What happens with your crypto assets if you die?

bumoranty

newbie

Activity: 110

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Quote from: cupsdolphin on December 09, 2017, 03:09:11 PM

As the value in $ for my portfolio keeps going up lately I have started thinking about the somewhat not unlikely scenario that I might end up dying before my son and wife.

If I where to die today all the funds I have in crypto would go to the eternal blockchain heaven and never return, as I have made no explanation or documentation as to how to access my funds.

But I am also in the dilemma that I do not want to write down too much information that could be used by burglars etc. if they got a hold of it.

Maybe a Nano S. in a bankbox with a written letter and the codes how to access them?

I guess my wife would never understand how to do it and my son is only 14 months, so it would have to be when he becomes of age. In that time there may be multiple splits in various alt currencies also which perhaps will be lost in the process? I just can not think of a better way to safeguard my assets after my death.

Anyone have any alternatives?

I think you should give your wife the key to all your crypto assets.

verdi-crypto

member

Activity: 406

Merit: 30

What I would do is to instruct the notary, or the person managing my will, to give access to my assets only after 5-10 years after my death (or maybe more, depending on how the market evolves). That way my funds will be tenfold and there is a greater chance that the money could benefit more than one generation within my family.
If my wife and kids are already living well, getting other money could be dangerous, they might waste it on useless things or luxuries. Freezing them for like 10 years would mean that my nephews could go to college with those money.
There are quite a lot of flaws in this plan but I think its main idea is valid.

woffingshire

newbie

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You can record a video or write a document where you explain the people you want it to receive it how to do to cash your assets

Stegobit

jr. member

Activity: 154

Merit: 1

Quote from: chefbauer on December 21, 2017, 12:39:56 AM

But why does it matters? If they have the private key to the wallet then why should they declare that those bitcoins are from them? It makes no sense.

You can not say that X bitcoins are yours, it is impossible to declarate that.

Of course no sense, because the smart strategy is not to show any Bitcoins to the govt at all and pay zero taxes!

chefbauer

full member

Activity: 171

Merit: 100

Quote from: Stegobit on December 20, 2017, 10:59:51 PM

Quote from: ambnet7 on December 20, 2017, 10:31:12 PM

Are the governments treating Crypto Assets as a personal assets of a person?

If your govt collects inheritance tax, I think you are smart enough to tell your wife and children to declare crypto assets as their own property (not inherited). For govt it will be extremely hard to prove the opposite.

But why does it matters? If they have the private key to the wallet then why should they declare that those bitcoins are from them? It makes no sense.

You can not say that X bitcoins are yours, it is impossible to declarate that.

Stegobit

jr. member

Activity: 154

Merit: 1

Quote from: ambnet7 on December 20, 2017, 10:31:12 PM

Are the governments treating Crypto Assets as a personal assets of a person?

If your govt collects inheritance tax, I think you are smart enough to tell your wife and children to declare crypto assets as their own property (not inherited). For govt it will be extremely hard to prove the opposite.

KrLos

hero member

Activity: 768

Merit: 1000

Quote from: spongegar on December 20, 2017, 09:22:23 PM

Quote from: cupsdolphin on December 09, 2017, 03:09:11 PM

As the value in $ for my portfolio keeps going up lately I have started thinking about the somewhat not unlikely scenario that I might end up dying before my son and wife.

If I where to die today all the funds I have in crypto would go to the eternal blockchain heaven and never return, as I have made no explanation or documentation as to how to access my funds.

But I am also in the dilemma that I do not want to write down too much information that could be used by burglars etc. if they got a hold of it.

Maybe a Nano S. in a bankbox with a written letter and the codes how to access them?

I guess my wife would never understand how to do it and my son is only 14 months, so it would have to be when he becomes of age. In that time there may be multiple splits in various alt currencies also which perhaps will be lost in the process? I just can not think of a better way to safeguard my assets after my death.

Anyone have any alternatives?

Ok... The dilemma is that you're not sure what would happen to your portfolio after you pass away. You don't want your portfolio to go to the eternal blockchain in heaven buy you don't want too much info for burglars. Then what you do is to write everything down then put them in with your important documents. Making sure you make your wife known the location of the document. Of course when you write down the passcodes, write it indirectly that only your wife will know

You can leave a will, according to which the inheritance (including bitcoins) will pass to your spouse.
The idea with the safe is also good. I also think you should teach your wife this, just in case

Stegobit

jr. member

Activity: 154

Merit: 1

If you think you can die soon, it is good idea to print your private keys on paper and put it in the safe, so your wife and children could use it.
Another option is to use multi-signatures: one yours, second your wife and children, third some trusted person (e.g. your friend).

ambnet7

newbie

Activity: 28

Merit: 0

Actually this is a problem that was there in my mind as well.
Are the governments treating Crypto Assets as a personal assets of a person?
Roll Eyes

minhnguyen

newbie

Activity: 75

Merit: 0

very nice. my parent dont even know i have these asset. but i think you can leave a message

Fitrilalala

member

Activity: 248

Merit: 10

The Exchange for EOS Community

I think starting now you should tell your wife about your saving. You know your fear that you might die without no one know about the wallet from your investment. If you affraid it will lost you could rent safe deposit box in bank, you could write the step how to open your wallet or password of your investment and how to trade it in real money. You could write it down in notes step by step i think its not hard to understand since your wife have use computer before.

spongegar

full member

Activity: 476

Merit: 100

Quote from: cupsdolphin on December 09, 2017, 03:09:11 PM

As the value in $ for my portfolio keeps going up lately I have started thinking about the somewhat not unlikely scenario that I might end up dying before my son and wife.

If I where to die today all the funds I have in crypto would go to the eternal blockchain heaven and never return, as I have made no explanation or documentation as to how to access my funds.

But I am also in the dilemma that I do not want to write down too much information that could be used by burglars etc. if they got a hold of it.

Maybe a Nano S. in a bankbox with a written letter and the codes how to access them?

I guess my wife would never understand how to do it and my son is only 14 months, so it would have to be when he becomes of age. In that time there may be multiple splits in various alt currencies also which perhaps will be lost in the process? I just can not think of a better way to safeguard my assets after my death.

Anyone have any alternatives?

Ok... The dilemma is that you're not sure what would happen to your portfolio after you pass away. You don't want your portfolio to go to the eternal blockchain in heaven buy you don't want too much info for burglars. Then what you do is to write everything down then put them in with your important documents. Making sure you make your wife known the location of the document. Of course when you write down the passcodes, write it indirectly that only your wife will know

cupsdolphin

newbie

Activity: 14

Merit: 0

As the value in $ for my portfolio keeps going up lately I have started thinking about the somewhat not unlikely scenario that I might end up dying before my son and wife.

If I where to die today all the funds I have in crypto would go to the eternal blockchain heaven and never return, as I have made no explanation or documentation as to how to access my funds.

But I am also in the dilemma that I do not want to write down too much information that could be used by burglars etc. if they got a hold of it.

Maybe a Nano S. in a bankbox with a written letter and the codes how to access them?

I guess my wife would never understand how to do it and my son is only 14 months, so it would have to be when he becomes of age. In that time there may be multiple splits in various alt currencies also which perhaps will be lost in the process? I just can not think of a better way to safeguard my assets after my death.

Anyone have any alternatives?

Topic: What happens with your crypto assets if you die? (Read 182 times)