[2017-01-06] Death & Bitcoin: How I Prepared My Family’s Digital Inheritance

[Gembul]

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

Getting old is something we can’t stop, but we can prepare our loved ones for when we leave the earth. Recently, I have been making somewhat of a digital will for my wife for when I die so she will be able to access all my online accounts and bitcoin access. If I were to unexpectedly die it would be tough for my wife to manage our bitcoin assets without help and guidance. This issue is something bitcoiners should consider. Some people are not married and may even have to disclose this information to a family member or close friend.

Since before bitcoin, digital inheritance has been a problem to solve for people worldwide. If a friend or family member cannot gain access to your passwords and some personal information, then things like online bank accounts, email, and social media can be lost forever. Additionally, this also applies to cryptocurrency with passwords, PINs, and 12-24 word mnemonic phrases (seed). If you don’t leave this information behind somehow, then stored bitcoins could be lost forever.

READ MORE >>> https://news.bitcoin.com/death-bitcoin-digital-inheritance/

[Kprawn]

This is a VERY important point and everyone should include instructions with their Will on how to access your bitcoins when you die. I made a

point of it, to inform a trusted family member about my bitcoin holdings and where to get the information to access it. I left the passwords and

seed in a separate document in my Will, so they cannot do anything with it, until my Will was read.  Also remember to leave instructions on

where to find keys for the safe deposit box. 

[aso118]

I make it a point to explain Bitcoin to a close family member about once in 3 months. And my partner knows the value of my Bitcoin holdings and that the Seed is in a safe deposit box. So in case anything happens to me, my family can access my bitcoins.
I am not worried about the legal aspects of transferring ownership. I am more worried about my bitcoins being lost forever.

[RodeoX]

Thanks for bringing this up, it is important. Even if you are not old you could be in a coma tomorrow. Will anyone be able to use those coins then?

[Carlton Banks]

Wills and safety deposit boxes are a security hole IMO. Far better security using the capabilities of Bitcoin op-codes to write and enforce the contract than relying on fallible humans.

So one would write a raw CLTV/CSV transaction with a large number of blocks (constituting a year or more) locking the transaction, paid out to an address controlled by the beneficiary/ies. Then you can use CSV to shift the timeframe locking the transaction while you're still alive. The only disadvantage is you would reveal exactly how much the beneficiaries can expect to inherit.

[InvoKing]

Recently, I have been making somewhat of a digital will for my wife for when I die so she will be able to access all my online accounts and bitcoin access.

It is a good idea but this is not exclusive to bitcoin since some people may have a house in another country or a bank account in another country or even a PayPal/Neteller/online bank account that their owners need to inform their families about it in order for not being lost forever after their death
Anyway bitcoin isn't an exception maybe apart the fact that the other things could be found and restored but for bitcoin no way

[Gembul]

It is a good idea but this is not exclusive to bitcoin since some people may have a house in another country or a bank account in another country or even a PayPal/Neteller/online bank account that their owners need to inform their families about it in order for not being lost forever after their death
Anyway bitcoin isn't an exception maybe apart the fact that the other things could be found and restored but for bitcoin no way

True, but the only way is to save bitcoin with the knowledge of other people that you really trust him personally. Because unlike bank accounts in general, the heirs may have a wealth of previous account owner to provide specific evidence. And I think the only way that we do not lose bitcoin after we die is to make a will the contents of your bitcoin wallet password, and will give it to the attorney you hire. And if at any time there are things you do not want, Your attorney will take care of it. Thank you

[Qartersa]

This is really an interesting topic. Inheritance is really a grim topic in any culture and religion. The topic about death is casually avoided by most people. So preparing a digital inheritance is, I think, quite similar to how it works in the real world. It's jut more technical because it would probably create triggers that would automate sending to your love ones.

[just_Alice]

Thanks for bringing this up, it is important. Even if you are not old you could be in a coma tomorrow. Will anyone be able to use those coins then?

Good point. If I had lots of coins I would definitely do something to prevent the situation you described. I'm still very far from that point, but who knows, maybe in the future I will have enough coins to think about including all that information in the Will.

[classicsucks]

No offense OP, but this post is just begging to get HACKED. May I recommend upping your security a bit?

[eckmar]

Great Topic. This is important for multiple reasons. Not only if you die all your bitcoins are lost forever but leaving someone money in bitcoin for a long time is a smart thing to do. Bitcoin price will almost sure be up

[buwaytress]

Some time in the mid-90s when I first went online and started a website on shared servers, I set an automated message to be sent out to my email contact list (address book) in the event I did not log in for over 100 days (perhaps it was 90 days, I can't quite recall). It was a simple email to say that I haven't been able to log in for months and that this was an unlikely event. It also gave the emergency contact of my best friend, along with ALL my passwords/pins/locations of info.

I'd forgotten all about it years later and some time in 2001 or so, I went on extended travel with no net access, triggering that auto-email. A few people responded to my best friend, and word reached my family.

In short, the incident created a lot of relief, some confusion, and a few very angry people! Plus, I had to change all my passwords.

I never replaced that "system" but this article made me realise I ought to rethink how we pass on our digital inheritance.

[Gembul]

No offense OP, but this post is just begging to get HACKED. May I recommend upping your security a bit?

Can you clarify the intent of your comment, because I am a little less understand what you want to convey? why can it give rise to hack? Because I think that people generally, if they died of course they do not want to lose their property. It would be better if someone close like a family would have the money, or may be donated to someone in need. thank you

[classicsucks]

No offense OP, but this post is just begging to get HACKED. May I recommend upping your security a bit?

Can you clarify the intent of your comment, because I am a little less understand what you want to convey? why can it give rise to hack? Because I think that people generally, if they died of course they do not want to lose their property. It would be better if someone close like a family would have the money, or may be donated to someone in need. thank you

Anyone bothering to include bitcoin in an inheritance must have a bit of coin, no?  And, you kind of gave away the secrets of how you secured the coin. I doubt your identity and location are secret? You've painted a target on your back. Just sayin'. The article was good though, and no disrespect!

Finally I hope your wife never "goes rogue" on you. Because I've had a couple of women f**k around behind my back and then rob me of everything they could get their hands on... Sorry to be cynical.

[cr1776]

No offense OP, but this post is just begging to get HACKED. May I recommend upping your security a bit?

Can you clarify the intent of your comment, because I am a little less understand what you want to convey? why can it give rise to hack? Because I think that people generally, if they died of course they do not want to lose their property. It would be better if someone close like a family would have the money, or may be donated to someone in need. thank you

Anyone bothering to include bitcoin in an inheritance must have a bit of coin, no?  And, you kind of gave away the secrets of how you secured the coin. I doubt your identity and location are secret? You've painted a target on your back. Just sayin'. The article was good though, and no disrespect!

Finally I hope your wife never "goes rogue" on you. Because I've had a couple of women f**k around behind my back and then rob me of everything they could get their hands on... Sorry to be cynical.

All good points.  It isn't cynical, it is reality. 😀 

OP could always use nlocktime to create a transaction three years (for example) in the future. Put that aside for his wife/spouse. Then regenerate it every 2.5 years. If something happens, the spouse may have to wait between 6 months and 3 years to get access to the coins because the transaction wouldn't be valid for that period, but even if the transaction is stolen, no one can steal the coins before that time period and OP can move the coins if the nkocktime'd transaction goes missing.

[ZrCoin]

It's interesting thought. And we should surely take care how our family or close people can get our crypto inheritance if smth would happen with us...
It is important topic and I would not be too surprised if soon we will read in news about new service or start up about how to organize such things in better way.

[BellaBitBit]

This is such important information and something that a lot of people don't think about, even young people (who are more likely to have digital currencies anyway).  I was just talking about this to my spouse the other day and we have everything written down and I feel comfortable with our plan. Putting it in a will is a good idea too.  Great article and I hope many people see this.

[adittiarizki]

Good topic!

Actually I have thought about this a long ago before I read this article and I say thank you to who has created this article. Like that has mentioned before making a preparation for digital inheritance is important because no one knows your asset in digital way, except you tell them. Not only bitcoin but also another account's like Paypal/Neteller/Skrill etc.

[Idrisu]

Thanks for bringing this up, it is important. Even if you are not old you could be in a coma tomorrow. Will anyone be able to use those coins then?

I also joined you to say op thank you for bringing up this precious topic. I have been thinking how many bitcoin and other cryptocurrencies or altcoin has been lost because many holder dead every day without their people know of how many bitcoin they have in their wallets. I have a friend who forgot even his bitcoin wallet i.d and he borrowed bitcoin into the same wallet. We should try to explain bitcoin to our love one and immediate family members.

[strasboug]

It's good to know this. Bitcoin now can be an important asset like gold or silver. So it is important to include it in the will for the eventual distribution of your assets.