our families and friends do not have any idea whether we have any crypto holdings or not. Some persons, there family or wife does not have any idea if they really have some cryptocurrencies and the major problem is where to find the private key to the wallet because many persons would never disclosed there wallet key to anybody even there wife because of trust which is why it is very difficult to get a genuine or reasonable answers to this question.

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Quote from: tjtonmoy on October 20, 2022, 11:05:43 AM

Quote from: fennic on October 05, 2022, 12:14:52 PM

I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

I don't trust banks. All you can do is make a safe in your own house and let someone in your family know how to deal with it. If the bank knows your secret then they will retrieve it for themselves. So no way i am saving my life's earning to someone else either than my family and loved ones.

But it is totally up to you what you want to do. And live your life like there's no tomorrow. Stop thinking about what is yet to come.

But its not bad to mind off for the worst rather than making yourself that confident that there's nothing gonna happen on you which you would really be making yourself that too reckless on ensuring things.

We've been working hard and earning wisely for the benefit or our loved ones or family which it would really be just sensible that we would really be finding up ways for them to cherish or benefit out

on what you had worked for and not would really be just wasted in the wrong hands or totally cant really be accesses just because you had forgotten on telling them or setting up instructions
in case you do die.Trust is the main thing on here but there are people who cant just easily trust up.

Henrobakkara

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Quote from: Victorik on October 20, 2022, 08:10:02 AM

Quote from: Henrobakkara on October 20, 2022, 06:50:34 AM

Quote from: Victorik on October 19, 2022, 01:37:09 PM

Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

It is not necessary that you have to store your Phrase or whatever login information with the Bank. You can simply write them down somewhere and let your trusted family have access to them when such an incident happens like an enveloped message to a lawyer for delivery in the incident of death however there have been many suggested ways to let your family get those crypto assets which are also technical but I believe there must be a trusted person around you to put in the know.

Let me ask you a personal question. Do you currently share your key phrase with any member of your family. If yes, then this your assertion will be valid.

Moreso, besides just sharing these information with close/trusted people around us, no one can tell for sure when they will answer the call of death, so it doesn't give enough time and room for such action.

Personally, I am married and even my wife do not even know my key phrase, partly because she is less interested in cryptocurrency and absolutely nothing you tell her about it.

Then we are quite different. My wife knows everything about my crypto life even if she is not really a crypto person and has access to every information pertaining to login and so is my sister who by the way is also a very active crypto investor too. Let me shock you again, I run my other sisters staking platform for her meaning I have all her login details and we all trust each other like that and that was why I used the words "trusted family" I understand it cannot be the same for all of us that's why everyone must do what is best for them in that regard.

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Quote from: fennic on October 05, 2022, 12:14:52 PM

I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

I don't trust banks. All you can do is make a safe in your own house and let someone in your family know how to deal with it. If the bank knows your secret then they will retrieve it for themselves. So no way i am saving my life's earning to someone else either than my family and loved ones.

But it is totally up to you what you want to do. And live your life like there's no tomorrow. Stop thinking about what is yet to come.

FanEagle

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Quote from: RockBell on October 19, 2022, 12:41:20 AM

Quote from: ?? on ??

If your family does not own the crypto asset wallet, it is impossible for them to receive those coins. For this, you should definitely leave the passwords of these wallets to your family.

The world is becoming easier because everything is becoming more digital. As long as your family has access to your private key, it will be simple for them to access the asset. All you need to do is deposit it in a bank for safekeeping and designate a next of kin who will be legally able to claim it in the event of their passing. They can also take the necessary steps to import the seed phrase.

Honestly this is why keeping it in exchanges feels a lot easier for me. People say "not your keys, not your money", but reality is that binance would keep your money safe easily, I do not get why wouldn't you feel comfortable with that.

Considering that my 2fa is in my phone, which they can access easily, and open up binance which already has username and password saved on my pc, and use that 2fa, and then access to the funds is quite easy. Will they really want to? I am not sure, it’s not life changing amount, it's tiny, so they may ignore it and nothing would really change, but for someone with a lot more money they could definitely do that easily.

Sanni_w

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Same question I've been asking myself. I hope binance will not inherit my Bitcoin 😣 . The best thing to do is to write down your key ☺️ and share it with a trusted family member

Victorik

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Quote from: Victorik on October 19, 2022, 01:37:09 PM

Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

Quote

Just let them know on where you do store up those notebooks or whatever writings you would really be that storing those keys but its really something that is risky but well everything does have the risk even storing it

digitally or on a ledger or something because it all matters on how knowledgeable into those people who would really be accessing later on when you are already dead.

You should really make yourself that be prepared because we are thriving on earning money for them but i dont really have the trust on exposing my keys when
im still alive yet there's always chances for them to access it not on the right time.

I think the highlight of what you've just said here is how knowledgeable the people you are exposing your key phrase are.

Even when you share these information with close people, what if they are not knowledgeable about it?
Not everyone understands and know how to recover a wallet using key phrase.

Victorik

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Quote from: Henrobakkara on October 20, 2022, 06:50:34 AM

Quote from: Victorik on October 19, 2022, 01:37:09 PM

Quote from: fennic on October 05, 2022, 12:14:52 PM

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me Grin

and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

It is not necessary that you have to store your Phrase or whatever login information with the Bank. You can simply write them down somewhere and let your trusted family have access to them when such an incident happens like an enveloped message to a lawyer for delivery in the incident of death however there have been many suggested ways to let your family get those crypto assets which are also technical but I believe there must be a trusted person around you to put in the know.

Let me ask you a personal question. Do you currently share your key phrase with any member of your family. If yes, then this your assertion will be valid.

Moreso, besides just sharing these information with close/trusted people around us, no one can tell for sure when they will answer the call of death, so it doesn't give enough time and room for such action.

Personally, I am married and even my wife do not even know my key phrase, partly because she is less interested in cryptocurrency and absolutely nothing you tell her about it.

Topic: What Happens to Our Bitcoin and Other Assets If We Die? - page 2. (Read 1629 times)