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Author Topic: In event of your death  (Read 5597 times)
TeamSnapshot
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June 24, 2017, 05:53:26 PM
 #21

Currently, I work with a great team of people and we share bitcoin as  business capital. We use a method that requires 3 out of 5 signatures to be accessed. So in the event of my death they would proceed as normal.
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June 24, 2017, 05:58:32 PM
 #22

You can arrange the same procedure like with any other property, make the last will, lawers don't have to necessary be involved. You can put the private keys in and the provision that only your nieces and nephews can access it. But before that make sure that they are well educated and informed about Bitcoin so they would know what to do with it.

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June 24, 2017, 06:20:12 PM
 #23

Why most of the people here think that lawyers are some kind of evil thieves who will steal your money or bitcoins?
Just hire a legit Testament Attorney, it doesn't matter whether you want to deal with Bitcoin, altcoin, or physical goods.
Verified last will and testament lawyers are more than capable of finalising your last wish.

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June 24, 2017, 06:29:24 PM
 #24

This is actually a great question which I hadn't thought much about. Personally, I have no clue how my family would access my BTC if I were to die. I also do't know how I would access my family's btc either... better figure it out. Thanks for the reminder, by the way!



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June 24, 2017, 06:32:15 PM
 #25

Get a couple of safety deposit boxes, keep the keys in them. Alternatively, teach them the private keys without them understanding why or what it exactly is.

And yes its possible, I know mine.
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June 24, 2017, 07:06:26 PM
 #26

Well, one of the biggest things when it comes to Bitcoin and the owner dying with it as that you're going to have to establish something in writing with all your private keys and such, in your will with a LAWYER to ensure that everything is taken care of in an appropriate legal manner. Cause the last thing you want in the horrid event of your death (may god forbid) is that your family is going to miss out on money due to you not being competent enough while alive to establish all of this legal matter.

If this isn't done, they could miss out on money and not be able to do certain things later in life. Hopefully, everyone with a substantial amount of money already has all of this stuff done.

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June 24, 2017, 07:40:54 PM
 #27

All you have to do is to make a will ,which means a witness document you make in case you die so that your assets will be distributed according to the will you made or according to your choice. You have to check with your local lawyer on how things should be done because it has to be made according to the local rules and regulations. I am sure there will be provision for sharing of digital assets.














 

 

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June 24, 2017, 08:12:44 PM
 #28

Personally, I don't think I need a lawyer to be able to transfer my bitcoin to my wife or kids. My wife is already aware of my bitcoin involvement and she is technically inclined, so I don't see any problems transferring my bitcoin to her in case of this event would have happen. But for others, specially who has huge amount of bitcoin in their wallet, hiring a testament lawyer would be a better option. You don't want your bitcoin lost together with you. Just managed it properly when you are still alive so your love ones will get the benefit from your bitcoin hard work and earnings.

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June 24, 2017, 08:27:49 PM
 #29

the thing you are looking for is called digital locker.., eg : https://www.passwordbox.com/legacylocker

you upload your documents, or passwords to it and set nominee or heir and then after you die, they can access that account which contains all the accounts and their passwords and digital copies of your documents.,

there is another site where you can upload scanned documents too, i cant recall its name , but i hope you get the idea.



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June 25, 2017, 03:22:16 PM
 #30

I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?

If ever I die, I would want to have my relative or at least have a friend have access to my account. I also would like to think that a notarized will or a last will and testament can suffice to all the profits that I could make and be able to have my earnings be shared to my family or loved one.

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June 25, 2017, 04:54:10 PM
 #31

How about you print out paper wallets and then keep them in a safe? When you draft you will, maybe you can have the password in it and it would be given to your heirs when you die. I think this is better than having your bitcoin in exchanges which might ask for email logins and 2-step auth to access the fund.

the thing you are looking for is called digital locker.., eg : https://www.passwordbox.com/legacylocker

you upload your documents, or passwords to it and set nominee or heir and then after you die, they can access that account which contains all the accounts and their passwords and digital copies of your documents.,

there is another site where you can upload scanned documents too, i cant recall its name , but i hope you get the idea.




First time I heard about this. Might look into it.

I would have asked why you would be thinking of death when you are apparently just starting your life, then it dawned on me that death is inevitable. I still wanna live very long so death is the last thing on my mind right now and I know God's gat my back but if I am to do what you wanna do, I would just write a will with my lawyer then open a safe with a good bank to keep all my wallet details which are to be disclosed to my lawyer in the presence of my named nephews and nieces and all beneficiaries only when I am deceased. In that way, you should be able to share your profit with no kwams.

True. You could end up saving the best for last, toiling so that you'd have a good life and then you die and did not enjoy the fruits of your labor.
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June 26, 2017, 12:05:41 PM
 #32

-Make a paper wallet
-Put it in a bank deposit box
-In your will, leave an explanation and say that they can access the box.

You're done.

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June 26, 2017, 12:46:49 PM
 #33

If you dont trust anyone then the best answer is the deposit box, you can write your private key and put the instruction on how to used or withdraw the coin and put it in deposit box, the other way is to store all of your password in your laptop and when you die just inherit it to your niece and nephew

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June 26, 2017, 01:36:36 PM
 #34

Why are you thinking about death :/.
Hmm maybe you can put your key, or wallet password etc in your email? And send it to your other account, or just save it to the draft?
Then write a testament about your email and tell your niece or nephew to open it when you died?
okay this is such an absurd idea but people won't imagine that you put something valuable in your email, right?

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June 26, 2017, 01:46:57 PM
 #35

I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
I never thought about it like this to be completely honest, I don't really have any plans for who I can give my Bitcoin to in the event that I die. Maybe I should get that figured out before I do end up kicking the bucket to be honest.
I don't really have anyone to leave it to, but I would probably just include the private keys in my will. Nothing fancy, just keep it simple in a document most won't read till I die.
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June 26, 2017, 06:38:33 PM
 #36

If you do not trust your lawyer then do not give your private key to him/her, maybe just a piece of paper that contains the location to where you hid your private key (a vault or something with key or passcode). Or you can give it to your siblings even they do not care about Bitcoin, tell them that it is for your nephew/niece. And they can just touch your wallet after you die.

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Satoshi wanted "small, casual transactions".


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June 26, 2017, 06:43:48 PM
 #37

If you do not trust your lawyer then do not give your private key to him/her, maybe just a piece of paper that contains the location to where you hid your private key (a vault or something with key or passcode). Or you can give it to your siblings even they do not care about Bitcoin, tell them that it is for your nephew/niece. And they can just touch your wallet after you die.
You don't do that either.  Giving them the location and the means to get in means that they can enter it at any time, which is almost exactly the same thing as just giving them the private key except it requires the lawyer going for a walk.

I mean, it's not like lawyers could be bastards or anything  Wink.

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June 27, 2017, 01:24:50 AM
 #38

I am wondering what provisions have you all made in case you die before cashing out your bitcoins? I am single, live alone and both my parents are deceased. My siblings dont care about any of this, however I would like my nieces and nephews to get some of my profits but they are still very young right now. I dont trust lawyers to give them my private keys. I am wondering, what can I do?
I have not taken any steps to make sure my family gets my bitcoin but I have been thinking about it, it is a difficult thing to do, you do not want to give your private keys because then if they lose that, someone could steal your bitcoin, what I have been thinking is giving them an USB that has the private keys but the USB is going to be encrypted, and I will put the password in my will that way no one can get my bitcoin until I passed away.

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ocid
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June 27, 2017, 02:25:31 AM
 #39

Head over to the marketplace auction area.   There are a few creative folks over there thank make physical coins with security holograms protecting the private key.   You have to destroy the coin and hologram to get to the key.   It's a good way to pass bitcoins on as a legacy item without simply revealing the private key to the handler.

that thing is going to cost a lot, it is best if you invest that money in buying more bitcoins instead. the physical coins are only good for those who are collectors.
in this case OP can write a will and in that he can simply add his private keys or the password to his wallet for example. or better yet go to a lawyer and do all this.
Yes it sounds better by writing a will and handing it to a lawyer by doing so then we fully trust the lawyer.

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June 27, 2017, 02:48:50 AM
 #40

Head over to the marketplace auction area.   There are a few creative folks over there thank make physical coins with security holograms protecting the private key.   You have to destroy the coin and hologram to get to the key.   It's a good way to pass bitcoins on as a legacy item without simply revealing the private key to the handler.

that thing is going to cost a lot, it is best if you invest that money in buying more bitcoins instead. the physical coins are only good for those who are collectors.
in this case OP can write a will and in that he can simply add his private keys or the password to his wallet for example. or better yet go to a lawyer and do all this.

I'm emphasizing legacy over profit.   One of the point is that it is a collectors item.   If I had a wealthy uncle that left me bitcoins, it would be awesome receiving a physical coin.  Like getting a rare valuable 1960 rookie card.  You can't decide if you should keep it or cash it out.   It's an effective way to be remembered.


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