Leaving Bitcoin as inheritance

[enhu]

I'd spend all my coins before I'd die though. I will buy big properties and teach my kids to rent it to accept BTC, this way I won't have to worry about them fighting over some BTC that they can earn by the business I will be giving out to them. I'd like to buy a big lot somewhere near a resort. Build a small hotel I guess, keep the two kids I have to be busy.

If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.

[Golftech]

I'm thinking of this too. How can I give my Bitcoin to my family when this happen to me.

The only way that I see is that giving all of the private key to a very trusted member of your family and in my case, maybe my wife and my son in the future will be the ones who will I give the private keys. For me, it is easier if you will just give all of the words to them instead of giving just half or they will not do anything on it or worse they will leave it and will not use. I will teach them the basics on how to store Bitcoin properly since I know some of the ways . That is enough for me already.

Entrusting your keys to your wife is the same thing as giving her your monthly paychecks, your wife is the closest person to trust your assets. With how you will provide details of your wallet/s give her the authorization to acquire everything. Not sure how but for me since my wife already have little knowledge about crypto and I already provide information in ow to access my crypto assets if I die she can easily use everything for our kids.

[rexxarofmoknathal]

Whether is bitcoin or not any inheritance you intend to leave behind should be written and authorised - a will will do! If you could entrust the will writing person with instructions to the safe, perhaps storing the key in a hardcore wallet might be better- that only your family can access then you won't run into issues.

In the meantime you can condition members in your family and let them know that if something was to happen to you, you have a plan in place which will take care of them financially. These people  would each have a piece of the puzzle and only by working together they can access the key and get the inheritance thereafter?

It's an idea...

[maxreish]

You are just making it more complicated it you will give partial passwords. I mean, if you really trust your family then there is no need to make your private keys or passwords incomplete like a puzzle. Been thinking also of giving my btc as an inheritance but not the way you think of, OP.
 
 You still have trust issues with your family thinking that one of your family member will gonna stole that thing. You can have your own vault, place that private key in a safe place. As simple as that.

[velhoti]

You still have trust issues with your family thinking that one of your family member will gonna stole that thing.

I still have trust issues with everyone, except with the math.

[Spaffin]

I'd spend all my coins before I'd die though. I will buy big properties and teach my kids to rent it to accept BTC, this way I won't have to worry about them fighting over some BTC that they can earn by the business I will be giving out to them. I'd like to buy a big lot somewhere near a resort. Build a small hotel I guess, keep the two kids I have to be busy.

If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.

Guys, we all must take into account the fact that no one can predict what will happen to us in a minute or the next day.  circumstances may occur that we will no longer be able to use our cryptocurrency or sell it in order to leave an inheritance to our children in monetary terms after ourselves.  Of course, when making a will, you can indicate any valuable and not valuable things for relatives who are granted an inheritance.  therefore, it seems to me that cryptocurrencies can also be indicated in the inheritance.  Only I can’t imagine How to transfer secret information to access accounts and wallets.  relatives who received the inheritance in order to use Bitcoin or another cryptocurrency will need some knowledge in any case.

[raidarksword]

It would be a wise idea to leave crypto assets such as BTC to our loves once that serves as last will to them and have its purpose as well like to spend it on their own benefits and life essentials. I already teaching my wife about crypto and how it works, compiled my private keys, 2fa codes and password for exchanges that i have assets unto it. I would recommend to do the same thing, trust your wife as she the most trusted in your family because she will all be benefited all including your sons and daughter in the future.

[Swapzone]

I guess some projects have already offered this service by a smart contract.

[imstillthebest]

i like your idea of inheriting a bitcoin to our family or parents but your own personal idea is i think to complex or hard enough for our loved ones to figure it out  . bruteforcing means they need to use some software to crack your password or privatekeys  ?  this can only be done by a techy person but most mature people will likely have no clue to do it  . its better to give your keys or password and instruct them in advance on how to open your wallet so that they can withdrew the funds in a less hassel way  .

[Assface16678]

i like your idea of inheriting a bitcoin to our family or parents but your own personal idea is i think to complex or hard enough for our loved ones to figure it out  . bruteforcing means they need to use some software to crack your password or privatekeys  ?  this can only be done by a techy person but most mature people will likely have no clue to do it  . its better to give your keys or password and instruct them in advance on how to open your wallet so that they can withdrew the funds in a less hassel way  .

Making an inheritance is quite a good idea because at the early time while the market price of the coin is profitable it is a huge income to your family but the main problem is you want to keep it secured but how they withdraw their funds because if they are not knowledgable enough in the world of cryptocurrency it is a huge problem to them because they need to hire someone that will help them to open your account and we cannot tell this is safe because when people see the huge money they cannot stop themselves to attempt bypass and get your information at the same time they also paid and your family does not get any income to your stored bitcoin. Else you will withdraw this into a fiat currency so they can easily use this and do not want to help other people because this is the most common transaction nowadays.

[Sanugarid]

I'd spend all my coins before I'd die though. I will buy big properties and teach my kids to rent it to accept BTC, this way I won't have to worry about them fighting over some BTC that they can earn by the business I will be giving out to them. I'd like to buy a big lot somewhere near a resort. Build a small hotel I guess, keep the two kids I have to be busy.

If I know when will I die, I'd probably do the same thing too. Let's say I have just a month to live, I'd spend that time to treasure everything after getting reincarnated lol. Well maybe inheriting is best way to end your life, it would be the most remembered thing that you'll do before you die at least you have given your love ones a money. To give it an easy job for them, just make sure you converted it into your local currency before dying haha.

If you are to be giving the inheritance make sure all of the properties and money are shared equally or they fight over them asking why the other get a big stash than the other.

Don't bother to think of these things while dying, you'll be off soon so don't bother 

[maydna]

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

Yes, of course. I want to leave bitcoin as a legacy to my family, especially for my kids. I already teach some information to them, and I hope that they will understand even if they are still in school and learn many things. If they are growing up, and ready to know more about bitcoin, I will tell more about bitcoin to them, including how to keep the private keys in a secret place.

I am thinking to give the private keys to the one person who I can believe so the private keys will not be used for anything, and only for my family. I will use one password with a unique word and separate the password, and make it like a puzzle so they need to gather all of the words in one sentence so they can encrypt the keys, and they can use all of the amounts of bitcoin in that wallet.

[carlisle1]

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

But all of your money from banks even if they will get it years after you died still a small amount right?you cannot even earn 100 % of your investment from now and 10 years when you died.

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).

why need to tell them earlier?when you can just wrote all the details in your last will and testament?they can just find it when you died?

[joinfree]

I have also thought about this thing sometime and I couldn't come up with any better solution at the moment. What I resorted to is that whatever be the case there has to be someone that you can trust to keep your private keys safe just in case the inevitable happens. So I have exchanged private keys with my very best friends and given instructions how to give it to my family just in case. he has also done same with me and we have not had any issues for the past two years. it's not the best but that's what I have to use at the moment.

[cabron]

Do not trust anyone, even a lawyer. Remember these guys are the best liars you can imagine, they can lie to their God if they have to. I don't even trust my wife for if given a chance, she might just give everything to the next lover she meets after I die. It's best to just keep it for your kid. I'd try not to die until my kid knew how to crypto works.

[acroman08]

This is an option but it's also risky to entrust those things to a lawyer knowing the details of the encrypted keys.

the lawyers don't have to know the details of the encrypted keys. you can just instruct the lawyer to distribute it when you die

And do you think that the bank will keep something like this?

yes, bank locker is like a vault and you can keep almost anything important or valuable in it.

they don't even recognize cryptocurrencies.

even better. they won't care or take interest to it. but since it is just an encrypted key I doubt they'll be suspicious about it.

Educating your family while you are alive is the best option, teaching them how to access a wallet, retrieving a wallet through private keys that they can easily understand that it's the main key to unlock the funds that you'll above to leave as an inheritance.

yeah, but if you read the OP, the OP is worried that he's relatives might try to steal it and teaching them how it works will just make it easier for them. the process of retrieving it can be easily learned. you can just leave instruction with the encrypted key on how it works or what to do etc...

[Lanatsa]

Do not trust anyone, even a lawyer. Remember these guys are the best liars you can imagine, they can lie to their God if they have to. I don't even trust my wife for if given a chance, she might just give everything to the next lover she meets after I die. It's best to just keep it for your kid. I'd try not to die until my kid knew how to crypto works.

I actually laugh on this one but actually i would do the same thing which i cant even trust up my wife in regards to this matter.Im not even giving all of my income
even if im still alive because when you die you wont really know that those funds that you've worked so hard will just go to the hands of other guy that he would
meet up when youre gone.I would surely secure my funds into my siblings just in case.In talks of crypto i would early tell up my kids on how crypto works
and incase if i die i will tell them that they do just simply access my USB into my safebox and put all the instructions there.

[tanjiran]

Do not trust anyone, even a lawyer. Remember these guys are the best liars you can imagine, they can lie to their God if they have to. I don't even trust my wife for if given a chance, she might just give everything to the next lover she meets after I die. It's best to just keep it for your kid. I'd try not to die until my kid knew how to crypto works.

Do you have a bad experience regarding relationships in building trust? Your wife is your life's companion, a support system that should support all your efforts, if there is no trust, how do you live your life?

Teaching the world of crypto to children is a good choice. Moreover, in the future this will be useful, it can be one of the most potential sources of income. And yes, if you plan to make a legacy with BTC then you should teach your children well.

[online73]

Hello everyone. I think this is an ideal idea to leave bitcoin as an inheritance to your children. How to do this technically is the second question; it’s not difficult to come up with. But this is phenomenal - someone leaves a legacy of an apartment, a car, but cryptocurrency is like leaving a micro plant that makes a profit. No one doubts that the price of bitcoin will rise, and if you treat such an inheritance correctly, it will be the best inheritance that a person could come up with.

[carriebee]

This is also I’m thinking to leave all of my crypto assets to my love ones. The only thing that comes in my mind is to share my private keys to them. Of course, the best part on that you are discussing it first to your family what truly is bitcoin. This way they will understand the usage and importance of crypto.