Would you include bitcoins in your will (and make it a quest)? - page 3.

mk4

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Quote from: SimmonenY on June 14, 2017, 07:54:30 AM

(hypothetically) When I die I'd like my children to have all my bitcoins. So I was thinking of writing a will to give each of them equal amount but to make it more fun I'd hide the keys from my wallet and make it a quest.

Hah. Great question.

I'm too young to have a will (and kinda early to have children to be honest), but when I get a bit older (40s?) I'd surely write a will just so if ever an accident happens to me(hopefully not) or if I get like memory problems. and yes, I'd definitely divide it equally between my children.

About the quest:
I'm not sure if I'd like to do this to be honest. I'm not sure if my future children would be willing to do a quest recently after my death. haha. I'd prefer like a year after my death, this can probably be achievable by asking a close friend or relative to do give the quest to my children after a while.

I wouldn't make the quest too hard, but I'd make it short and special like.. have an encrypted text file containing the private key/recovery phrases with a password being like, my 5 favorite places or landmarks on our local city or something. That'll be interesting enough I think.

Doms

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Talk about going out in style. I wish I had a lot of bitcoins to begin with, but since I only got a few and I am not certain what the value of bitcoin would be many years from now, I would simply stick with the conventional way of passing (whatever) wealth I would have accumulated. Although I would assume that technology would have radically changed by the time I am really old, I would like to minimize the risks as much for my last will and testament.

Xenophoto

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It was brought up by my sister before. She asked me what's going to happen to my bitcoins if I die. I said, nothing. They don't know about bitcoins. If I had the time, I might just make a step by step tutorial on how to withdraw all these funds to become fiat money. My last will will be like a tutorial. That would be so funny. Others' last will goes like, "My house will go to my sister whom I loved a lot." and then my last will will be like "My private keys are in my drawer. To convert it to fiat, step 1. ..." lol Grin

I will not make it a quest. Making it a quest and have some clues/hints to solve the puzzle sure is a fun thing to do. But that gives a tendency for the kids to not find the bitcoins as well. If I die, I want to have the assurance that they will actually use my wealth which I spent a lot of time on.

Ayiranorea

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I won't be including this to the will, rather I would explain my kids about the importance of bitcoin as well teach them the way it can be used in a good way. As OP stated if the keys were placed as a quest till the end it won't be used by anyone else.

Jherek

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Quote from: SimmonenY on June 14, 2017, 07:54:30 AM

(hypothetically) When I die I'd like my children to have all my bitcoins. So I was thinking of writing a will to give each of them equal amount but to make it more fun I'd hide the keys from my wallet and make it a quest.

What I would do instead of having an equal sum is to have sort of puzzles that vary in difficulty. Obviously, the most difficult puzzle will contain the largest prize, and in this case would be bitcoins Tongue

Your idea is great, you're actually giving me ideas already how to write my will even though i've only in my 20s and have no kids lol.

This seems like a good way to get the most coins to whoever that has the most intelligence out of my future kids in a fair, civilised manner. No one can dispute that the test was unfair because they're given the same clues.

People on this forum have done puzzles regarding brainwallet to prove how secure it is, i think it should be something like this.

Kakmakr

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The Treasure Hunt / Quest is a very good idea. I used to draw treasure maps for my kids when they were much younger and they used to search for hours to get to their treasures. It usually consisted of some chocolates, but it was great fun. I think this will be a good reminder for them, if I did the same. Just make sure you give the final solution to someone you trust, just as a backup. < clues might get lost and they might never find your bitcoin stash in the end >

Well Done, this was a very good idea. ^smile^

pepi04

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If I understand it correctly, the seed for the wallet (like in Electrum) can fully reproduce the wallet.

So if I have 2 kids, I could give each of them half the seed.

Makes it impossible for 1 of them to 'grab all', but together they can reproduce my bitcoins even if they can't access my computer anymore.

Can anyone comment whether this could work or raises potential concerns?

Kateryna_Oli

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I think it will be a good gift for my grandchildren.
Maybe bitcoin will cost millions Grin

electronicash

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Quote from: pixie85 on June 22, 2017, 03:16:37 PM

Quote from: Love! on June 21, 2017, 07:41:39 PM

Quote from: gentlemand on June 21, 2017, 04:06:26 PM

I have no children and ideally will never have any.

If I did I'd have to think long and hard about it. A depressingly large amount of families seem to come apart at the seams when money's up for grabs.

The quest element would add the opportunity for them to slowly murder each other.

LOL.....I don't think I've ever laughed so hard at something so depressing.

But yes, include it in your will. Technically it's money, so technically it's an asset.

If you're worried about your kids murdering each other over your stored coins, you might as well be sure not to leave them anything or they might do the same over your house, car or anything else that you own.

I'd make a challenge for them, since including it in my will and making it official would probably mean huge taxes.

handing over passwords to lawyers is more concerning.

or you can simply just hand those btc to them while you are still alive, you'd be glad to know how they handle such amount assuming 1 btc is more than $500k. money to a young man means freedom.

pixie85

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Quote from: Love! on June 21, 2017, 07:41:39 PM

Quote from: gentlemand on June 21, 2017, 04:06:26 PM

I have no children and ideally will never have any.

If I did I'd have to think long and hard about it. A depressingly large amount of families seem to come apart at the seams when money's up for grabs.

The quest element would add the opportunity for them to slowly murder each other.

LOL.....I don't think I've ever laughed so hard at something so depressing.

But yes, include it in your will. Technically it's money, so technically it's an asset.

If you're worried about your kids murdering each other over your stored coins, you might as well be sure not to leave them anything or they might do the same over your house, car or anything else that you own.

I'd make a challenge for them, since including it in my will and making it official would probably mean huge taxes.

SimmonenY

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Quote from: cramcram21 on June 21, 2017, 04:46:41 PM

Quote from: SimmonenY on June 14, 2017, 07:54:30 AM

(hypothetically) When I die I'd like my children to have all my bitcoins. So I was thinking of writing a will to give each of them equal amount but to make it more fun I'd hide the keys from my wallet and make it a quest.

Why don't you just simply make each of your child a wallet and divide your bitcoin and send it to each of their wallet,
seems like it is easier that way instead of putting it in your will just make sure to give them all the information they need to be able to use it.

Yes, that would be easier but I want them to have fun and distract them from my death and also I want them to use their brains if they want my money)

radjie

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Quote from: SimmonenY on June 14, 2017, 07:54:30 AM

(hypothetically) When I die I'd like my children to have all my bitcoins. So I was thinking of writing a will to give each of them equal amount but to make it more fun I'd hide the keys from my wallet and make it a quest.

It is a precious relic that we can make a puzzle to our children so they can learn what they should be looking for and it makes our children so curious that if they do not know anything about bitcoin they will know because we have left the treasure We are on bitcoin and all that we have to actually store the keywords somewhere without having to be known to others first and must be sure the person who will find it is just our child.

Love!

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Quote from: gentlemand on June 21, 2017, 04:06:26 PM

I have no children and ideally will never have any.

If I did I'd have to think long and hard about it. A depressingly large amount of families seem to come apart at the seams when money's up for grabs.

The quest element would add the opportunity for them to slowly murder each other.

LOL.....I don't think I've ever laughed so hard at something so depressing.

But yes, include it in your will. Technically it's money, so technically it's an asset.

LTU_btc

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I never thought about it seriously because I'm still young and I don't have kids. I think that I will give private keys of my bitcoin to lawyer and after my death, he will give it my childrens, same as all other my property. But I don't like idea to make a quest to make it more fun. I don't it's a best time to play games after your father dies.

Quote from: tinus42 on June 21, 2017, 03:47:49 PM

Don't have any kids so this is no problem for me. Après nous le déluge.

Well, that's a point Cheesy

But personally, I don't want that after my death, my bitcoins would be lost forever.

angaper

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Like any other asset, our bitcoins should be included in any will. But to be honest I do not see the need to provide them by means of a quest, because it seems to me a ridiculous way of unnecessarily provoking confrontation and jeopardizing both the familiar coexistence and even the appearance of those bitcoins, but each one is free to dispose of his bitcoins as he or she wishes.

cramcram21

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Quote from: SimmonenY on June 14, 2017, 07:54:30 AM

(hypothetically) When I die I'd like my children to have all my bitcoins. So I was thinking of writing a will to give each of them equal amount but to make it more fun I'd hide the keys from my wallet and make it a quest.

Why don't you just simply make each of your child a wallet and divide your bitcoin and send it to each of their wallet,
seems like it is easier that way instead of putting it in your will just make sure to give them all the information they need to be able to use it.

Wendigo

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I would but I am definitely not going to play any funny games with my future kids after I am dead because I don't want to look like a complete jerk Grin

I will include the hardware wallet with my will and give it to the lawyer.

darkangel11

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Quote from: SimmonenY on June 14, 2017, 07:54:30 AM

(hypothetically) When I die I'd like my children to have all my bitcoins. So I was thinking of writing a will to give each of them equal amount but to make it more fun I'd hide the keys from my wallet and make it a quest.

I think it's a great idea. If you have time, make it a large game that includes your personal items and multiple quests that they'll be able to spend some time on and get rewards. Make paper wallets with small amounts, like 10% of the money you want to leave them on each and hide them in the places that are special for you and your wife. Like one in a place that you met her, your favourite holiday spot, a place where you took your kids. When you're gone they will go there once more, explore and get a gift from you. Just be prepared to leave them crying for days after something like that, but emotions are good. They show we aren't made only for those boring jobs we're doing.

KirillManhattan

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Very pressing issue, I do not want to die yet, huh))
But answering the question I can say that bitcoin was a part of my capital, right? I would accordingly include it in the will as my children would have more, but when I die (I hope not soon, hahah) I think everything will be built on the crypto currency, respectively In a few years, this question will not have to be asked since he will not require an answer

gentlemand

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I have no children and ideally will never have any.

If I did I'd have to think long and hard about it. A depressingly large amount of families seem to come apart at the seams when money's up for grabs.

The quest element would add the opportunity for them to slowly murder each other.

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