What will happened to bitcoins after one died? - page 15.

Razick

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Quote from: marjoree on September 27, 2017, 05:53:41 PM

If he dies and no one knows about its private key, then all he have done will be wasted because it will be forever gone. So to those who have a lot of bitcoins there, you should let someone know who you really trust the mostn. about your private key and everything you are concerned about to so that he will know what to do about if unexpected things happened to you

This ^

This is why it is of utmost importance, even if you have a relatively small amount of Bitcoin today (like 0.5 or lower) to write a will and inform your relatives about it. Not every one obviously, but whomever you plan to give the BTC should you die must know how to upload private keys to access the Bitcoin and you should also teach them how to exchange it for other cryptos and USD.

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If he dies and no one knows about its private key, then all he have done will be wasted because it will be forever gone. So to those who have a lot of bitcoins there, you should let someone know who you really trust the mostn. about your private key and everything you are concerned about to so that he will know what to do about if unexpected things happened to you

Razick

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This question has already been asked and answered multiple times on this forum. Please do not repeat the same thing over and over.

With that said, just to answer in case you missed the other thread... You need to make sure your family is aware of how to use Bitcoin. Not necessarily now, but in your will. Leave your private key and an explanation of how to use it to retrieve your Bitcoin. Make it as detailed as possible so they do not make any mistakes. Last thing you want is them sending to the wrong address or something. hahaha

amaral1977

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

The owner of the coins is the owner of the private keys. If you control them yourself you have to let it somewhere for others to access it. If you have the BTC in some party wallet , you should have the passwords or the pasword recovery available to whoever stays behind.
If not the BTC will remain unaccessible....

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When the amount of bitcoins some one is holding is not important, meaning it's less than 1 or 2 bitcoins then these bitcoins will be lost if the user has kept them in a desktop or hardware wallet without sharing the seed, the 12 or 24 words needed to recover a wallet.

If the user is keeping more than 2 bitcoins and up to an indefinite number for his own good he should share the seed with his wife or if is not married with his siblings or parents at least if he fears that some misfortune may happen to him, like an accident for example.

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

If you have provided your emails and passwords to your heir or spouse they can access or otherwise they will end up in the blockchain with your private key forever

malikusama

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

If a person didn't provide his wallet details like id, password etc. to his/her family members before he died then no one owns his/her bitcoins because they will remain there in the wallet forever and no one will able to access them without password and private keys. I think bitcoin is an asset as all other assets, so there should be a way to state bitcoin in the will too that after death of a person some closest and trustworthy family members can access his/her wallet details.

xFiber

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If one dies and doens't leave anything behind the bitcoins would remain in that address for eternity, unless someone ends up finding the private key of someone. Therefore it's very important for people who own large amounts of bitcoin to include their private key (and passphrass) into their will just in case.

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Here is a quote from the official website:

Quote

Think about your testament

Your bitcoins can be lost forever if you don't have a backup plan for your peers and family. If the location of your wallets or your passwords are not known by anyone when you are gone, there is no hope that your funds will ever be recovered. Taking a bit of time on these matters can make a huge difference.

Maybe soon enough some service will appear to help people save their bitcoins from their death. But I'm sure that most of BTC users are too young to die so they just don't think about testament because most of the solutions may lead to lower security of their private keys.

Funeral Wreaths

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i am also curious to what will happen when too if someone dies without handing his private keys and other personal belongings or bitcoin as well to his/her family or beneficiaries. been also curious to what will happen if your family has no knowledge about it? or how are they going to use it, or maybe they aren't interested? but I am sure they would be interested if that someone who died has a large volume of it.

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

If they keep a paper wallet, then it won't be much of an issue. Also, the person who died can simply put all the information in the will (password, address, keys). It will just get passed down like any other item of inheritance.

777Bitcoin

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

After one died with 100 bitcoin at the least, bitcoin price will soar high. It will never changed its projectiles but to increase to as minimum as 10000$. You can always send time deposit at that particular account or hire an attorney for that matter. It can be done by hardwork and trials.

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Only thing what you can do to avoid such situation is to let your spouse, siblings , parents or friends let any one of them is all aware about your id and password , exchanges and total coins you own it so that they are aware about it and can sell it if they wish after you are done in this world .

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

If you want to make sure that the one who you are willing to take over your bitcoin when you will die than just put your hardware wallet or paper wallet in bank's safe deposit box and write the name of the one who you want to take custody of those bitcoin in bank's agreement form.

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Quote from: Saoha on September 26, 2017, 12:32:44 PM

Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

They need to leave all email passwords, phone numbers, all related Bitcoin wallets. Because if they do not let the family know, then the Bitcoin number will be lost.
Bitcoin is not the same as gold or bank deposit, it does not identify the account owner or the family account holder. It just password and lock, email, phone number ....

Yeah, those are ways to go about it but one don't even need to wait till they are sick before disclosing to someone close. I think this is proper thing to do because death don't give notice.

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

If the owner of those bitcoin died and didn't able to give any information about on the information which are needed to access that wallet then those coins are already lost forever and no one would able to access it as long you didn't able to input the right keys for access.Therefore if you do really have the plans on inheriting someone on your bitcoin holdings then you must give them all the information of the wallet.Just put it on a paper or anything that be write up and incase you die they do already have those keys.

joseafonso123az

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A question that will be pertinent in the future, if bitcoin skyrockets! I think the only way another person could get the BTC is by knowing the password, 2FA, and all the other intended things that you need in order to see and manage your BTC. Maybe you write them in the will, and for whom you want the coins to go.

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If one user keep hold of large volume of bitcoin and if he dies unexpectedly then surely it goes under the lost bitcoin list if none has the private keys to retain and make use of it. So it's better to have a separate record for all such details or need to share the details with the dependents of you.

Saoha

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Quote from: bytethecoin on September 26, 2017, 11:59:27 AM

Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

They need to leave all email passwords, phone numbers, all related Bitcoin wallets. Because if they do not let the family know, then the Bitcoin number will be lost.
Bitcoin is not the same as gold or bank deposit, it does not identify the account owner or the family account holder. It just password and lock, email, phone number ....

bytethecoin

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Who owns the bitcoin after someone died? How to state this in the will? Please share your thoughts.

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