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December 29, 2017, 09:14:44 PM |
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So you are saying that you don't have sufficient money to pay for the necessary medical care, and as a result will forego it? If so, that is rough.
If the above is true, the most simple way to pass on your bitcoin to your heirs would be to deposit your BTC into a US based exchange, have your identity be verified, and state in your will that anything of value in your gemini account is transferred to your nephew. If you use an exchange based outside the US, there is the risk that the exchange will not follow a US probate court order to transfer ownership.
If you do not want to store your bitcoin on an exchange, I would advise storing your bitcoin in a wallet that uses a word based seed (such as electrum) (the reason for this is it will probably be easiest for your nephew to transfer the wallet onto his computer), and store a backup in a safety deposit box, along with detailed instructions on how to get the wallet onto his computer, and to spend everything in the wallet into a newly created wallet. In your will, you can state that you want the contents of your safety deposit box given to your nephew.
I would also strongly suggest consulting with an estate planning lawyer about this. Transferring bitcoin to your heirs is very similar to transferring cash or other bearer instruments to heirs, which is something that has been done for a long time.
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