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Author Topic: Inheriting Cryptos  (Read 276 times)
Satry
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February 07, 2018, 12:58:01 PM
Merited by ross09 (2)
 #61

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

There are many ways to access of one account because bitcoins are virtual form of money by unbreakable cryptography. It means it can secure way to store wealth. But if the owners pass away, it can access their relative because each wallet uses a string of random characters or we called as private key it visible to anyone. Maybe it can discover on his relatives because  the owner has to ensure that someone gets a copy of the private key by writing it down or storing it on a flash memory.
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el kaka22
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February 08, 2018, 01:46:04 PM
 #62

Its a matter of CHOICE not by CHANCE.If someone wants to give details about him/her doing crypto then its their decision.If you choose to do it then save all data needed to know,so that the one inheriting it is going to be more responsible enough to handle such thing.Then if you do not want to partake something to your family then bring to grave anything that you've earned from crypto.Then die a selfish person.
That would be truly selfish not even giving a single person the details of your holdings and then dying away with it. No one knows tomorrow, death is inevitable, and it can happen anytime. At least even for someone who does not have loved ones, will it to charity. Grin ... My wife has been disturbing me anyway to write down all the access to my holdings, I just do not have the time yet, I guess I just have to consider it one of these days so as not to end up selfish and being punished after death for that cruel some act.


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February 18, 2018, 01:15:02 PM
 #63

Cryptocurrency is just  like any other assets like house or landed property and willing it to a beloved one is definitely not a big deal. Just make sure to write where to find your private key or password to your wallet to your next of kin. Another important is to educate him/her about cryptocurrency, to know their worth.And make sure its someone whom you trust not to terminate you just because of your coins. 
Right you can give your private keys to the one you've always trusted  and let them keep it in storage I suggest that your children deserve it  and make them understand how crypto works because crypto was so complicated compared to wealth that we used to..like fiat money in the bank,jewelries or gold,house and lot.
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February 18, 2018, 01:55:41 PM
 #64

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

I think there might have been similar threads around, but I can't find it.

This has been a ongoing debate, but for me, its your responsibility on how you plan your cryptos for the future specially as an inheritance. Some says that they write it down, everything. Including private keys and passwords in case something bad has happen to us.

But I don't like to have a (automatic?)mechanism. It should be really up to the person on how he/she is going to transfer it. Personally, I haven't done anything to that effect, but I'm sure my wife will find everything on my laptop. She knows every password that I used and all about my bitcoin activity (trading / investing). Just saying.  Smiley

You can always place a sealed envelope with your lawyers, with instructions that it is only to be opened on your death by your heirs. The trouble with people saying "well my wife knows all my passwords" - what if she dies at the same time as you? How would your children access the coins then?

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February 18, 2018, 02:25:54 PM
 #65

This is an important subject that most people simply pay no mind to.  As a finance guy I've come to see that the majority of people don't have their finances in order let alone have a Will and or Trust established so that they may leave their valuables behind in a proper manner.  If you don't have a proper will established your assets are likely to go to probate and end up making it hard on  your loved ones to sort out. 

Great read here- https://www.bloomberg.com/news/articles/2018-02-13/bitcoin-industry-grapples-with-age-old-problem-of-inheritance
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February 21, 2018, 06:20:25 AM
 #66

Cryptocurrency is just  like any other assets like house or landed property and willing it to a beloved one is definitely not a big deal. Just make sure to write where to find your private key or password to your wallet to your next of kin. Another important is to educate him/her about cryptocurrency, to know their worth.And make sure its someone whom you trust not to terminate you just because of your coins. 
Grin Grin That part of killing because of your coins really got me laughing. The truth is you cannot trust anyone but yourself, and sometime even those you think you trust so much are the ones that can go ahead screwing you at your back. So the best thing is to find a way to make sure they have your stuffs when you are gone, without generating so much interest on them keeping you alive or not.

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February 21, 2018, 06:33:06 AM
 #67

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

Exactly. Thats what the suggestion is when people asked this question in different manner, like, "What will happen to the coins we hold when we die" or there were also questions like this "What about the coins that we hold and we dont share private keys for after we die". This is literal question and Wirth thinking about this. Then most of the answers came in like this;

1) We should put the private keys on a paper and then keep that in the locker for which the relatives or loved once will have access.
2) Or write it down in the death will where we pass on the whole information.
3) Or even there were suggestions like handing over the info to our legal persona and then he will pass it on to loved once.

So yeah inheritance is real importance and must be taken into consideration if we are holding million worth of coins.

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March 10, 2018, 01:06:33 PM
 #68

There is no special problem in letting data access and instructions somewhere. And you can make this in complete safety.
Of course, if you don't take any precautions you money will be lost forever.

That's why you need to secured your account so that  it will not easy to hacked, back to the topic above,  it is better to share all the details of your account specially to your partner so that in case something bad happen, they can still access your account, specially those private keys, but you should limit the person that you want to share it as much as possible your wife is enough, or your eldest sibling.
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April 03, 2018, 11:55:35 PM
 #69

Crypto is also like a regular asset. If you wanted it to be inherited by your heirs then do the necessary training and documentation. He/she should be aware for the the passwords and keys where you put all your assets. It's the same way if you have any traditional business.

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April 04, 2018, 07:57:22 AM
 #70

I wouldn't mind inheriting cryptos which is why I plan to keep some cryptos for my kids to inherit. The private keys to the wallets will be kept in a will and specified to be given to them when they reach a particular age.
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April 04, 2018, 08:41:48 AM
 #71

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

I hope there will be a good blockchain technology that we can do it by that. I am also worrying if what if I die and my family does not know about my cryptos.
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April 04, 2018, 08:52:38 AM
 #72

We must anticipate from now, we will not know the calamity will happen to us. Therefore we must tell about the ownership of bitcoin or other crypto to our loved ones. Accounts even passwords and personal keys. By telling them all if we are gone, the money or assets we have will not go away. There is no need for a mechanism for inheritance rights because in my country bitcoin is not protected by law. All that is done alone.

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April 04, 2018, 09:49:45 AM
 #73

What I'm doing is for my family and for my coming child. All what I do is for them. I will not hide what wealth I'm going to have. I will teach them as I succeed in trading and how I do it as what wealth I'm going to have. For password of wallet I have, I make sure that it will be kept safe and a copy where my child or my wife will know on a safe. I'll make sure everything is planned before I get sick or passed away.

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April 04, 2018, 01:01:59 PM
 #74

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.

I think the most simple approach and solution is to give it to a family lawyer if legalities are of
great matter and importance. You can simply put it in paper like a will or something, that's
usually done with properties and inheritances, I think it can also be applied here as well.
No one is gonna stop you if your wish to tell your son or wife that if ever the times comes
this will be yours. If it's wealth and money, It can be prepared and organized just like a lawyer
distributes inheritances when someone passes away.
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April 04, 2018, 01:13:36 PM
 #75

There is nothing wrong with me giving a personal key to a loved one (family), but at the right time not for now, your family is encouraged to know what you have so far, if we do not have time to tell our family. then already know how valuable everything you have, maybe they need more needs, than the coins you let until no longer shaped.

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April 04, 2018, 01:26:20 PM
 #76

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.
If you had a happy family, I mean, a good relationship with your family especially your wife, she should know everything you own because it's a conjugal property, even though it is not your true name encrypt in a certain coin but for the sake of a good fortune to your heirs, just give your private key and it's done.
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April 04, 2018, 02:22:29 PM
 #77

I was thinking the other day, of the eventuality of inheritance and cryptos.

We are all busy trading and hoarding as many coins as we can in the hope to be self sufficient later on down the road, but we should remember to have a plan to share the details, or all could be in vein.

Should there not be a mechanism allowing the inheritance of coins which have not be transferred during life to ones loved one? If someone is to pass and not provide the access to their wallets these coins are forever lost.

Food for thought.
There was an ico dealing with that problem it was called DigiPulse I have not checked it in depth but I think it was a good idea now if you do not want to use an external service in order to inherit your coins to someone else then you will need to find a way to give your private keys but at the same time without losing control over your wallet, after all everyone that has access to the private keys is the owner of your coins as well, and it doesn't matter how much I think about it there doesn't seem to be an easy way to give your coins to someone else and still retain control of them.


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April 05, 2018, 05:57:05 PM
 #78

I wouldn't mind inheriting cryptos which is why I plan to keep some cryptos for my kids to inherit. The private keys to the wallets will be kept in a will and specified to be given to them when they reach a particular age.
right, we must leave some coins for our children, because besides aiming for investment, it can ease our need in the future. my advice for investment, i think is better btc or eth

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