Bitcoin Inheritance Planning

[sempak]

I myself have prepared this for my family regarding my digital assets. they must know what I have and also understand. therefore try from the people closest to us to know about bitcoin or the basis of cryptocurrency to guard things like this happening they can hold the mandate from us regarding these assets

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[Slow death]

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 ?

we need governments to legalize bitcoin because of this, the exchanges should have a responsibility as banks have, the portfolios should have a responsibility that the banks have. That is, if someone dies and before that person dies said that he has 10 bitcoins in exchange Z, then his relatives will take the document that proves that he died and will deliver in the exchange, and the exchange delivered the bitcoins to the relatives of the deceased

[carlisle1]

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 can hand over to me mate since you have anyone to leave for 😂😂😂

Don't you have family?parents,brother sisters or others in bloodlines?because it seems that it’s impossible sorry just asking

For OP well i have my mother and wife to handle my accounts,but ofcourse its my wife that knows the majority of my assets in crypto

[coinnumber]

Planning on inheritance of your digital assets is a very vital issue to look into, it will be a taboo having millions of dollars on your Bitcoin wallet and your family lacks of funds to avoid this we must learn to carry some persons along by teaching them and giving the technical idea so it wouldn't look strange in case of necessity. You might not show them all your private keys but make they can access it when you are no more alive...

[fuathan]

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 ?

That is a very good idea. Not sure if any insurance or law company is implementing it. Giving your private keys to any entity might be scary. However, if this is done by a reputed company regulated by a government it might feel secure.   

[seedcret-ce]

Sharing the strategy I’m using to protect my own hardware wallet backups.

Simply described process is as follows:

Step #1: Keep Your Recovery Seed 100% Offline – ALWAYS
Step #2: Enable Passphrase On Your Hardware Wallet
Step #3: Backup First Passphrase Part Offline
Step #4: Schedule Recovery Email Containing Second Passphrase Part

More details here:

https://seedcret.com/kb/how-protect-hardware-wallet/

The benefits are:

BENEFIT 1 (for myself) – peace of mind: Even if I would forget my passphrase, I know where to look, to refresh my memory

BENEFIT 2 (for others) – inheritance plan: In advance, I can let my family know where both physical backups are (the recovery seed and the first part of the passphrase) and also that they would receive the recovery email containing the second passphrase part in case of an accident/death

Of course, I can give the second passphrase part to my family right away but I don’t want to do it because:

    The more people know it, the higher the risk is, that it will be compromised (even if by an accident)
    I want to make sure that my family will access my assets once I am not here but not before (when I am still here:))

BENEFIT 3: No need for lawyers or any third party that you have to trust

BENEFIT 4: Passphrase backups separated offline and online – a criminal visiting your flat won’t be able to find the whole passphrase in one place



I’ll be happy for any comments.

[n0ne]

If there exist some decentralized service through the blockchain for the Inheritance of the funds will surely attract more user communities in a short. Every user will be having some plans to keep the wallet balance secure, so that someone will make use of it if death happens or we're unable to use it.