Bitcoin Forum

Lets face it HBB (hit by a bus) can happen any time

what is you mechanism or plan to inherent you BTC to your loved ones?

particularly if they are not IT literate.

In my view A person could easily loose your coins in so many ways if you do not understand what you are doing.

Well I am planning to save some bitcoin for the future use of my family. My way for them to access the account is to leave behind the details of my bitcoin account. I will also leave some procedures and steps that they should follow how they can access my btc account and how can they convert it to cash. I will possibly make a video for them so that it will guide them on the process and will enable them to successfully benefits from what I will leave them. I am sure that they will be very happy since at that time bitcoins value would likely reach 100k$ and they can buy a house or build a business.

It is funny how passing on inheritance using bitcoin is getting trendy now. I think this related topic should give you some ideas.
https://bitcointalk.org/index.php?topic=1983410.0

My relatives will not inherent any of my bitcoins or altcoins.
My parents divorsed and i hate them.I don`t have a girlfriend and i don`t plan having kids.
Perhaps i will donate my bitcoins in case of death(if i have any bitcoins left).
The easiest mechanism that you are asking for is to sell btc for fiat and tell them about your savings.

I plan on writing a memo in a book and giving the family all the exchange i.ds, wallets etc but I am very busy at the moment and do not have much to be considered worth their time yet. I wll think on this down the road when I have accumulated at least one Bitcoin.

I will make a self video explaining about bitcoin and all my holdings. I will explain detailed accounts in the video and will write down all the account details like password and username. The private keys I will keep in safe which they can access easily. I think that would be easiest way to pass on my bitcoin or any fiat I'm holding. If anytime I get more than millions of holdings then I will mention that in my will as well.  :)

Master seed in my will left at the family lawyer.

They will have all my hardware

They will get it if they deserve, if they don't, them it will be their fault only

I will do that too. But for me if it will happen. I will them now how to earn it and what did they need to do and they will now learn how to use it. And i think if i will tell them this now it will be good because they can now earn to and when i pass that to them they will make it as their investment too.

The people around me know that I am into cryptos so that's probably step one.

Then there are certain family members that have been in crypto as long as I have that will be able to figure out how to access my coins if they really need to.

Teach it to my family the next few days or years, when they both understand itwell and knows how to make it more profitable or useful. It really be a good way to earn and to make as a business . It will nake our future better.

I have certain people that I trust will be able to help my not so Bitcoin literate loved ones.

So basically you are saying that what happens when some one passes away and his loved one does not know about his coins. One way I feel, is to let the closed ones know that one has Bitcoins. Secondly then give them a demo how to recover them in case anything happens. However hide the private key and leave clues to find it. That's the only way.

Write a note about it, say you have Bitcoins (Digital Currency) ~worth how much, then leave your details to how you can access it. Just give a short summary about Bitcoin and hope that they Google it and get the Bitcoins! :P

Not so sure about Bitcoin Inheritance, seems cool, treating an investment as an asset. May not be so safe if the inheritor does not know much (or nothing) about Bitcoin.

Bitcoin is now an investment portfolio, so you should prepare it in any way all your family will understand how it works by preparing a video or writing notes or articles on how your bitcoin can be traded to fiat money but you should prepare it now,while you are still alive by explaining to your family.

Basically it'll go to my current family. If I died early then it will go to my parents/siblings and if older then to my kids. Regarding with handling the coins well and retrieving it. you

don't really have to be an IT literate to do that. I don't know with the older people but young peoople these days are easy to adapt with technology. if you're going to leave a

note at least leave a instruction. its an obvious thing to do if you know that those people have no idea of what you're talking about.

Just find someone in your family line that has a bit knowledge about those techy things and can understand bitcoins totally,its not that hard me if i were in that case i already teaches my younger brother in case something happen to me he can still continue this

This is a big reality , that how to insurance our Bitcoin so that atleast we can give the benefits of the Bitcoin to our family after the accident  or any bad thing happened .
Here I am using Bitcoin from 3 years more but still my family ( where I am a small member ) don't know about the Bitcoin that how to deal and use and what will happen they don't want understand even I tried to explain , so I think it is more better for us that we should hire a friend ( 1000% trusted ) and tell them that if you get died then help my family to collect all the money from Bitcoin and at all other sites another money because friend can do everything and no one .
And also I am thinking that one of the family member should be reached about the Bitcoin that how to use Bitcoin private key of the address and then told him where you putted your private key , so that if any problem happen then they can access atleast your savings .

....whats to stop the lawyer absconding with your sqillions?

I agree that one should plan for uncertainty because it does not give notice of its happening do for me, not necessarily hit by a bus but any other time what I do just make sure someone I trusted is already aware of what I do to the fullest and the only thing the person does not know is just my passwords and that is the only thing left which I am planning to write somewhere the only person that can have access to it is that same person and with that I am good to go.

I would probably just leave my master seed in my will and split up my bitcoin into different wallets so it is spit evenly, hopefuly someone in my family knows about bitcoin and the techy stuff. Instruction my will will probably be cruical.

I'm thinking of sharing my private keys, passwords and how to use them with a couple of people in my life that I trust the most. I think it is quite important to do that especially if you have some decent amount that can actually be put to use.
I'll definitely be passing it on to my family and kids.

That would be a problem if ever they are not a computer literated or they don't even know how to use a computer basically, but in my situation every member of my family are computer literated I already told some of them what is bitcoin yet they don't understand deeply how is it working as of now I haven't made a plan yet because for me it's too early to bother myself about that ;D

Interesting topic. Anything can happen and we should take precaution for the safe future of our family. I am maintaining cold storage as my main destination for long-term savings and I have created a set of paper wallet + instructions to recover the Bitcoins lying that wallet. I have also created soft copies and stored it in various non-internet storage devices as a backup. In the case of my inability to instruct or pass my bitcoins to my family, I am sure my family members will be able to recover it. I also try to explain them about how it works and basic stuff regarding it.

Start to teach them now, let someone you can trust learn about bitcoin and let them handle everything if you die if you don't have one then don't save money donate it spend it buy everything you want and enjoy it while you can.

If this is your plan please change it, because if someone alone is aware of bitcoin and the rest were not techies then surely the one will enjoy all that you've made for every people of your family. So make some alternate plans, I'll try to educate my wife and children, so if something happens they can make use of it.

Thats just simple.Not IT literate person only uses bitcoins,there are some who just love using and have knowledge unto bitcoins but not totally an fan of IT and technology.Just explain it to your closest love ones i think the best way

First i explain to my brother what is bitcoin how it works and the bitcoin basic like different types of wallet, then i also encouraged him to read news about bitcoin so he can keep track what is new and after that we will work together to earn bitcoins.

Well honestly i don't like to die by hitting by bus or any vehicle but back on the topic since accidents happens anytime and we don't know when it happen so, i told my family mostly my sister since she has more understanding in technology and told her most of the bitcoin's technology.

In this world we live in (and we can even see this also a feature of Bitcoin) there is nothing guaranteed we are all surrounded by uncertainties sometimes everything can be a gamble. No one can precisely predict what can happen tomorrow or in the near future sure we can plan but not all of our plans do come true. In other words, we are really all humans.

As for my Bitcoin transactions, I make sure that am putting them on a notebook which my family can have access when I am unfortunately gone to the next level of existence. Hope they can use it for their own good and continue on have a faith that Bitcoin is the future and the next phase of our economic ecosystem.

I am not having plan to keep any physical property or bank balance for inherent kids or grand children . Money is meant to live life.my earning is enough for my needs .so any bitcoin earning I will make sure to sell proper time

At the moment, my younger brother is the only who has an idea about what bitcoins is, but he doesn't have any further knowledge about how profitable it is, But he can learn quickly, I will put all information to my wallet and investments in a safe and give the access to my lawyer, if he gets access to the safe he will know what to do.

As I've already written in another thread, I'll divide the keys from my wallet in half for each of my children and hide it somewhere so they will have to go through a quest and join effort to get the money.

If my loved ones don't know how to use computer or inside of technology. I would pull out my bitcoin then  I will convert into fiat currency. I would input my money in the insurance company. We will benefit from doing that. It is not enough to teach one person in one click. We can help ourselves to do that. I am planning that and I hope I can do it soon if I have a lot of multi bitcoins in my wallet. What if my inheritance is just a kid? What he gonna do? He is a computer illiterate. He must be insured on your own decision.

These is a good question then on how to pass our bitcoin in case of emergency happen to who had it!
I think for now I share my account to my wife now then to be sure that my bitcoin earning will not go to loose.

I guess this is a good idea to ope up this topic even it looks and sounds fool but we need to be ready if this thing happen unexpectedly. So now I decided to put the details of my accounts in a sheet of paper like diaries or memo or notebook where they can find it easily and put all my accounts details, the numbers the passwords in my ATM, bank accounts and even in bitcoin so they can access it easily.

I left a CLUE for my family in my Will to the location of my paper wallets. I also stored instructions on how to sweep paper wallets at the hidden location. I also trained one family member and a friend that I introduced to Bitcoin in the methods to sweep paper wallets, as a backup plan. So they just have to read the Will to find the clue and they will get to the location of my treasure. Let them work for it, they are getting it for free. ^smile^  

I just past it now to my family but I put it in a box, in a box there is a letter and a list of all my bitcoin account so they can know how to get that amount or they can continue what I am doing.

I like this answer, I just might use this idea. Thank you for sharing frowsiter.

Actually I dont have plan yet for this. Because I dont have much bitcoin in an online wallet. Though my love one already knows my details in my online wallet. He is aware already of my account, just of proper informing them of my account all.

This is a very sensitive subject. Right now I am not much bothered about it, since my holdings are quite small. But in future, if my holdings get bigger in size, then I need to think about it. Perhaps I will transfer all my coins to a paper-wallet, and then take the printout of the private keys and keep them in some bank locker.

Clever idea.  You may want also to include videos which may help your family to understand bitcoin.  Also, videos that contain how bitcoin was made and how to earn more through it.  Be sure to put it on separate boxes so that no one will be greedy to take or steal some inherited bitcoins of others to their wallet.

I have planned everything with what I thought I would give bitcoin to my child, before that I will teach my children and friends who do not know about bitcoin.

If you have 2 or more Bitcoin it is just right that you must prepare for any incident consequences that could happen to you,so you need to write a documents explaining to your heirs how Bitcoin works and how they can trade or convert your bitcoin to fiat money .

Easiest way is to leave it as part of your will encrypted on a flash drive, leaving the password elsewhere in case of a dodgy lawyer :)  somewhere you know that your family will find it, or tell them where it will be.

we are all coming up with answers o providing a code and demo but i think, one owning many bitcoins should not be a secret to a faithful friend, being it a spouse, parents, children or colleague. This will ensure your hard earn serving gain the right use. Lets not keep this secret

I will just make a paper wallet and transfer all of my bitcoins there and if my son is at least 18 yrs old, i will tell him about bitcoin and how to use it or redeem it then i will just trust him my paper wallet and i will tell him that just use those bitcoins if he really need money like in case of emergency but none of the less just hold it.

I don't know and I don't want to consider that anytime soon, you could always keep your private keys in a secure bank vault and giving the passphrase to a trusted family member to use if there is a need, Most people here are less than 50 though and not considering that point now.

I just share everything with my girlfriend, so she has access to my coins if something happens.
Same with all of my logins, it's very important to me that I have at least one such person in my life who I can trust for 100%

If I die, my parents would probably think where did all the money that I have goes. After the funeral, at some point they would probably investigate my computer with my sister who knows how to use bitcoins. They simply have to find the notepad where I'm keeping my wallet's seed and that's it. My years of earnings are all theirs. It's not that hard to figure things out since I don't hide my notepad at all. It's just somewhere in our house where you can easily find it. You wouldn't think that one piece of paper is so actually so important to me. Good thing because no one's visiting me to our house so no one can find it except my family.

In simpler words, when I die, my sister knows what to do. No worries about how to pass on my bitcoins to my family.