[Tutorial] Making your crypto inheritible

[CarnagexD]

^ That is a good tutorial OP.
This is really of great help, I have already read few threads about the same post that if bitcoin holders died suddenly what will happen to his bitcoins if failed to give the key to someone,

https://bitcointalk.org/index.php?topic=5284824.0

I think the thread above could be one of those kind of such that tries to remind users and hodlers on the need for letting trusted person know about their hodling and I think that is a good advise for all of us and others .

True. This has been an ongoing issue ever since bitcoin became an asset. A lot of people we don't know who have a bunch of bitcoins stored in them hard drives who have lost them or died can't have their families enjoy what they have cautiously saved up, so having this compelling feature integrated, if not introduced as a standalone, is really beneficial not only for those people who are looking forward to giving their investments up to their trusted loved ones but also for their security.

[Nhebu]

Its a good tutorial and I thing that it is usable by person who has bitcoin. It is also be an answer for those people on how they will transfer their bitcoin to their family once they died. Well, honestly I never wanted to make this because first, I have no children yet and second, I have no large amount of bitcoin. But I keep this tutorial soon as I think I will gonna do the same thing.

[wxa7115]

Thanks for the extra information there.

Sorry if this is slightly unrelated but inheritance is something I worry about every now and then and have discussed at length with some others. I don't have much, but still, it's significant for folks back home (purchasing power etc).

Problem still exists for me. I do have people I've already given instructions to, and am trying to bring some young adults into it but I find that because there is no interest at all in Bitcoin and in fact possibly some negative attitude towards it, I fear they may not. For example, gave 2 kids some Bitcoin for birthdays on their last birthdays after a couple of years asked them if they still had it. One lost it. Lost the instructions, lost the keys, everything =) Other one had both intact, but was not able to complete it even though I thought the instructions were fairly simple.

God knows I've tried to coach my partner as well but while they can understand once. Later on it's like all memory or understanding of it's vanished.

I think in the end, for most people we'll have to consider crypto-able legal assistance. Wills. Estate management etc.

This is probably one of the biggest disadvantages of bitcoin and I think many of us have the same problem, I cannot give my family direct access to my coins since that will be foolish but in the case something were to happen to me I would like them to use the money I have invested in bitcoin to improve their lives and yet their complete lack of interest on the subject impress me.

But this is nothing new really and it is not privative of bitcoin, it is as if people do not want to think about those subjects and it is why so many people die without a will not realizing that by doing so they are only fuelling family feuds that could have been easily avoided.

[BrewMaster]

This is probably one of the biggest disadvantages of bitcoin and I think many of us have the same problem, I cannot give my family direct access to my coins since that will be foolish but in the case something were to happen to me I would like them to use the money I have invested in bitcoin to improve their lives and yet their complete lack of interest on the subject impress me.

like everything else in bitcoin you have the full authority to decide what to do with your bitcoins after you pass away too. this is not a disadvantage but a great advantage. in other circumstances with fiat for instance you would have had to rely on centralized entities such as shady banks, the government, lawyers,... to handle it for you but now you can do it all on yourself.

[jackg]

This is probably one of the biggest disadvantages of bitcoin and I think many of us have the same problem, I cannot give my family direct access to my coins since that will be foolish but in the case something were to happen to me I would like them to use the money I have invested in bitcoin to improve their lives and yet their complete lack of interest on the subject impress me.

like everything else in bitcoin you have the full authority to decide what to do with your bitcoins after you pass away too. this is not a disadvantage but a great advantage. in other circumstances with fiat for instance you would have had to rely on centralized entities such as shady banks, the government, lawyers,... to handle it for you but now you can do it all on yourself.

Yeah, in the other case to this, you have much more control of what happens to the funds too. If you don't want anyone to inherit them then thats fine and you can just leave them as they are or if you wanted to give them as an extra amount to someone. Solicitors also charge an extra few % on what the government charge too so you're circumventing their charge and only need to pay the tax portion.

[Rengga Jati]

This is actually a good idea when somebody asks about how if they die today, what will happen to their BTC. Actually, if we have someone we trust most and he is trusted, we can share about our asset with him/her. But of course, it must be the one that we trust, really trust.
And about inheriting our BTC to our son after several years by setting the speed of the transaction, it can really be implemented. But, i wonder, is it really safe and will arrive at that time? How is there is something error? of course, it may be one of the risks.

What happens if someone who sets, for example, 20 years from today's date but they don't die? Is it possible to cancel this transaction?

Isn't it true that if the transaction has been confirmed, we can't cancel it? I also wonder about it, if we really intend to give it to someone else, it may not be a matter for us because we just let it arrived at the address.

[Casdinyard]

Thanks for the extra information there.

Sorry if this is slightly unrelated but inheritance is something I worry about every now and then and have discussed at length with some others. I don't have much, but still, it's significant for folks back home (purchasing power etc).

Problem still exists for me. I do have people I've already given instructions to, and am trying to bring some young adults into it but I find that because there is no interest at all in Bitcoin and in fact possibly some negative attitude towards it, I fear they may not. For example, gave 2 kids some Bitcoin for birthdays on their last birthdays after a couple of years asked them if they still had it. One lost it. Lost the instructions, lost the keys, everything =) Other one had both intact, but was not able to complete it even though I thought the instructions were fairly simple.

God knows I've tried to coach my partner as well but while they can understand once. Later on it's like all memory or understanding of it's vanished.

I think in the end, for most people we'll have to consider crypto-able legal assistance. Wills. Estate management etc.

This is probably one of the biggest disadvantages of bitcoin and I think many of us have the same problem, I cannot give my family direct access to my coins since that will be foolish but in the case something were to happen to me I would like them to use the money I have invested in bitcoin to improve their lives and yet their complete lack of interest on the subject impress me.

But this is nothing new really and it is not privative of bitcoin, it is as if people do not want to think about those subjects and it is why so many people die without a will not realizing that by doing so they are only fuelling family feuds that could have been easily avoided.

If you trust no one, then leave it be. This is enough to tell that you will choose to just keep your investments to yourself if you will die than to share it to your loved ones. I chose to share my private keys to my brither if in case there will be something bad to happen. If he choose to use my investment for personal purposes, then he is free to do so even without my consent. I would more give importance to our relationship as siblings than to be greedy of my wealth. There's no third party in this technology such as Bitcoin bank so decision is on you.

[Krislaw]

Thanks for sharing this method. Argued about this last week in a thread. The method is good but if death happens sooner than expected, the loved one might not receive and use it when it's needed. If there's more advanced method to access the coin incase one dies before the lock period is over, I'd love to hear it.

[jackg]

Thanks for sharing this method. Argued about this last week in a thread. The method is good but if death happens sooner than expected, the loved one might not receive and use it when it's needed. If there's more advanced method to access the coin incase one dies before the lock period is over, I'd love to hear it.

You could create one that sends it immediately and shove it in a safe deposit box or somewhere so it can be salvaged upon death but there's not a good option this way, if you trust the person well with your funds and they don't care so much about money you could share with them the transaction but that wouldn't be my go to just in case...

Never thought such method exist, but the tutorial seems to be lacking, just to be clear. Do i need to create a wallet address to send my funds to a specific family member? Also how do i send the file, if im already gone. That seems to the blockings i see if ever i do this.
My question is, how do you automate this, if ever something happens.

You'd educate someone on how to broadcast it or you'd have something that sends an email after a certain amount of time or print instructions off... I don't think automation is the hard part here, you could slao see if a solicitors would take a small cut to broadcast a transaction (there are some crypto friendly ones afaict).

[krogoth]

  I am looking into making this for my family. I think its a great idea

  I have bought some Coldkey bonds that were made here>> https://bitcointalk.org/index.php?topic=5228739.0
 
  Its a great idea, on one card you have the raw TX and the private and pub key of where the funds will be going to.

  So all a person has to do is hodl onto this card and when the block height is reached, scan the raw TX,broadcast it and the btc will end up in the Pub address of the card.

  Once the owner of the card is ready to redeem, all he/she has to do is sweep the private key.

  You don't have to worry where the funds are going to on an exchange..its all self contained.

  A person can make his own on paper and laminate for protection. Cover the private key area with a holo just an additional safety precaution.

[Zionatin]

I have separate bitcoin wallets for each of my two families so if something happens they each gain access to one. Not that I want to die before them though. I won't be having kids so there will be nothing for anyone to inherit. I obviously should stay alive longer than them so I will leave my private keys in my will and give them to somewhere it will help as a donation.