The tokens and inheritance

Granit0 (OP)

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The tokens and inheritance

May 13, 2018, 06:59:27 PM

#1

Hi guys, I have some questions. And can tokens be inherited? For example, I have 2 bitcoins, want to bequeath them to my son, a lawyer will be able to write a will?

mdayonliner

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Re: The tokens and inheritance

May 13, 2018, 07:15:17 PM
Last edit: June 28, 2018, 11:03:08 AM by mdayonliner

#2

I guess all you need to do is to keep the private key somewhere so that only your next of kin have a clue about it. May be you can teach your next of kin breaking codes like in the "The Da Vinci Code". Tongue

We are moving forward to the cryptography generation.

theyoungmillionaire

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Re: The tokens and inheritance

May 13, 2018, 08:06:45 PM

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#3

Securing your private key is quintessence here, but there are some issues pertaining to your private key security what if something happened to you? How can you hand it over if you are already dead, right? These topics are relevant on how to transfer digital assets to your next of kin. I have read about “Coinbase” having this custodial service, in which they will hold your private keys. If ever something happened to you or in case of any fortuitous event (leads to your death). They will protect your keys until such time your legal heir(s) can provide legal document, e.g. death certificate and/or your will to transfer your digital assets. I think it would not fit to what bitcoin is all about, for it is anonymity currency. Inheritance of digital assets remains a top topic today and securing your private key is the tailback.

paxmao

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Re: The tokens and inheritance

May 13, 2018, 10:59:15 PM

#4

Quote from: theyoungmillionaire on May 13, 2018, 08:06:45 PM

Securing your private key is quintessence here, but there are some issues pertaining to your private key security what if something happened to you? How can you hand it over if you are already dead, right? These topics are relevant on how to transfer digital assets to your next of kin. I have read about “Coinbase” having this custodial service, in which they will hold your private keys. If ever something happened to you or in case of any fortuitous event (leads to your death). They will protect your keys until such time your legal heir(s) can provide legal document, e.g. death certificate and/or your will to transfer your digital assets. I think it would not fit to what bitcoin is all about, for it is anonymity currency. Inheritance of digital assets remains a top topic today and securing your private key is the tailback.

Why would I trust Coinbase more than a bank´s safe? What I would do is divide the key in two or three parts and store each on a safe in different banks. For small amounts, just leave it to two people you trust or, for safety, leave copies to four people.

theyoungmillionaire

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Re: The tokens and inheritance

May 14, 2018, 04:38:17 PM
Last edit: May 30, 2018, 05:21:34 AM by theyoungmillionaire

#5

Quote from: paxmao on May 13, 2018, 10:59:15 PM

Why would I trust Coinbase more than a bank´s safe? What I would do is divide the key in two or three parts and store each on a safe in different banks. For small amounts, just leave it to two people you trust or, for safety, leave copies to four people.

Agree, I opened my Safety Deposit Box (SDB) for only $30.00 ($15.00 for advance key + $15.00 advance rental). Rental of $15.00 a year and you just need to maintain $10,000.00 Average Daily Balance (ADB) in your passbook, ATM account, current account, or any account you have in your bank. We need to be secured, because we do not know what tomorrow may bring.

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Re: The tokens and inheritance

May 15, 2018, 06:29:59 AM

#6

Quote from: Granit0 on May 13, 2018, 06:59:27 PM

Hi guys, I have some questions. And can tokens be inherited? For example, I have 2 bitcoins, want to bequeath them to my son, a lawyer will be able to write a will?

Oh my, that is a long process I think so. Don't make it complicated, just let them know the private key and password in the future. No attorney fee, less time consume and the privacy will be keep as usual.

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Re: The tokens and inheritance

May 15, 2018, 11:49:51 AM

#7

Quote from: Granit0 on May 13, 2018, 06:59:27 PM

Hi guys, I have some questions. And can tokens be inherited? For example, I have 2 bitcoins, want to bequeath them to my son, a lawyer will be able to write a will?

Of course they can, but every one of us have to find the best means to leave our crypto assets once we are gone. Didn't give this much thought until now but there is few options that immediately come to my mind:
1. Do it off the record. Just teach your chosen heir or several of them how to access your assets or were you have stashed your backup key.
2. Leave your private keys with family attorney or bank deposit safe and leave instructions for your heir to receive them after your demise.
3. There will be more and more services which can handle this like someone mentioned coinbase.

For now I am inclined to solution number one. I just have a private key with some simple instructions stashed in place I am quite sure some of my loved ones will need to check as soon as I am not here anymore. Damn this was depressing to write