Executing a bitcoin related will

[Russtie Beerkan]

I'm not well.

My health isn't in great condition and sadly I don't have the financial resources to support the required hospital bills. Unless things change rapidly doctors say I'm at risk.

I'd either have to be lucky and expect therapy my state's public hospitals can provide would work or pay for surgery abroad to increase my chances. My savings (even with crypto holdings liquidated at current market prices) wouldn't be enough for the latter.

But I am not here to beg. I'm here with a question. Has there been any discussion about potentially executing bitcoin and cryptocurrency related wills? If my bitcoin savings aren't enough to pay for absurdly high surgery and hospitalization costs with current prices, I'm thinking that they might be enough to pay tuition fees in a university for one of my nephews in the future.

How would one go about executing such a will? I'm thinking that it'd be better to talk with notaries in the country where the party receiving the transaction would reside. What kind of professional could be trusted with such transactions, being knowledgeable to handle such thing; in what way could it be carried out?

[squatz1]

A lawyer. No one here is going to be able to help you with something like this, as this is something which relies on your countries laws heavily so it's not something which is going to work without a lawyer from your country laying everything out for you.

So find a lawyer in your area,maybe even one that knows about Bitcoin cause then they'll be able to know what the hell you're talking about.

[pooya87]

sorry to hear about your condition.

there are a lot of different ways you can go at it. the simple way is to just give your private keys (seed, wallet,...) to your heirs.
if you want to use a third party you can find a lawyer. they don't even have to know what bitcoin is. you can just put the private keys in your will.

but there is another method which is using bitcoin itself. it is a form of smart contract in bitcoin which you can effectively "lock" the funds up and make them not-spendable until a set date comes.
https://coinb.in/#newTimeLocked
https://en.bitcoin.it/wiki/Timelock

[Quickseller]

As a general rule, your debts will need to be paid/satisfied before any of your assets can be transferred to anyone named in your will. 

[Russtie Beerkan]

Quickseller, I'm not in debt but taking patient care I wouldn't be able to afford would put me be in debt.

sorry to hear about your condition.

there are a lot of different ways you can go at it. the simple way is to just give your private keys (seed, wallet,...) to your heirs.
if you want to use a third party you can find a lawyer. they don't even have to know what bitcoin is. you can just put the private keys in your will.

but there is another method which is using bitcoin itself. it is a form of smart contract in bitcoin which you can effectively "lock" the funds up and make them not-spendable until a set date comes.
https://coinb.in/#newTimeLocked
https://en.bitcoin.it/wiki/Timelock

Timelock seems especially interesting and simple. I'll consider it.

[Quickseller]

So you are saying that you don't have sufficient money to pay for the necessary medical care, and as a result will forego it? If so, that is rough.

If the above is true, the most simple way to pass on your bitcoin to your heirs would be to deposit your BTC into a US based exchange, have your identity be verified, and state in your will that anything of value in your gemini account is transferred to your nephew. If you use an exchange based outside the US, there is the risk that the exchange will not follow a US probate court order to transfer ownership.

If you do not want to store your bitcoin on an exchange, I would advise storing your bitcoin in a wallet that uses a word based seed (such as electrum) (the reason for this is it will probably be easiest for your nephew to transfer the wallet onto his computer), and store a backup in a safety deposit box, along with detailed instructions on how to get the wallet onto his computer, and to spend everything in the wallet into a newly created wallet. In your will, you can state that you want the contents of your safety deposit box given to your nephew.



I would also strongly suggest consulting with an estate planning lawyer about this. Transferring bitcoin to your heirs is very similar to transferring cash or other bearer instruments to heirs, which is something that has been done for a long time.

[khaled0111]

Sorry to hear about your health condition and I hope you will get better soon.
It is generous from your part to think about your heirs.
I advice you to consult a lawyer or just tell someone you trust how to access your wallet.
You can also use a third party service, Coinbase offer a service called "vault" service. You can find more about it and other propositions here:
https://www.investopedia.com/news/how-do-you-pass-your-bitcoin-when-you-die/

[gidaahmad]

I am concerned about your circumstances. I hope you can get a solution as soon as possible for the problem you are facing. And I can only pray for your healing. Hope somebody can help solve your problem.

[Anti-Cen]

if Bitcoin does not adapt and deal with crazy high
transaction fees then it won't be around much longer and that's a fact

For other coins maybe we need trusted brokers to hold the private keys in a paper
wallet that has a seal on the envelope but yes it will be something we need to address
at some point but the developers from BTC can keep out because other developers like
myself can see that they have sold us out. 

Hope you get sorted