Bitcoin Inheritance Planning

[deisik]

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 ?

I've written about that extensively in the past

Back then there were no smart contracts (and they are still lacking in Bitcoin other than in sidechains like RSK), while with them it could be done pretty easily. The simplest that I can think of right now is just unreservedly transferring funds after some time (say, one year) to a certain wallet (address) belonging to your children, spouse, whatever. This will be an effective method without involving a third party risk, and you, as the owner of the keys, only need to sign a new contract every year until you pass away one day. Then your inheritors receive your coins (at most in a year)

[waitforme]

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 ?

You should accept the fact that inheriting Bitcoin after death is not feasible. Most people use Bitcoin storage platforms provided by some companies. Inheritance based on whether or not you can use the previous person's account, especially if many users of private key platforms become more difficult if you cannot know it.

[cizatext]

Well cryptocurrency is a decentralized network that does not deal with third party and since there is total freedom and your security is in your hand such thing as passing on to another person requires you own involvement such as compromising you security keys to another person only that way can you pass it on as an inheritance.

[tenakha]

You can reach conclusion by research, most probably projects were created about it. But IMO we do not need it. This is not a physical thing you legalize with a deed. Little paper is enough to bequeath it to your son or his child. Also Nano Ledger flashcards may be useful as a solution : www.ledger.com

[aoluain]

I have already showed my daughter how to retrieve my wallets in the
case of my early passing.
I know some people wouldnt care what happens to the coins when
they die but it is quite easy to put something in place when you can
trust someone and if you dont well it doesn't matter then what happens
to the coins.

[pixie85]

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.

Pray that your friend doesn't ever get in trouble or in serious debt like gambling debts with some violent people. He'll choose his own life and well-being over friendship, you'll see. Friendship is nice but given a serious life threatening choice he'll prefer to steal from you than lose a limb or get beaten up.
Don't trust anyone with money!

[Dexion]

I only believe in my wife and child. they must have my assets after I die. and we don't need law. we only give him an account and wallet password. even I always teach BTC to my family. trading, investment or bounty. because it will be their income in the future.

[gudjhonson]

If we teach about blockchain, this makes it easier for us to inherit bitcoin. If we give knowledge about crypto to a child, wife or husband then we will not be confused about leaving. At least they already know the ins and outs of crypto and this can be continued by them well.

[Moiyah]

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.

Actually, my top priority is to invest more bitcoin. Gain profits, save it and inherit it to my child. I guess, you are single and you are too young to think these things. But life is unpredictable. If you don't have kids to be pass through your  bitcoin, your parents are still there. Lol. But anyway, it's our choice  at the end.

[awawo]

Well since bitcoin is not accepted as a legal tender yet it will be very difficult to have a legal documents that will guide it willing process so the only way for bitcoin to be passed on as an inheritance is for the owner to revealed it secret key to the wallet that contain the bitcoin to the other person, because without that there is no way to pass it on because no other person can access the wallet apart from the original holder.

[romero121]

Inheritance of bitcoin is much concerned as we don't know what happens with the bitcoin network as well with the life of humans. For the same it is good to keep the information shared with very trusted family members or with friends. Some suggest third-party services for this which doesn't work in the right way. Because when one dies, the third party service will acquire the assets rather than providing it to the respective investor.

[cryptpedia]

Any one can inherit your crypto if they have the private keys. Conversely, no one can inherit them if they don't have the private keys. A will wont help in that case.

[leonair]

This kind of Inheritance planning digitally is the future, if someone chooses this kind of option for their wealth then for now it's quite risky in my perspective because there are no strong law regarding about this matter yet so it's much better to do the traditional way not unless it's good to go.

But if you still insist in this kind of thing then better to teach first your heir as they must need to know the basics first before doing such things, I hope there are some digital lawyers soon that will tackle this kinds of things  .

[Choyor]

The same topic is almost always discussed, but everything returns to the trust of Bitcoin users themselves to someone who will inherit Bitcoin. Well, for me personally entrust it to my family and also to my close friends, which of course to those who already know the true world of Bitcoin.

[jakezyrus]

The same topic is almost always discussed, but everything returns to the trust of Bitcoin users themselves to someone who will inherit Bitcoin. Well, for me personally entrust it to my family and also to my close friends, which of course to those who already know the true world of Bitcoin.

friends ? your own family is already enough to entrust your funds because they are important to you and you know thier attitude alot compare to your friends  . if your parents are way to old for learning cryptos then what about your brothers and sisters ? if they didnt recognize crypto at first then why not educate them ? teaching them the basics is not really that hard and wont take much time  . you know mlilenials nowadays are now verry open to gadgets and new technologies  .

[lyks15]

I think there is no legal process in inherit your bitcoin when you die. But I think the real person who ahave rights to inherit and have benefits on your bitcoin is your immediate family member like your spouse if you are married. And your parents if you are single. As long as they know your private keys. So always have a copy of your private keys as a back up in case of emergency.

[mich]

This can be is a sensitive subject matter for some but we must realize we are dealing with money here.
Make sure you trust someone either family member or friend with your private keys or a safety key.
I would imagine there are some people with much coins that would not want them to go to waste because they didnt plan accordingly.

[MonsterV]

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.

It would be better before dying to make an inheritance containing all bitcoins, in my opinion it is legitimate to make a legacy in the form of crypto.
It's just that what is difficult later is to whom we entrust this inheritance. Whereas now there are still few people who know crypto

[AjithBtc]

With bitcoin Inheritance is a must, because nothing is assured in life. We don't know what happens by the next moment. Even if our savings wasn't useful for us at least someone who we loves or who loved us make use of it. Some users stated they don't have trust on others, we're crypto people we believe it upon trust. So trusting others is also possible with perfect understanding and explanation about cryptocurrency.

[Anonylz]

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 think that is a very shallow thing to say, how is it possible that in all the people you know, there is no one worthy of your trust? you rather prefare to die and let the btc stock in a wallet for eternity than to give it away to those who can benefit from it,

if you can't trust lawyers certainly you can trust your immediate family - mother, brother, sister, wife .children, uncle, aunt, nephew, niece. friends and so on, among this category of people surely there must be someone who you can trust with it, or better yet, write a will and donate to charity, there are thousand of needy people in the world who you can help with it.

And you know death is not by how young or old a person is.