Death & Bitcoin: How I Prepared My Family’s Digital Inheritance

[Slim2017]

As a writer who earns bitcoin and saves as much as I can with a family of four, I’ve recently begun preparing my family’s digital inheritance. When I pass, my wife will take over all of my assets, and this includes bitcoin. Preparing another person to gain access to their bitcoin private keys before death is necessary.

https://news.bitcoin.com/death-bitcoin-digital-inheritance/

[avatar_kiyoshi]

Bitcoin is good for inheritance, the difficult problem for me is how to introduce and can attract my family into bitcoin, at least they know how to use bitcoin wallet. I hev tried it before but all my family is just ignore it, the problem is they not understand about computer science and do not have interest to economic system.

[c789]

As a writer who earns bitcoin and saves as much as I can with a family of four, I’ve recently begun preparing my family’s digital inheritance. When I pass, my wife will take over all of my assets, and this includes bitcoin. Preparing another person to gain access to their bitcoin private keys before death is necessary.

https://news.bitcoin.com/death-bitcoin-digital-inheritance/

Good article, and more people should be doing this, no matter what their age. You never know when that day will come. People may have only 0.1 BTC in a wallet, but who knows what that will be worth in the future. If you have only a little crypto, it's wise to do as Jamie said.

[bamboylee]

Nice idea. I have only a few bitcoins and my wife does not want to be involved in this kind of activity so it will be hard to teach her on accessing my bitcoins. But I believe the article is right, we must ensure that someone will takeover our bitcoin encase we pass away. My few bitcoins might be worth something someday so this is a must even if I only have small amount right now.

[crwth]

I have shared my passion for Bitcoin in my family. I don't have yet my own but I plan to with my girlfriend now. I've shared my knowledge with it, planning to save more in time and have prepared a backup plan Incase something terrible happens to me (hoping nothing will) I have backups of my passwords, wallets etc. That can be accessed by my loved ones. I told them IF something happens, they can inherit it. I like the article.

[SourThunder]

This is an interesting post I've come through. I am 18 and have no one to give my online money. My parents don't need my money as they have enough already( and the death of a child is traumatic enough to sweep away the greed for money). There are many who would die with their money staying in their wallets unnoticed for years. The best option is to make a program to donate the money in my wallet to charity websites if we don't log in for X days. Consequently, we could make a website that stores your money in a wallet and gives away it to a charity website if you fail to log in for X consecutive days.

[bncbnc]

Bitcoin is good for inheritance, the difficult problem for me is how to introduce and can attract my family into bitcoin, at least they know how to use bitcoin wallet. I hev tried it before but all my family is just ignore it, the problem is they not understand about computer science and do not have interest to economic system.

yes convincing your family is really difficult and specially when there is no ground reality, actually no one is ready to accept the fact about bitcoin unless they have not heared bitcoin.

[chesatochi]

I think is important to plan to give back your bitcoins you have accumulated over your lifetime to the people your love. Otherwise what is the purpose to let them sleep and nobody will never touch them for the rest of the eternity. It's important to plan with a good notary to include it into your inheritance.

[LFC_Bitcoin]

I've explained to my gf how to recover my stash if I was to die. She doesn't understand the ins & outs but she knows where to find my private keys & how to get the coins.
No point trying to explain to her how to use an exchange so I've showed her how to use LocalBitcoins & to sell in small increments with cash face to face rather than doing it online.

She would get my fiat savings any way but she knows how to recover my bitcoin's now too.

Nice idea. I have only a few bitcoins and my wife does not want to be involved in this kind of activity so it will be hard to teach her on accessing my bitcoins. But I believe the article is right, we must ensure that someone will takeover our bitcoin encase we pass away. My few bitcoins might be worth something someday so this is a must even if I only have small amount right now.

Just print out a couple of paper wallets from bitaddress.org
Send your bitcoin's to them & tell your wife where they are (laminate them obviously for long term durability).
Even if she can't work out how to recover the coins herself she'd have access to your private keys & somebody could help her.

[agatha818]

good read sir, gives me an idea how to pass my bitcoin to my family, though my bitcoin saving isn't much, my son can still use it for future, but my husband have some bitcoins saved,i will show this article to him

[deadsilent]

You should seek for a lawyer. Lawyer is a good for you since you want your bitcoin to be inherit by your family in case of emergency. The lawyer will gain your access to your private keys and will give to your family according to your last will testaments.

[ProtoAmorite21]

This means that the people who are going to receive the inheritance should be well educated about bitcoins to handle them effectively right?

[Red-Apple]

this is an interesting topic, and there have been lots of others who have asked this question, although most of us are still young and don't even think about things like this or many don't have that much to start thinking about inheritance.

it was a good article though, i liked reading it.

although if i were the author i would have maybe chosen a multi signature path from right now.

[Xester]

As a writer who earns bitcoin and saves as much as I can with a family of four, I’ve recently begun preparing my family’s digital inheritance. When I pass, my wife will take over all of my assets, and this includes bitcoin. Preparing another person to gain access to their bitcoin private keys before death is necessary.

https://news.bitcoin.com/death-bitcoin-digital-inheritance/

I am also thinking that way. I am setting aside some of my bitcoins so that I can give it to my kid the moment he marries. His bitcoin inheritance will become useful for him as he start his married life. He is 3 years old now and when he reach the ripe age of 27 or more bitcoins price is very high that it will help him a lot on his daily expenses as a father and a husband to his future family.

[dothebeats]

Nice article, and I think I should start doing this right now and educating my family more about bitcoin since they already know what it is and what it did to help our financial state be better. It's also a nice investment and savings at the same time since it has a higher tendency to increase its value over time compared to other assets.

[hajimasan]

well you are preparing for future insurance of your family. its the best way for happy life because even if something happens to you then also you family will be able to survive without any discomfort. and you should continue the way your are planning your future.

[yellow1]

Nice article. I remember there was a thread about this a few weeks ago. Maybe the writer is a member of this forum or have read about it here. Maybe a lot of bitcoin owners would also use bitcoin as inheritance to their family members and we know that we can't predict when is someone gonna die so upon reading this, I have a good idea on how to pass bitcoin to my family members. Thanks for posting this.

[BitcoinHodler]

just put it in your will, and if you have a lawyer then even better. tell him about it and place the will with him. it is the same as anything else there doesn't need to be any complication just because it is bitcoin.

and besides when you invest a very large amount of money into something you usually tell your family, and they usually are aware of what it is, unless you are lazy or don't trust your own family

[daveon]

A wise man once said:

give a man a fish and you feed him for a day;
teach a man to fish and you feed him for a lifetime;

[pooya87]

it is funny that you never think about stuff like this until it is too late. although i have been thinking about this topic ever since bitcoin price went up. $1200+ right now.
and when my 2014 $200 investment has gone up 6 times that is when i start thinking about what will happen to all my encrypted keys that nobody else has the encryption key, it is not even written down.