backup and recovery

[smokeydog]

Lets say a person has a hardware wallet and the necessary backup.   Unfortunately the owner of these bitcoin dies.   The spouse/estate now has physical possession of the wallet, knows about the bit coins but is not at all technically savvy.  They have no idea what a bitcoin is or how to get it off the wallet or back into dollars.  The also wouldn't know what to do with any backup file.

Before death, the owner of the bitcoins left instructions about what is on the hardware wallet.  Information about the fact that the private keys on the hardware wallet and backup  are the means to getting the funds.   How would the heir find someone to help them?  How would the original owner who is bit coin savvy find independent help to add instruction to a will.  Are their independent consultants?   To this point I have not run across any financial planner who has yet educated themselves on bitcoin.

Anyone else considered this yet.

[TheGodson]

What I would do is open a Coinbase.com account and send bitcoins to that and sell. You should also be careful with the internet, because there are a lot of scam artists that will try to screw you over. Coinbase.com is pretty safe IMO. After selling the coins there, you can withdraw the cash to your bank account.

You can also hold onto them for longer if you think the price of Bitcoin will go up.

Whatever you do, don't rush. If you're not comfortable with what your doing take you're time.

[defined]

How would the heir find someone to help them?  How would the original owner who is bit coin savvy find independent help to add instruction to a will.  Are their independent consultants?   To this point I have not run across any financial planner who has yet educated themselves on bitcoin.

The original owner can make a video will. How nice is it to see your loved one explain on film how you can reclaim a large amount of money?

Anybody can be an independent consultant. You need to find someone who you can trust enough not to betray you. If the consultant takes your bitcoins he most likely gets away with it as you prove he took them.

[chesegrinder]

as i know there are ways that you can retrieve your wallet as you mention into your example.
you can retrieve your wallet using your email or your phone no. when you register to any wallet you will need email or your cp no.
next way you just need to find professional hacker to hack the private [which i think is really hard to find and very costy]
best way is to keep safe the private key, better have a copy of it softcopy or hard copy.

BTW bitcoin is not popular yet but it will go to that. at this time there are no financial planner accepting and have knowledge about bitcoin.

[HabBear]

All the deceased needs to do is provide the URL for this forum. All the answers exist here (50 times over with all the duplicate threads). Any widow or estate attorney could figure out how to retrieve and sell the bitcoin easy in a few hours of reading on this forum.

And if they couldn't get the information they needed from existing threads they could create an account and ask the question on this forum.

We're all independent consultants.