inheritance service? think about your childrens

[jonathan6655321]

what do you think about inheritance service? if something will happen what will your family do with your bitcoins? do they have access to your wallet? do they even know what bitcoin is?
I really think that there is a place for inheritance service in the near future 

[Emoclaw]

There's absolutely no such need for a service for such a simple problem. How can you trust a centralized entity to give your Bitcoins to your family upon death, when you can't trust your family with your wallet?
It's completely useless, just ensure that they have access to your private keys.

[DieCommieScum]

I've given thought to this as well, some sort of multi-sig solution with a deadman switch where you can also provide your family with instructions.

There's absolutely no such need for a service for such a simple problem. How can you trust a centralized entity to give your Bitcoins to your family upon death, when you can't trust your family with your wallet?
It's completely useless, just ensure that they have access to your private keys.

No reason it can't be a dApp... and by your logic no one would write a will because everyone's family would already have free use of their stuff.

[neurotypical]

There's absolutely no such need for a service for such a simple problem. How can you trust a centralized entity to give your Bitcoins to your family upon death, when you can't trust your family with your wallet?
It's completely useless, just ensure that they have access to your private keys.

This. Im not sure if I will have kids yet so that's not a problem so far. As far as my family goes, I think it's all our case the fact that none of our family members has any idea of what bitcoin is, let alone how in hell enter your password in your bitcoin core node and take control of the keys (and most importantly, kept them safe). Telling someone else to do it for you is a recipe for getting your BTC stolen from your family.

Honestly, I don't even want to think about it. Im still young and I hope I can retire with my BTC, im not thinking about inheritance but how to make more BTC.

[jrobi4life]

what do you think about inheritance service? if something will happen what will your family do with your bitcoins? do they have access to your wallet? do they even know what bitcoin is?
I really think that there is a place for inheritance service in the near future 

I can definitely see a use for it but it would have to be something totally decentralized.  Perhaps a service that you tied to a second bitcoin address to that you give the beneficiary access to.  The bitcoin inheritance service could have some type of logic bomb where if the account was not accessed for X number of days it would automatically transfer the funds to the the address your family had access to.  Could also be done with a regular bank account integrating something like the Coinbase API

[fiulpro]

Hey
No one in my family knows about my private key and everything else, bitcoins is something that they know about for sure.
Inheritance service in Bitcoin world is something that will for sure be officially given a place and accepted if bitcoins continue to flourish, also even now non officially you can give the key to your family members and friends and no one will ever ask you if you wrote about bitcoins its key and wallet in your last will, because you can write anything you want the others to have... Bitcoins are no big deal so even now if you want to you can do that too.

[InvoKing]

what do you think about inheritance service? if something will happen what will your family do with your bitcoins? do they have access to your wallet? do they even know what bitcoin is?
I really think that there is a place for inheritance service in the near future 

Put the private key in a box (write a will) and an ELI5 guide. Tada!
It is just like having money in a bank, in a virtual card,etc...

[SimonJones]

That's something to think about in the future when Bitcoin gets into the mainstream. At the present it seems like there will be no takers for such a service.

[Harlot]

There will be no such thing as an inheritance service. Because a last will and testament can exactly do what you are saying. A last will of a person is the best way in which your heir can inherit the things and properties you have left when you are still living in this world. And to answer your question, no the Lawyers who will be taking care of your Bitcoin wallet when you are dead don't even have to know the passwords of your wallet, they can even just instruct your heirs on how to operate the Bitcoin wallets themselves.

[bitcampaign]

I do not think the need for inheritance services, all we need is how we can educate children when they learn enough to reveal our personal secrets as we go, and our children can open access our secret wallets and take what we left behind. So the child can feel the result of the bitcoin we leave behind

[Pearls Before Swine]

I've given thought to this as well, some sort of multi-sig solution with a deadman switch where you can also provide your family with instructions.

There's absolutely no such need for a service for such a simple problem. How can you trust a centralized entity to give your Bitcoins to your family upon death, when you can't trust your family with your wallet?
It's completely useless, just ensure that they have access to your private keys.

No reason it can't be a dApp... and by your logic no one would write a will because everyone's family would already have free use of their stuff.

Right, but that's exactly what wills are for, and a will with the private keys
and instructions as to who gets what is all that's needed.  There doesn't need to
be a service for this, which would probably be a scam anyway.  If you write a will,
that's all you need to do.

[Adbitco]

Even I am of the opinion that we don't need any such service. In my personal case my wife knows all about bitcoin and if or when any such situation as mentioned in the op occurs my wife knows it all what to do and how to access the bitcoins I hold in my wallet. But yes other members may have different case but still I don't think any of them would allow third party intervention and would let them play with their bitcoins.

[DieCommieScum]

I've given thought to this as well, some sort of multi-sig solution with a deadman switch where you can also provide your family with instructions.

There's absolutely no such need for a service for such a simple problem. How can you trust a centralized entity to give your Bitcoins to your family upon death, when you can't trust your family with your wallet?
It's completely useless, just ensure that they have access to your private keys.

No reason it can't be a dApp... and by your logic no one would write a will because everyone's family would already have free use of their stuff.

Right, but that's exactly what wills are for, and a will with the private keys
and instructions as to who gets what is all that's needed.  There doesn't need to
be a service for this, which would probably be a scam anyway.  If you write a will,
that's all you need to do.

A will either requires trust, or an insecure storage of private keys, probably both. It makes much more sense to use this programmable money to its potential, a trustless and decentralized deadman switch would be a much more reliable solution and should be trivial from a technical perspective. As for saying any such service would have to be a scam, you'd have to apply that logic to lawyers too then. The "service" need only be an interface to do what is already possible in a decentralized and trustless way.

[Aikidoka]

Why do you need such a service anyway? Do you not trust your family with your bitcoin? I know they might not know about it, but you can do them a favor and right your will attempting to explain what bitcoin is all about. Plus, I am sure that there is someone whom you can trust. Let is say you do not trust any of your family. Let is also say they can get greedy. But I think that there is another member whom you can share your stories with. I mean if you do not trust your family, then who are you going to trust? Despite the problems I am facing with my family members, I always see the positive side. I trust my mom to the fullest. So I think you should give your wallet to your mom.

[countryfree]

That already exists. A will is most often in a sealed envelope, and you just need to add to it the keys to your wallet. Lawyers have been handling those kinds of things for decades.

[neurotypical]

That already exists. A will is most often in a sealed envelope, and you just need to add to it the keys to your wallet. Lawyers have been handling those kinds of things for decades.

But this is a different space. Do lawyer even know how to deal with bitcoin private keys? how do you know you can trust them? Has this ever been done before?

I would need to see how this actually went down in a real case, I just can't trust people including lawyers.

[Janation]

That already exists. A will is most often in a sealed envelope, and you just need to add to it the keys to your wallet. Lawyers have been handling those kinds of things for decades.

The problem is, do your family know bitcoin? I guess even with last wills, you're family will not be able to know those ifthey didn't know what bitcoin is. So let's say they know what bitcoin is, then why do we need to pass it to the lawyer if we can pass it to our family directly. I mean yes you don't know when you will be dying but I guess you can say something to your family that can give them a clue about it right?

[DirtyMartini]

what do you think about inheritance service? if something will happen what will your family do with your bitcoins? do they have access to your wallet? do they even know what bitcoin is?
I really think that there is a place for inheritance service in the near future 

I discussed this with my partner recently.. He's not very familiar with crypto wallets but I've created some instructions for him, should something happen to me. He knows where my wallets/drives are and kinda knows the information he'll need to get at my coins.. I'm sure he'll be able to work it out with the info I have given him.

That's all I have as a plan for now but I'm only 37 and have just under $100k in crypto. Over the next year or so as my wallets increase, I'd like to have a better plan than that.

I was recently looking into a service in Australia (where I live) that can insure your Bitcoins, trading accounts and provide a service similar to what you are talking about but I'm not sure about it: https://bitcointrader.org.au/

I'd love to hear from anyone in Australia who has used this service, what are your thoughts? Good/bad experience?

[jseverson]

I don't think it's worth it. If you can get away with not involving third parties in Bitcoin transactions, then don't. It's a somewhat trivial problem, but I see how some people are concerned given how there are wallets out there with dead owners. That's mostly because people were not able to foresee the value in crypto though. I would assume that it's certainly a consideration for older people now. It's very simple to write down private keys on your will, or leave a piece of paper in your vault. There's no need to avail of any service.

[jrobi4life]

That already exists. A will is most often in a sealed envelope, and you just need to add to it the keys to your wallet. Lawyers have been handling those kinds of things for decades.

But this is a different space. Do lawyer even know how to deal with bitcoin private keys? how do you know you can trust them? Has this ever been done before?

I would need to see how this actually went down in a real case, I just can't trust people including lawyers.

I agree. A lawyer is a single point of failure.  With a decentralized solution that deposited the funds to an account after x number of days of  inactivity by the person who signed up for this decentralized service there would be no need to trust a 3rd party (lawyer)