Leaving Bitcoin as inheritance

[skarais]

Even myself do tell my wife
about it and all of my files are on USB on a text file in all of my wallet keys even though i dont totally trust up my wife (lol) but this is better that to entrust
it to third party or do make will on a lawyer.

I havent been able to fully decide to tell someone about the assets I have so far on bitcoin even if its my closest family. As an asset that has value, bitcoin can be inherited 100% to others of our own volition and in our own way.

I understand on what basis this thought emerged. We cant know when we die and that has become the main idea why we all have to prepare everything well so that it can be used by families. For a small amount, I dont think you need to bother thinking about how it should be. But if the amount of assets that are owned in large quantities, then it must trust someone who can represent us as well as in a lawyer.

Even so, I also have a special note that I keep safely and will notify someone one day. Among the important things that I think should include:
1. Bitcointalk.org account with a password
2. Private key bitcoin wallet
3. Email along with a password
4. Exchange account and a few other things.

For to get additional security then I wont say what the actual amount is.

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[ChiBitCTy]

This is an important topic that I don't see being discussed nearly as often as it should.  I made a write up about it a few months back in the collectibles section.  While this write up was more geared towards collectibles, it also applies for digital assets such as bitcoin pretty much just the same.  Worth a read, a lot of good info contributed as well- https://bitcointalk.org/index.php?topic=5134350.msg50703294#msg50703294

[famososMuertos]

Anything you leave your family is important, we always think of the things of greatest value as if they make our heirs or family happy.

The reality is that no matter the good that is going to be left, you only have to leave clear and precise instructions on how to do it.

You can leave something notarized and registered for the law through an attorney to enforce it, remember something, in these times of the 21st century, there are such valuable things as YouTube channels, website, applications, etc., they are not different from a active as the bitcoin for which you inherit them,  so sometimes the instructions of what to do with the ones you are giving as an inheritance can be more beneficial than the inheritance itself.

[Sadlife]

I mean why give them problem after you die when you can just tell your wife the password that way they wouldn't stress their minds out figuring out the key to the wallet of your Bitcoin wallet address.
You can give the password to other members of the family, the ones you trust but limit it to three person.

[Debonaire217]

Maybe, you could entrust your security to your friend, for example, ask them to remind your family if you die, that you have a drawer where you store bitcoins, including all the security passwords to your account to make sure that they can access it. I think there's no reason for you to put up a puzzle for them to brute force your accounts just make it easy for them, the only problem you need is how you could make sure that you are the only person who can access your drawer, and to make sure it is secured. All you just need is a piece of paper, hide it in the safest place possible.

[pamelawjd]

I'm a lawyer, working in bitcoin full time since early 2014. I've been working on this inheritance issue for a few years now. You can find free resources at my website: empoweredlaw.com, including a "Letter to Loved Ones" template that you can use to let your people know you have bitcoin after you're gone. If you need more, I've also written a book: Cryptoasset Inheritance Planning, which will guide you through the steps of making a plan that will (hopefully) work for you and your loved ones.

There is no one solution, every family is different. Some people have families who are technophobes, others are cryptosavvy. Some have younger or older people they are responsible for, others don't. Your risk profile and your family situation will determine what the "right" plan is for you. However the most important thing you can do to help them is designate 2-3 people who can help them recover your assets when you're gone. It's likely you're the bitcoin expert in your house. When you're gone they'll need someone else, trustworthy, to help them. I don't like the idea of just one person (single point of failure) so I prefer to designate a couple of people who don't know each other or have no reason to collude.

Hope this helps.

[FanatMonet]

Maybe, you could entrust your security to your friend, for example, ask them to remind your family if you die, that you have a drawer where you store bitcoins, including all the security passwords to your account to make sure that they can access it. I think there's no reason for you to put up a puzzle for them to brute force your accounts just make it easy for them, the only problem you need is how you could make sure that you are the only person who can access your drawer, and to make sure it is secured. All you just need is a piece of paper, hide it in the safest place possible.

As far as I understand, a person initially does not want to trust his money to anyone, friend or family. He wants them to be able, even theoretically, to receive money only after his death, and not earlier. And here big problems are possible, because let's say that a person does not trust anyone, although, I would probably suggest then, a bank cell.

[Mahanton]

Maybe, you could entrust your security to your friend, for example, ask them to remind your family if you die, that you have a drawer where you store bitcoins, including all the security passwords to your account to make sure that they can access it. I think there's no reason for you to put up a puzzle for them to brute force your accounts just make it easy for them, the only problem you need is how you could make sure that you are the only person who can access your drawer, and to make sure it is secured. All you just need is a piece of paper, hide it in the safest place possible.

As far as I understand, a person initially does not want to trust his money to anyone, friend or family. He wants them to be able, even theoretically, to receive money only after his death, and not earlier. And here big problems are possible, because let's say that a person does not trust anyone, although, I would probably suggest then, a bank cell.

You do have a point on where not all people would really have that kind of trust even though it do talks about into their closest loved one when it regards to money.We dont now that in-depth reason but its their choice
we cant even tell if they do tend for those funds to be inherited or just fully decided to let those coins lost in void after his/her death.I do see that bank cell option but it would be all useless if you havent teached out
everything to those people whom you do like to received your crypto as an inheritance. If you are willing to leave it all then you will surely have that option on teaching out everything next to the person whom you trust.

[NavI_027]

[....] 4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.

That was a nice yet a little bit tricky way of passing your coins to your loved ones . But what if you died because of a sudden accident (knock on the wood), how did they find where your safety box located? And how can they open it just in case you used a vault? Well, just a "what if".

I think much better to do is pick someone who you trusted the most. The one who really loves you as a whole and not because of your money. You can tell him/her your private keys right away and how can they have it. You now have nothing worry about because if a person really loves you, he will not get tempted with all of the assets you have and try to backstab you over these material things . It is very crucial so choose wisely.

[Upgate]

Trust is a big issue when it comes to letting a family member to know about your private keys when you're still alive. Am just scared of the unknown attitude that might be display from him when he sees the bitcoin assets I owed. He might arrange my killings before my time.


The best idea I will go with is to inform my family members that I have a box saving in a bank where all your documents and private keys are kept

[rodskee]

Bitcoin is a wonderful wealth inheritance. i guess you should inform and educate your family members how to use it. Educate them how to encash it. If you do not educate them, your bitcoins might be invested to scams like Bitconnect. Or they might seek advice to wrong people when you die. Must teach them properly.

Maybe not all of the family but he can tell his trusted family members and teach him/her about how to use bitcoin so he/she won't have a problem in the future. We can tell the family members, but we cannot force them to learn bitcoin or use bitcoin because that will be their decision to use bitcoin or not. But if one of our family members have a curious about bitcoin, that will be the right time to tell and explain everything that we know to them.

That is i believe is right because we knew Money and we also knew what will happen if this become greedy used?
the value of bitcoin is really going up and we can't deny
 the fact that if Bitcoin comes to million value for sure family members will be into the crypto asset we can inherit
them and in the end will even come to fighting,arguing
and the sad part is killing just to win the inheritance.so better educate the most trusted one but never let Him/Her
 know your private keys,just let the key hiding until the
final day comes that they need to take their share,by your attorney or even place the keys in your most precious
thing that they can find when your are already gone.

[Tiews223]

If I die, my family can use my death certificate to rescue all my money from bank and appropriate all my posses.

But not bitcoin, I was thinking about how to leave bitcoins as inheritence in a safe way, minimizing risks of be stolen by my own family (still if I trust my family, they can store improperly the keys and be stolen, or forced to deliver).

The perfect solution, in my opinion, is a mechanism whithout intervention that reveal my keys to my family, this could be done if I do not access some service for a month, or if I don't store some stuff in the blockchain for a month or ... I don't know a solution. And only my family could access my keys, possibly they have keys that allow then to access my keys.

An good solution could be some artifact, like a file, that I can send to my family, or left it stored online and thar artifact could reveal my keys only to my family.

My basic ideia is:
1 - Encript the keys with your password, but must be a very strong password, resilient to brute force atack.
2 - Print the encripted keys in paper or some more durable medium and store securely in your home.
3 - Reveal to your family a limited set of characters with wich they can sucefuly find the password using brute force, in a short time.
4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.

Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?

Remind, Covid-19 is over here.

Although it would be fairly smart to leave bitcoins as inheritance, many laws on intestate and succession would have to be then revised or repealed in order to cater to this idea. I am not familiar with the all laws of inheritance but because bitcoins are a new type of monetary exchange, creating laws for these would take several hearings, modification and various votings for the legislative body. Moreover, before they can even get to the point of hearing this in their respective congress, these lawmakers have to have extensive knowledge on this topic, the pros and cons. Keep in mind that there are many people to consider when taking this to congress and for them to actually hear it.

[Debonaire217]

As far as I understand, a person initially does not want to trust his money to anyone, friend or family. He wants them to be able, even theoretically, to receive money only after his death, and not earlier. And here big problems are possible, because let's say that a person does not trust anyone, although, I would probably suggest then, a bank cell.

It is still possible, can leave an inheritance by just putting small information that only our friend knows and the half information for our family in which when combined together, could potentially unlock the funds that we secured. It is not necessary to provide the password, maybe just give some hints, we'll not give out anything while we live, the idea is to preserve it till we die so our family will benefit from it, might as well provide a small credit to our friends.

But as the cryptocurrency era is currently expanding and develops I think pretty soon, there will be services that will offer this bitcoin inheritance system.

[dongosquad]

Trust is a big issue when it comes to letting a family member to know about your private keys when you're still alive. Am just scared of the unknown attitude that might be display from him when he sees the bitcoin assets I owed. He might arrange my killings before my time.
The best idea I will go with is to inform my family members that I have a box saving in a bank where all your documents and private keys are kept

Very surprising, can be that extreme what you imagine. But that's the right thing to do, if you are still alive, don't let other people you don't trust fully have access to where your assets are stored. Wealth / money / property can change a person's character, can be greedy and will do everything possible to get that wealth as soon as possible. That is why you think so.

Well, you've done the right thing

I also began to prepare for this, because death can come anytime and unexpectedly. I have educated my wife, our trust is truly sincere, we share passwords and other important matters related to assets in the crypto world. I feel calm

[joinfree]

So much money in cryptocurrencies have been lost due to relatives not having access to the private keys and passwords of the owners. I think it will always be best to share the location of your keys with someone you trust. It could be your wife, brother or at least a good friend so that once you pass away they can retrieve the funds for future use.

[barto123]

Company called Casa are currently perfecting a decent solution for this.

I run 2 Casa nodes, highly recommend their product if you're not overly technical like me

[fullhdpixel]

Lol, a family where there is no trust is no family at all. In that family there must be someone that you really trust. These are people that you have been living all your life with, so you can’t say that you don’t know anything about them. There should be one or two persons that you know very well and trust. You can let this person know that you’re into such thing and tell them your password so that they will know. If anything should happen, they will be able to have access to it.

All the list you have mentioned here is quite unnecessary, and won’t work. It’s just going to be either you tell them or you just leave and forget about it completely. It’s still up to you to decide what’s best for you.

[Bitcoinislife09]

If I die, my family can use my death certificate to rescue all my money from bank and appropriate all my posses.

But not bitcoin, I was thinking about how to leave bitcoins as inheritence in a safe way, minimizing risks of be stolen by my own family (still if I trust my family, they can store improperly the keys and be stolen, or forced to deliver).

The perfect solution, in my opinion, is a mechanism whithout intervention that reveal my keys to my family, this could be done if I do not access some service for a month, or if I don't store some stuff in the blockchain for a month or ... I don't know a solution. And only my family could access my keys, possibly they have keys that allow then to access my keys.

An good solution could be some artifact, like a file, that I can send to my family, or left it stored online and thar artifact could reveal my keys only to my family.

My basic ideia is:
1 - Encript the keys with your password, but must be a very strong password, resilient to brute force atack.
2 - Print the encripted keys in paper or some more durable medium and store securely in your home.
3 - Reveal to your family a limited set of characters with wich they can sucefuly find the password using brute force, in a short time.
4 - If you die, your family must get into your home/safe box, get the encripted keys and use the characters to perform a brute force atack in order to get the keys.

Does anyone have think about leaving bitcoin as inheritance? Is there already some solution to this? Thoughts?

Remind, Covid-19 is over here.

It's my problem because my family doesn't know or doesn't even know what is bitcoin, so it's difficult to tell them at this moment I'm hoping that maybe soon because the world is getting exposure in bitcoin a lot of people maybe would be interested in bitcoin. We dont really know when we are going to die and if that happened your bitcoin is just going to be lost forever. But having a journal seems a good idea where they could read after you die where all of the details like private key password etc is in there since I already have one where are store most of my private keys. But for now, maybe I could say I don't trust them when my small investment .

[Lanatsa]

~

It's my problem because my family doesn't know or doesn't even know what is bitcoin, so it's difficult to tell them at this moment I'm hoping that maybe soon because the world is getting exposure in bitcoin a lot of people maybe would be interested in bitcoin. We dont really know when we are going to die and if that happened your bitcoin is just going to be lost forever. But having a journal seems a good idea where they could read after you die where all of the details like private key password etc is in there since I already have one where are store most of my private keys. But for now, maybe I could say I don't trust them when my small investment .

You dont need for bitcoin to be adopted worldwide for them to learn.You should at least teach them by your own even with the basics or on how to access a wallet and able to

pull out the coins and able to exchange it with fiat and that should be enough.If you cant just trust them for now then dont reveal that you've been saving up some coins

and when the time comes that you die then they have the idea on how to open your wallet and of course you should tell them if you do have the chance but for more secure then

they do just give out some hint.

[Naughty Princess]

As far as I understand, a person initially does not want to trust his money to anyone, friend or family. He wants them to be able, even theoretically, to receive money only after his death, and not earlier. And here big problems are possible, because let's say that a person does not trust anyone, although, I would probably suggest then, a bank cell.

It is still possible, can leave an inheritance by just putting small information that only our friend knows and the half information for our family in which when combined together, could potentially unlock the funds that we secured. It is not necessary to provide the password, maybe just give some hints, we'll not give out anything while we live, the idea is to preserve it till we die so our family will benefit from it, might as well provide a small credit to our friends.

But as the cryptocurrency era is currently expanding and develops I think pretty soon, there will be services that will offer this bitcoin inheritance system.

Maybe it is good idea having handbook where your account is listed with the password or private keys and leave it on your locker where your family have access when you live this world. While you are alive,.your family knows about your transactions and crypto even they do not involve on it which give them hint that their inheritance has something to do with it.