Bitcoin Inheritance Planning

[AAKODI]

You might think this topic is useless but I think it is very important to consider because for any wealth in the real world there is a way to pass them when some one die, deceased or for any other reason and to do that effectively there are law firms or lawyers who follow well constructed formal methods but do we have such things for bitcoin because handing over its inheritance though a third party means a risky thing so how can we do it effectively ? and are there any effective methods in the current world ?

[DeathAngel]

I don’t trust anybody so sadly if I die my bitcoin’s go too. I’m only in my late 20’s though & have nobody to leave my coins to.

[BrewMaster]

this subject has been discussed so many times before and you can do a little search to find what people have  said so far and if you have anything then please try adding it to those discussions instead of restarting the whole thing here again.

[mk4]

Take a look at the discussions in these existing threads:

• Topic: Saving Bitcoins for your Children. https://bitcointalk.org/index.php?topic=2280360.0
• Topic: Inherit coins to my family after passed away https://bitcointalk.org/index.php?topic=2256605.0
• Topic: How can i pass on my bitcoins in case i die? https://bitcointalk.org/index.php?topic=1587610.0
• Topic: Death & Bitcoin: How I Prepared My Family’s Digital Inheritance https://bitcointalk.org/index.php?topic=1740675.0

[YuginKadoya]

Take a look at the discussions in these existing threads:

• Topic: Saving Bitcoins for your Children. https://bitcointalk.org/index.php?topic=2280360.0
• Topic: Inherit coins to my family after passed away https://bitcointalk.org/index.php?topic=2256605.0
• Topic: How can i pass on my bitcoins in case i die? https://bitcointalk.org/index.php?topic=1587610.0
• Topic: Death & Bitcoin: How I Prepared My Family’s Digital Inheritance https://bitcointalk.org/index.php?topic=1740675.0

We sure have a lot of topics involving ways for people to inherit their property and their digital currency as well It is good to know what other people might think on a way on how they can handle this thing and giving their trust in a third person to handle their Cryptocurrency, A safety deposit box was the thing I am thinking about and inside was my account and password on it.

I really think OP doesn't want to bother searching the forum and just want to make a good topic, But we should use the search bar more often there are lots of circulating topic that is good to re-upload.

[guy369]

I don’t trust anybody so sadly if I die my bitcoin’s go too. I’m only in my late 20’s though & have nobody to leave my coins to.

Why would you need to trust someone in order to create a legacy plan?

All my stuff is going to my best friend currently, he knows how to access them and knows the access code to my wallet via my iOS app.

[Shiversnow]

I don’t trust anybody so sadly if I die my bitcoin’s go too. I’m only in my late 20’s though & have nobody to leave my coins to.

I always tell to my parent that I have bitcoin and in my wallet and my parent also know my password and private key so if there is an emergency that they need a money they use my wallet to convert my bitcoin into fiat. But, I think once I die I will inherit all my bitcoin to my family.

[dothebeats]

A rhetorical question, but since you seem to still be confused of what to do (or due to laziness, and albeit the tons of topics already created discussing the similar matter), here are some suggestions:

• Hide the privkey somewhere in plain sight e.g. a picture frame, a clock, whatever. Tell your family how lovely that thing is and leave innuendos that will make them curious about it.

• Safety deposit box on banks work wonders, too. Just arrange your heirloom to be distributed to your family in the event of you dying.

• Teach them how to use bitcoin and they can perhaps, in the future, access yours if you give them your privkeys.

There are tons actually but these are the easiest and safest I can come up with on an afternoon lunch in a lazy Wednesday.

[pamelawjd]

I've published a bunch of free resources to help you create your own bitcoin inheritance plan. You can find templates on medium.com/@pamelawjd or on my website empoweredlaw.com. I've also given talks about this topic at LaBitConf, Honey Badger, Hackers Congress and similar events. You can watch them for free on youtube (they're not lectures, hopefully they're kinda entertaining). If you like the style and want to do more, I also published a book last year called Cryptoasset Inheritance Planning; A Simple Guide for Owners. You can see the table of contents and read free excerpts at amazon https://www.amazon.com/gp/product/1947910116/.

Just so you know, you don't have to hire a lawyer and you don't have to trust any third party. Those are common myths, lots of people believe them but they're simply not true.

Good planning is more than just having someone find your keys. Because you won't be around to help them, and they'll be grieving and probably not too interested in your magic internet money, they might forget or worse get swindled by someone who offers to "help them". Leaving keys in a picture frame is usually a bad idea -they'll probably never find it if something happens to you - or they'll give it away to someone or send it to a charity as a donation. If you actually care about your family and friends getting your bitcoin, then you have to do something.

Of course you can always choose to do nothing, but if you do make a plan you could donate it to an open source project that you care about or directly to a developer whose work you want to support. Or an organization like the EFF that works to support free speech online.

Hope this is helpful. Good luck.

[crzy]

I don’t trust anybody so sadly if I die my bitcoin’s go too. I’m only in my late 20’s though & have nobody to leave my coins to.

I always tell to my parent that I have bitcoin and in my wallet and my parent also know my password and private key so if there is an emergency that they need a money they use my wallet to convert my bitcoin into fiat. But, I think once I die I will inherit all my bitcoin to my family.

Of course we should trust our own family, and for sure we are working hard to get the money simply because we love our family and we all want to provide good things for them. I also want to inherit all my money for them, they deserve it but since cryptomarket is still new there is no system like this. I have my black book, where I wrote everything so they can easily use my money to live and continue their life using my money.

[Kakmakr]

You need to have some serious discussions with the people who are going to inherit your Bitcoin fortune. Make sure they understand how Bitcoin work and how to access your private keys/Seed words for wallets/Passwords for sites and hardware wallets. I did not give the secret information to them in advance, but I explained to them how to extract it from the information that was provided to my lawyer.

Hint: A simple template that could be placed on one of your favourite books, would mean nothing to a lawyer, but it will reveal everything to my family. 

[jessyj48]

I have no plan for inheritance using my crypto holdings,but your point makes sense ,no one knows when death will come so I think it will be easier if one has a lawyer ,not just any lawyer a trustworthy lawyer then you can at least drop your private keys for the lawyer just incase

[demenBTC]

yes, maybe a topic like this has often been talked about, but let's consider it as a reminder to large asset holders who are only known to themselves, someone's death nobody knows and when it will come, it is very important that there is a family who knows the private key we have, the family is the real heir

[Unblock_news]

When it comes to crypto inheritance, we don't need any lawyer. Of course when you're holding a bitcoin, you have someone to know about it. Atleast whatever happens to you. Someone will handle it. Atleast your wife/husband or most trusted friend, or any of your relatives, much better.

[romero121]

People into the cryptocurrency network have never been into the inheritance plans. Always people need to have a perfect plan, so that the wealth can be used by the future generations. For this people can teach the kids about the wallet data, also can have a secure filing system for all wallet information which can be accessed only by the family members. Without proper planning lot of users have lost their cryptocurrency wealth which is not useful for the future generation.

[McVillan]

I don’t trust anybody so sadly if I die my bitcoin’s go too. I’m only in my late 20’s though & have nobody to leave my coins to.

You will sooner or later

[cabron]

Its not safe leaving a private key and password of your BTC address to someone or somewhere at home for your kids. I guess you jsut have to educate your kids about crypto and then let them know how unsafe it is to expose even just the QR code to anyone.  When it comes to money even your biological sisters/brothers aren't someone you can't trust.

[coinwizard_]

Find a charity that accepts bitcoin and leave it to them. If you give your loved ones a private key they won't know what to do with it and will simply get scammed anyway

[rick1221]

The Bitcoin has to be inherited because it is an encrypted currency and It works on the encrypted blockchain technology and there are many users of that that want their credentials to be secured. That is why the inheritance is required.



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[jake zyrus]

When it comes to crypto inheritance, we don't need any lawyer. Of course when you're holding a bitcoin, you have someone to know about it. Atleast whatever happens to you. Someone will handle it. Atleast your wife/husband or most trusted friend, or any of your relatives, much better.

Right, my son know my password in my bitcoin wallet I trust him so much he is smart and easily catch up about in cryptocurrency so whatever happens to me someone taking care of my cryptocurrency. Lawyer I don't need it cause I know my son is very responsible and trustworthy .