Bitcoin is private and decentralized, ok but what if someone dies?

[ilovealtcoins]

There are many services related to cryptocurrency management and inheritance that have been fueling the building idea over the last few years. Bitcoin's decentralization and privacy have created user trust.

We need to accept the truth about cryptocurrencies and prepare ourselves a backup solution so that similar unexpected events happen no longer a concern. Each of us has a responsibility to our families and those close to us that deserve to receive in return the property we leave behind.

In the case of your brother's death in a traffic accident, find a way to get his mobile device and computer back and look at them little by little. Maybe he left his possessions behind in some secret file that you can reach.

[1714748274]

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[bekti3]

most people will still say wills is one of the keys if one day the main holder dies. well, I think so, but the will can be easily accessed by the heir if one of the heirs is not proficient in accessing the personal data of the bitcoin holder.
due to the nature of the main holder who can fully control. Another way is to represent an adult as a trust to manage data to be inherited. many of us have seen this phenomenon, such as assets that have hired advisors / lawyers as intermediaries to convey to the heirs in writing.

[Banprox]

If someone dies with holding some bitcoin in his/her wallet then his/her bitcoin will kept in that wallet till someone get access the wallet and send it or sell it. If that person write down the access key or put somewhere that can be found by his relative then his/her bitcoin can be used. Otherwise his/her bitcoin will kept forever.

[Silberman]

If that happens, or if someone died with possession of bitcoin, it is just luck if he was able to leave his private keys (mostly hard drives) so he can pass his wealth to his family. Unfortunately, I never heard of companies with services with these types of concerns. Haven’t seen any insurance company that is focused on cryptocurrency. Also, a trustee firm where we can file our last will so just in case we die, our family could claim our wealth.

I'm actually hoping that someone will establish the said service. It’s just that right now, it’s not yet very much feasible. Let’s just wait for bitcoin to be massively accepted then we will see these services being offered.

If I remember correctly exchanges already have something like that in place so if you like to keep your coins in exchanges, something I do not recommend long term, then your family members have a chance to recover your coins if you at least tell them that you are holding some bitcoin, however we must remember that we are our own bank and if you are holding your coins yourself then you are the one that needs to put those measures in place if you do not want your coins to be lost when you die.

[irsykes]

My dream when i have a lot of coins or maybe it is a big amount of money, i will tell my family about it. When I read in some post that said if no one know our private key, it means it will gone forever if we dead. Almost like when we lose Private key of our wallet although we're still alive. it will stay in that address and no one can't touch it. I don't want that thing happen. When my friend dies because of disease, fortunately he give his exchange account to 1 of his friend already, so they can withdraw it and give his money to his family.

[willoweb]

I think that 99% of people who are engaged in investment do not think about it today. Who even thinks about inheritance and his heir when he is young or at least at the age of maturity. I am sure there are few such people, but the question that is understood here seems interesting and important to me. Such a thought should sooner or later be realized in some kind of mechanism that will insure the risks and there will be a way to get around the problem. For example, teach your children what blockchain is and how to use wallets.

[Kocret02]

the most important thing is that you can find the password or private key and access to the laptop or computer. I think that's the only way. because security in crypto storage is not easy for anyone to open except the owner, but if the owner dies that's all that can be done unless your brother gives access to someone else before he dies

[ChiBitCTy]

This is a very important topic that I have actually discussed here before.  Although this is related more toward the "Collectibles" board, it still applies in any situation when one passes an wants to leave their bitcoin and or cryptocurrency behind to their loved ones.  Here is my write up.  I think you will find it helpful, or at least hope you do https://bitcointalk.org/index.php?topic=5134350.msg50703294#msg50703294

[Silberman]

I think that 99% of people who are engaged in investment do not think about it today. Who even thinks about inheritance and his heir when he is young or at least at the age of maturity. I am sure there are few such people, but the question that is understood here seems interesting and important to me. Such a thought should sooner or later be realized in some kind of mechanism that will insure the risks and there will be a way to get around the problem. For example, teach your children what blockchain is and how to use wallets.

This is a difficult topic, we know that almost no one wants to think about the day they will die and that is completely understandable but it has to be done because even if you are young and strong you never know what it is going to happen, just look at 2020, it seemed like just another year and suddenly we were in the presence of one of the worst pandemics we have ever seen and even if the elderly were the most affected ones many young people still died so we need to have everything in order in the case of a sudden death.