When Bitcoin Must Be Inherited

[AakZaki]

~snip~
Or maybe, what looks more legal is to have an attorney process the inheritance just like how the usual assets inherited.

Choosing a lawyer to process the inheritance rights of bitcoin holders is indeed a pretty good suggestion. So there will be inheritance rights for someone appointed for a private key that can access the Wallet.

and the inherited private key containing bitcoin will be stored in a bank account, so only those who have inheritance rights can actually open it.

Many other ways you can do, just choose which is the best way to pass down what we have safely.

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~snip~
Or maybe, what looks more legal is to have an attorney process the inheritance just like how the usual assets inherited.

Choosing a lawyer to process the inheritance rights of bitcoin holders is indeed a pretty good suggestion. So there will be inheritance rights for someone appointed for a private key that can access the Wallet.

and the inherited private key containing bitcoin will be stored in a bank account, so only those who have inheritance rights can actually open it.

Many other ways you can do, just choose which is the best way to pass down what we have safely.

That could be a good way, doing a legal process to make sure that the heir will really inherit it,

Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

[matchi2011]

That could be a good way, doing a legal process to make sure that the heir will really inherit it,

Legality is safe as the inherited thing have a good amount value.

Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

Hands on knowledge is the best choice, giving the in depth explanation to the person you wanted to inherit your bitcoin
from that way you'll be explain further every data that he needed to know about the thing that he'll going to received from
you.

[thesmallgod]

Inheritance features such as ability to claim traders asset in case he's dead will be OK but this can only be possible on centralized exchange that a lot people give thumb down over DEX. By the I'm curious to know the percentage of bitcoin holders that will store huge amount of bitcoin in an exchange rather than hardware and dex wallet. I'm of opinion that people should consider bitcoin like an asset and properties and also include it when preparing will with detail info on how to access it in case of death

[Negotiation]

I prefer to inherited the Bitcoin that I have by manual, which is to directly tell people we believe how to access my wallets. Simple and
not complicated, if you have to use inherited features more risky. Even since the beginning of collecting Bitcoin,I have planned everything.
By teaching my family.

It’s a lot better to burn your own family in inheritance but like a retirement fund or even a savings account no one knows how much you own them or how much you own them or how you can actually access them outside. Bitcoin provides a secure place to store assets that can be kept secret from everyone. But it only applies to centralized.

[Dilerium90]

This is very interesting question. It seems that everything is simple. You just need to transfer files and private keys on USB flash drive and give it to your relatives and that’s all. But on the other hand, if a person passes away suddenly, then in this situation your accumulations will sink into oblivion and there is no way to access them.

[Harlot]

I don't know if this is a standard on some countries but for my custodial wallet when I was sending my KYC information they also asked to list down to successors just in case if something happened to me so I think it is possible of what you are asking to be done by a custodial wallet company if they want to make inheritance something possible on their end. If not the best thing I can think of it through lawyers who specialized at wills and at the same time crypto knowledge since we all know private keys  and passwords is something sensitive in this scenario and I think trusting them normally like what you will do with wills is something achievable if the law firm also specializes in that kind of field.

[robelneo]

Everything can be simplified by just writing everything in a testament, or creating a video with a full explanation on how the inheritor can access to the inheritance, highly recommended to use a ledger, not an exchange or an online wallet to access the inheritance, but in my case, if the inheritor is already mature I will ask as a condition to first learn about Bitcoin and Cryptocurrency before getting the private keys.

[jerrison]

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

I doubt the possibility of the bitcoin that have been beign regained. These people die not relating the whereabout of their private keys to family members, thereby reducing the total circulation and also the increase in the price of the available bitcoin. now, we are hoping to see cases where people get to leave their will behind as private keys for the generations to come to inherit else it will only get to reduction in total circulation.

[glowing10]

This is very interesting question. It seems that everything is simple. You just need to transfer files and private keys on USB flash drive and give it to your relatives and that’s all. But on the other hand, if a person passes away suddenly, then in this situation your accumulations will sink into oblivion and there is no way to access them.

Yes, just like after we die either we have created a will whereby we transfer the house or bank balance to others then in the same way we should be transferring this crypto as well. Only thing here we need to write down ask the details and provide them so that the crypto which we had bought it does not go waste and can be utilized by the person with whom you had shared it and make his/her life more better as hopefully it would be good value worth it. So rather than ignoring we should be handing them to the near and dear ones and ask them to use it after we leave the earth.

[Swordsoffreedom]

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Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

Hands on knowledge is the best choice, giving the in depth explanation to the person you wanted to inherit your bitcoin
from that way you'll be explain further every data that he needed to know about the thing that he'll going to received from
you.

Whom i want to give my Bitcoin, I will definitely explain about Bitcoin to him , i will teach him about it. if he want to learn properly and feel interest about crypto then i will give some Bitcoin to him otherwise I will choose someone else who is interested. I don't want to give my bitcoin to someone who is completely illiterate about it.

[Asuspawer09]

Over the past decade, the number of Bitcoin investors and other types of crypto assets has grown tremendously. Based on data by Coinmetrics, there are currently around 12 million Bitcoin millionaires in the world. However, there are those who die every year, without heirs who can access Bitcoin. The amount reaches 4 million Bitcoin (around US $ 40 billion), according to Coincover.
Meanwhile, based on the results of a survey by the Cremation Institute, of 1,150 respondents, 89 percent of them are very worried about losing their crypt assets. However, only 23 percent have a specific plan to pass it on to the closest person, for example to their husband, wife or children.
I think this is a very good idea, and I hope that someday there will be a crypto exchange and a crypto wallet that provides inherited features, so users will be safe and comfortable.

It seems to be a great idea in my opinion bitcoin is supposed to be inherited maybe something similar to a bank account, But I guess the problem here is bitcoin is still not yet adopted in a lot of countries even here in my country. Some bitcoin wallet doesn't really support this feature may be a lot of companies doesn't really pay attention to it.

Having inherited features in your bitcoin wallet might just mean doing something like a KYC that might be a big deal for some users. Also, a small percentage of bitcoin was already lost because of this problem.

[Lanatsa]

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Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

Hands on knowledge is the best choice, giving the in depth explanation to the person you wanted to inherit your bitcoin
from that way you'll be explain further every data that he needed to know about the thing that he'll going to received from
you.

Whom i want to give my Bitcoin, I will definitely explain about Bitcoin to him , i will teach him about it. if he want to learn properly and feel interest about crypto then i will give some Bitcoin to him otherwise I will choose someone else who is interested. I don't want to give my bitcoin to someone who is completely illiterate about it.

In most cases on where we do inherit our coins is on our own family.For now i can just trust up my wife to know everything that ive been holding since well this is just some personal reasons

yet we cant trust up fully our wives. lol. When it comes to inheritance then im already minding on giving out some basic instructions incase if i do pass away.

So that those coins wont really be put up in no use and your own family will able to benefit from it.

[ultrloa]

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Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

Hands on knowledge is the best choice, giving the in depth explanation to the person you wanted to inherit your bitcoin
from that way you'll be explain further every data that he needed to know about the thing that he'll going to received from
you.

Whom i want to give my Bitcoin, I will definitely explain about Bitcoin to him , i will teach him about it. if he want to learn properly and feel interest about crypto then i will give some Bitcoin to him otherwise I will choose someone else who is interested. I don't want to give my bitcoin to someone who is completely illiterate about it.

In most cases on where we do inherit our coins is on our own family.For now i can just trust up my wife to know everything that ive been holding since well this is just some personal reasons

yet we cant trust up fully our wives. lol. When it comes to inheritance then im already minding on giving out some basic instructions incase if i do pass away.

So that those coins wont really be put up in no use and your own family will able to benefit from it.

The first thing you need to do is to make your wife understand on why you store your coins and what your aims in future so that she will not be tempt to get those balances when she see a huge volume on your wallet

In my case my wife literally know on what I am doing since most of the time I'm using her web wallet to do a cash out  on remittance  .

[suhadi88]

Bitcoin is a very valuable crypto asset, everyone should be worried about losing this asset. Bitcoin can be inherited as long as the person receiving this asset understands about Cryptocurrency. If you need an application about legacy programs of course this app should be safe as they will store private keys. From now on we may have to provide information about our assets against wives and children (children who grow and understand the online world).

I personally have taught my wife to learn digital currency trading. So when I am not automatically there is my wife who will later inherit the crypto-currency assets.

[plvbob0070]

Even without that kind of feature, people can still inherit bitcoin and other digital assets. We just need to plan for it since we never when our time ends. If they are actually scared of losing their assets, it's better to tell or teach people you trusted about crypto so they know what to do about your asset when you die.

Why would you depend your asset on other people to give it to your family, when you can tell it to them directly. It's still better for your family or the one who you want to inherit your digital asset to personally know how to deal with crypto. That's why I'm slowing introducing and teaching these things with my siblings for them to be aware of.

[Yamifoud]

Even without that kind of feature, people can still inherit bitcoin and other digital assets. We just need to plan for it since we never when our time ends. If they are actually scared of losing their assets, it's better to tell or teach people you trusted about crypto so they know what to do about your asset when you die.

Nobody knows for sure, that is why we should have to tell someone who can be trusted or aware of what we do. Tell your closest friends or any from our family is the best option but don't just tell them instead, better to give them time to access it when there is time just to assure that they can really open it once we are gone.

Why would you depend your asset on other people to give it to your family, when you can tell it to them directly. It's still better for your family or the one who you want to inherit your digital asset to personally know how to deal with crypto. That's why I'm slowing introducing and teaching these things with my siblings for them to be aware of.

It might the reason that he can't trust to any member of the family that makes them no choice but to trust others. It some cases that no one is capable enough to take care of his wallet. Only it needs assurance to keep safe not for the assurance that someone of the family will put it at risk.

[AakZaki]

~snip~
Or simply explain it personally to someone you want to inherit your bitcoin. This will also be a good way since you can really explain and answer the upcoming questions that come up to the mind of your heir. At least you can give a clear and full explanation he/she needs.

The easiest way can indeed be done like that. But everyone's mind, everyone's circumstances may be different and need help by a third party to pass on the inheritance in the form of a private key to someone who has already been chosen.

The family is the first person to know all this, because we don't know when we will die and leave this cryptocurrency asset.

[Sebas.tian]

I personally made some good plans for the future against my bitcoin stash, the family will be aware of my total holdings and when anything happened they should take my portfolios. Bitcoin will inherited and this will depend on the individuals in concerns. Those who have gone beyond has talked about their fatal experience of losing their bitcoin forever because they haven't made the necessary plans for their stored Bitcoin. You create the wallets and send their respective bitcoin stash to everyone.

[Oceat]

I think we just need to give understanding to access the wallet and other things related to cryptocurrency to people of the house or the closest people like our own family, when they have been introduced about cryptoworld then furthermore I just need to make note of passwords, private keys etc. stored in hardware and or other tools for storage and that is a simple way we can do it early so that the assets we leave behind when we die can still be accessed by people we already trust.

Agree on that and also there are online application that would help them to give what order or something that they want to the chosen person that they want to receive the message. Having a vault will help them also to hide what piece of information they wrote in that paper to let the trustee know everything after they managed to open the security code of the vault.

I can't mention everything that is needed but if they could just think it thoroughly they might have to come up an idea just like mine.