Leaving Bitcoin as inheritance

[pixie85]

I think that you can easily include your password in your last will somewhere and keep the will locked. Don't tell your family that you have Bitcoins.
Usually people don't read last wills of their family members before their death.

You can also write it on the property deed. They won't have the need for that before your death, but they will need it to transfer ownership of your home to them and then they'll find it.

You can also tell them and divide the password among all of them, telling each of your loved ones a part of the phrase. They will have to come together to be able to share the coins when you die which means none of them will be left behind.

[Sadlife]

I also have taught about this, i was thinking that maybe i could create a program that continuesly have a popup notification in my phone checking if im still active/alive and if the day comes that i can no longer turn off notifications and if something happens to me then the program will activate and my private keys and creds about bitcoin will be sent to my family.

[Timelord2067]

I also have taught about this, i was thinking that maybe i could create a program that continuesly have a popup notification in my phone checking if im still active/alive and if the day comes that i can no longer turn off notifications and if something happens to me then the program will activate and my private keys and creds about bitcoin will be sent to my family.

Might want to rethink that strategy ... All a "bad guy" would have to do is hack/clone your relatives systems ahead of time, then cause you to loose your phone - hey presto! No more BitCoins.

[sendbit.io]

Some usefull information can be found here https://news.bitcoin.com/how-to-bequeath-your-digital-assets-to-your-descendants/

Its vital to keep your private keys in a safe place. For example you had 100k worth of bitcoin on site A and this happened to go down or vanish over time..With private keys you can retrieve your coins from the bitcoin network into another wallet or site B. Bitcoins are always safe if you keep your private keys safe from hackers or greedy family members.

My advise is buy a mini saftey deposit and place you private keys inside. Instruction with the deed lawyer. Lawyer dosent need to know what asset are being written down. if tax has been already paid no need to worry!. some countries do require inheritance tax to be paid. In the bitcoin law im not to certain.

Trezor is another safe device..the issue is firmware updates are required on regular basis.

The other method is time lock bitcoins. :-)

Regards

[Shasha80]

The best way to leave bitcoin as an inheritance, is to tell the person we trusts the storage of the private key from our wallet.
Usually our parents or spouse. Therefore we can rest easy our bitcoin heritage can be accepted by our families. Or another
way to hire a professional lawyer, so you can leave bitcoin as an inheritance safely. No need to worry will be controlled by our
greedy family.

[TitanGEL]

Death is inevitable so its good to be prepared for this one, though I’m not considering this as an inheritance, but I do have a black note where I listed every single details of my wallet and a procedure on how to use the wallet, the recipient of this note is still unknown, maybe but future family. We have to make a full back-up of our wallet, we work to get more bitcoin and for sure you don’t want your bitcoin to be useless, so let someone that you love know about your bitcoin, and tell them everything.

It is a good idea especially for the people who have a lot of bitcoins, our family can use it if we have a note or certain information about our wallets and how to access it if there will a bad things that happen for us. We cannot see the future after all so it is better to be prepared. Our bitcoin will be a waste if there not note that we will leave in our home, it is better if we will see it as inheritance that our family can use. But we should also make sure that our family have good money management where we can sure that our bitcoins will use in good things and not in illegal or bad things.

[cosmofly]

If you have a lot of money in your wallet, you should do so, or you can instruct your wife or your child to remember them. In addition, you should ask them to learn how to dep and withdraw the coins to their correct wallets to exchange fiat money. There are many people who don't know and frequently transfer wrong wallets and your bitcoin number can take forever. Guide them as soon as you can.

[AniviaBtc]

If you want to give a bitcoin as an inheritance to your family it is better if you do not make too much security progress to your account because some of them does not know what you are doing at the same time they did not know all the things you are stating on the account and they need to ask other people to do this instead. I'm suggesting it is better if you withdraw those funds immediately so they can use but if you don't want and just stay into the bitcoin it is better if you give already the wallet username and password to your wallet so they can immediately use your bitcoin funds. If you still have some time it is better to teach them immediately because they have some insights on how does the transaction of the bitcoin works it depends on your if you will before you die or let them explore the transactions before they'll get your funds.

If your family members aren't interested and not knowledgeable about bitcoin, you should convert it into a fiat money so that they can directly get the benefit from it. Send it to their bank accounts so that it is less hassle for them to have an access to your bitcoin, especially when some of our family members are old enough to become more engaged in technology. Bitcoin as inheritance is good if your family members know how to manipulate it, if you teach them the concept or principles of bitcoin, maybe they can continue what you've started. Managing bitcoin is not that easy because we all know that it is very volatile in the market, it takes time to adopt in the market and you really need practice and experiences to become an effective bitcoin holder.

[Reatim]

If you have a lot of money in your wallet, you should do so, or you can instruct your wife or your child to remember them. In addition, you should ask them to learn how to dep and withdraw the coins to their correct wallets to exchange fiat money. There are many people who don't know and frequently transfer wrong wallets and your bitcoin number can take forever. Guide them as soon as you can.

I think letting them know that soon is not a good idea because life has so many obstacles and we don't know what will be the future understanding so making this is not a good idea that fast.

Maybe better to just let them know in time,maybe make them ready in case of emergency or unexpected situations.

Having a proper written is best way to do,or at least have them a USB that can be found in your personal things when you died unexpected so they will know how to take their part from your crypto assets.

[Latviand]

Many has such idea to leave their Bitcoin as an inheritance. In that case you have to have in mind that Bitcoin is volatile and so the value you leave to someone will not be fixed. With time it can become bigger or smaller.
And I think that the best way to do that is to attach the private keys to will, thus they will also be legaly secured and protected from possible abuse in case that you give them directly to person who will inherite your coins.

You need to choose someone who is trustworthy, responsible, creative, and wise enough to inherit your coins. It is not that easy to hold a bitcoin, there are a lot of things to consider to prevent losses in bitcoin. Market is one of the most crucial factor in the price of bitcoin because of its volatility in the market.

When you die, you should teach some of your family members some idea about cryptocurrency so that as early as they can, they practice and gain a lot of experience manipulating that. Private keys are also important and the best thing to do is secure and protect your assets until your family members are already knowledgeable about bitcoin.

Inheritance is not that easy, giving your trust and your assets that you've worked for, for so many years needs to be in a good hand. Being open-minded about cryptocurrency is the most essential thing that people who will inherit needs to acquire.

[Yamifoud]

If you have a lot of money in your wallet, you should do so, or you can instruct your wife or your child to remember them. In addition, you should ask them to learn how to dep and withdraw the coins to their correct wallets to exchange fiat money. There are many people who don't know and frequently transfer wrong wallets and your bitcoin number can take forever. Guide them as soon as you can.

Even though they are your brother or sister, or any member of your family if they don't have any interest in this, you better not risk. Better to find someone that could be worthy of such confidentiality.

Maybe it was best to expose them to crypto early and give them a chance to explore in such a way they'll never get hard to understand the market as they will take the responsibility in the future.

[Lorence.xD]

You can use hardware wallet to make things easier, store the wallet in a bank and put it on your will and testament, and give instructions there on how they will use the wallet and what is the part of each family member to the piece of bitcoin pie. Inheritance system for bitcoin, in my opinion does not solve any problem, you can entrust almost anything in your will, that includes your online accounts and stuff like that. I think that there is no merit in going extra step to do something simple that works. And on the side note, making a inheritance is vulnerable to attacks in this time and age and the non-electronic concept works best because hackers do not see any merit attacking a notary or lawyer's office and expect profit.

[yazher]

Your way is the like of that national treasure movie where only those who know to decrypt the map can find the treasure. why not make it simple for them, you're giving it to them anyway. why not put all information at once that can be easily to understand by some normal person. In my opinion, the only crucial information you need to put on the letter of the inheritance is "Do this alone" no matter what happens. This will make sure that no one can get access to whatever the amount of cryptocurrency that you left them.

[rodskee]

I will choose Bitcoin to be my inheritance than Money in banks or any
 other assets since i Believe this will
 be a fortune for my family's future,all the cryptocurrency that in my
 pocket now will remain for them
10-20 years from now,though it is not that Big amount but i believe
 when time that adoption finally
 happens?amount like mine will be worth more than what i am expected.

[panganib999]

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 seems like you are already getting ready to have your last will and testament to be prepared once you die. Well, that was really a problem because your assets (money) stored in your bank as well as your properties are easy to be stated in the legal document because it has already a legal process since it is clearly stated as you owned. But when it comes to cryptocurrency like Bitcoin to be left as your last will seem to be hard because privacy is the main thing we are all protecting when it comes to our accounts. We cannot just entrust it into anyone having your private key or password because they can already have an easy access on it once known. But if you are really wondering how you will leave it as inheritance, then you may at least leave some clues to be able for your family to have an access on it. But I think since they will be your beneficiary once you die, I think it will be best to directly give them the access since they were the once who will be having it. But in any cases that you don't know and no one do really know when a person will die, maybe writing it on a piece of paper your private key or access to your account and include it into your last will for your family to have it directly.

[retnoanjani]

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

Does your family understand cryptocurrency too? if not yet available, you should provide education to the closest and most trusted family, for example, your husband or wife, your brother or sister. This is as an anticipatory step so that the inheritance can be well utilized.
There is a simpler way. You create a document containing letters, instructions, etc. You can also include a private key or password to access the wallet containing your inheritance. Then you can ask for the help of a trusted lawyer, or to make it simpler to keep it with other important papers.

[Timelord2067]

China Passes Law Protecting Cryptocurrency Inheritance

https://news.bitcoin.com/china-law-cryptocurrency-inheritance/ by Kevin Helms

China has passed the country’s long-awaited civil code which expands the scope of inheritance rights to include cryptocurrency, such as bitcoin. Inherited cryptocurrencies will be protected under the new law. Meanwhile, several Chinese courts have recently ruled that bitcoin and ethereum are properties protected by law.

Read further by following the link: https://news.bitcoin.com/china-law-cryptocurrency-inheritance/ by Kevin Helms

[layoutph]

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.

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.

[Lanatsa]

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

Does your family understand cryptocurrency too? if not yet available, you should provide education to the closest and most trusted family, for example, your husband or wife, your brother or sister. This is as an anticipatory step so that the inheritance can be well utilized.
There is a simpler way. You create a document containing letters, instructions, etc. You can also include a private key or password to access the wallet containing your inheritance. Then you can ask for the help of a trusted lawyer, or to make it simpler to keep it with other important papers.

Thats the simpliest thing on my mind in talks of inheritance where you do teach the closest family member and even teaching out the basics which would really be
enough yet incase you die they will able to access your crypto wallets yet even having that basic knowledge would really be enough.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.

[michellee]

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.