Possibility of Bitcoin insurance or handover:

[Xal0lex]

I already wrote in another thread that his daughter has everything she needs to access his cryptocurrency wallet and if she wants to use the assets in that wallet, she will be helped to do so as she is not at all knowledgeable about cryptocurrency. And yes, she is not going to use her father's forum account.

[GeorgeJohn]

When it has to deal with portfolio I think it would be good if our portfolio details be included in our wills so as to enable our next of kin or the people we left behind gain access to our portfolio after our demise, so all that we have worked for and left behind could still be useful to others even in our absence but I don't think your Bitcoin account is such that can be inherited because definitely breach of trust will definitely come in with the new handler.

It depends on the kind of bitcoin account you are emphasising on, someone can not inherit and the one someone can inherit also, when you come in terms of bitcointalk account I think its better understanding that we have to at know that it's very difficult for someone to make use of someone bitcointalk account so you can not inherit it because maybe the method of the person communication to chat will be be quite different and it will be easily be detectabl, so therefore I believe that you have to understand that your children can inherit your wallets when you are been dismissed

[sokani]

What happens to his account and portfolio in such an event?

Is it possible that a third party can start using the account?

If by account you mean his bitcointalk account, it was his and his alone and cannot be used by anyone even after his demise. The account represents his character, trust and judgement and cannot to be handed over to a different user, that's why an account is normally tagged whenever it changes hands. Though in the memorial thread someone suggested that his daughter should use it, don't know if the forum is going to make an exception.

Concerning his portfolio, as long as someone he trusted with the seed phrase still has it, the funds can be spent.