Offering inheritance services, good idea?

[RationalSpeculator]

I find it a problem what will happen to my bitcoins if I die suddenly. I like my bitcoins to go to someone, but I don't like to give that someone today already access to my bitcoins, and actually I don't want that person to even know it would go to them. What I would need is someone trustworthy to execute this transfer when I am dead. Problem is, who to trust?

I am looking to setup a company offering this service. The company would build it's trustworthiness by working with reputable people from the community where each would have to give his approval for every inheritance transfer executed.

I am thinking it should work like this to be able to execute the idea.
The company should receive the private keys to the accounts that you want to be liquidated after you die.
The client should also give directions. 'If I don't sign into the account once a year, execute transfer' or 'If you receive my certificate of death from this person, execute transfer'
The client should also give the beneficiary his details, either their public key, or name/address. The company will then make sure this person receives and is able to use the bitcoins.

There should also be a verification system that all contracts have proven to be executed. Maybe by making obligatory the use of bitcoin addresses, publishing parts of the contract publicly, such as public key of beneficiary, so that later anyone can check if the contract has been executed and beneficiary received the funds.

What do you guys think of this idea?

(Also I'm thinking this company could offer 'backup services', since it is based on trust, you can send your backup copy, encrypted or not, to this company for safekeeping. If you ever lose it, you can contact company and get your backup.)

I think the rates of this service should be relatively high since good reputations of company partners cost money and it's a unique, very important, service. I am thinking of charging 5% for inheritance transfers, and 1% for backup release.

[MA5H3D]

Why not just put the wallet in your will?

You could write the password in such a way that only the intended recipient would understand.

[starsoccer9]

Personally I think this is stupid. A simple way is to make a webpage where you encrypt a string with a password then after lets say 20 days of no response from your email it emails who ever you told it to.



OR could simply use http://passguardian.com to generate multiple keys and then your website would simply email me every X days or something and if I dont respond it releases the codes

[Abdussamad]

There are many many ways to do what you are trying to do without needing to trust anyone:

https://en.bitcoin.it/wiki/Contracts#Example_4:_Using_external_state

Another way is to do fragmented backups and give some of the fragments to your heirs and keep one or two with yourself. Then write a letter to them that explains how to put the wallet together. This letter together with the fragments you kept should only be given to your heirs after your death:

https://bitcointalk.org/index.php?topic=149820.0

[halfawake]

I would never use such a service, personally.  Too much trust to invest in a site with no guarantee that they won't run off with your money.  If I were concerned about this, I'd do the following things, personally: 1) Use Armory and create a paper backup and store it in a safe place.  2) Use http://www.deadmansswitch.net/ to alert the person who is inheriting the bitcoins where the paper backup is stored.

...Then again, that's just me.  I have several tech-savvy relatives so this is a non-issue for me, for others who you wouldn't want to actually have to bother with dealing with bitcoins, it would probably be a useful service.

[raze]

I agree with most of these comments. At the moment, there are efficient ways to achieve the same result on your own. Maybe when Bitcoins are more widespread this could be a service you think about offering, but I don't think anyone needs it right now.