Establishing A Will -With Collectibles In Mind

[BTCcollector19]

Thanks for raising this very important issue.

Many of us are paranoid (for good reason!) so we can make the mistake of using a security system that is far too complex for our loved ones in case we die.  If they can't easily figure it out, then they are more likely to go onto google or reddit and look for help - and quickly get scammed.  So it is important to do a "test run" of your security system with your heirs to see if they can figure it out without any input from you. 

There are a bunch of new multisig security systems that are easy to use and provide very strong security, such as the Casa system:  https://keys.casa/     
These can help a lot with estate planning while preserving security.

[1715606773]

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[1715606773]

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[Lauda]

Well then what would you suggest? You've got to have some sort of plan. Some plan is better than no plan, right?

If you own a collectible with the private key made by someone else and you think a "I promise I didnt keep the keys" is good enough.. then a bank is essentially just as safe.

What is a better alternative?  Imagine you have 7 or 8 figures of physical items.  Where would you store them?  Hide them in your house and hope nobody takes a wrench to your family members?

I was not talking about collectibles here, but rather passphrases, seeds, paper wallets et. al. For collectibles such a box is a decent option as long as you properly document, in say the will you mentioned, everything that you have in there.

There are a bunch of new multisig security systems that are easy to use and provide very strong security, such as the Casa system:  https://keys.casa/    
These can help a lot with estate planning while preserving security.

You don't need Casa to do this. I don't even see why you'd want Casa to do it as creating multi-sig is trivial. However, their "Key Shield Multisig" offer seems interesting.

[cestmoi]

I can attest that a cosigner to a Bank Safety Deposit box was not locked out of access post-mortem nor was any hold placed on access, nor was the box searched. If there was not a co-signer on the box-access to its contents would have been subject to arbitration.   

I confirm this.

I my case I put my wife as my "in case of death contact".
With a valid death certificate and my key she can open my safe deposit box. Without she can't (ever).
Even in the event of a nasty divorce, no judge can freeze my deposit box.

Obviously this is in my jurisdiction. It depends where you are

[Lauda]

Even in the event of a nasty divorce, no judge can freeze my deposit box.

[actmyname]

What's wrong with encrypting your passcodes, seeds, etc. in your will?

Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!

[Dabs]

What's wrong with encrypting your passcodes, seeds, etc. in your will?

Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!

What you describe is essentially a dead man's switch. There are several online sites, I use at least one, in addition to Google's Inactive Account Manager = euphemism for a dead man's switch that waits at least 3 months of inactivity.

It's as simple as a "Send Later" .. which even Gmail has now. Just make sure your message is encrypted, and teach your beneficiary how to decrypt it. Or if you need to make it simple, a pointer to a second factor or object you know only they have, like the password to your encrypted USB device stored somewhere she knows. You'll have to update this often, depending on your circumstance.

Some people just do plain paper wallets or seed phrases as cold storage and that also works.

[ChiBitCTy]

What's wrong with encrypting your passcodes, seeds, etc. in your will?

Or actually if you want to ensure that you can release this, just create a time-based message to which you have to refresh every [duration]. If you're dead, it's sent!

What you describe is essentially a dead man's switch. There are several online sites, I use at least one, in addition to Google's Inactive Account Manager = euphemism for a dead man's switch that waits at least 3 months of inactivity.

It's as simple as a "Send Later" .. which even Gmail has now. Just make sure your message is encrypted, and teach your beneficiary how to decrypt it. Or if you need to make it simple, a pointer to a second factor or object you know only they have, like the password to your encrypted USB device stored somewhere she knows. You'll have to update this often, depending on your circumstance.

Some people just do plain paper wallets or seed phrases as cold storage and that also works.

Thank you for sharing this. I was unaware of this option.  Very cool.

[astrocity1981]

Nice topic Chi it got me thinking about a scene from an old movie Hackers. In it Phreak was in jail and had to send a msg for a whereabout of an item to set him free. He said “it’s in a place where I put that thing one time”. Those that didn’t watch the movie it was behind a random locker in his highschool. Now if I were to leave my seed written on tungsten. I would make it a personal thing for my loved that only they would get. Just my two Satoshi.

[ChiBitCTy]

https://www.forbes.com/sites/billybambrough/2019/11/26/bitcoin-isnt-dead-but-one-day-you-will-be/?utm_source=TWITTER&utm_medium=social&utm_content=2869506425&utm_campaign=sprinklrForbesCrypto#57e00fd85bb5