What Happens to Our Bitcoin and Other Assets If We Die?

[Henrobakkara]

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me   and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup  file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

The challenge is that unlike Fiat that is kept in the bank, cryptocurrency holders usually do not reveal their key phrase, so it becomes difficult to transfer the assets to a next of kin.

Another thing is that some country do not approve of cryptocurrency meaning you can't store your phrase with the bank.

It is not necessary that you have to store your Phrase or whatever login information with the Bank. You can simply write them down somewhere and let your trusted family have access to them when such an incident happens like an enveloped message to a lawyer for delivery in the incident of death however there have been many suggested ways to let your family get those crypto assets which are also technical but I believe there must be a trusted person around you to put in the know.

Let me ask you a personal question. Do you currently share your key phrase with any member of your family. If yes, then this your assertion will be valid.

Moreso, besides just sharing these information with close/trusted people around us, no one can tell for sure when they will answer the call of death, so it doesn't give enough time and room for such action.

Personally, I am married and even my wife do not even know my key phrase, partly because she is less interested in cryptocurrency and absolutely nothing you tell her about it.

Then we are quite different. My wife knows everything about my crypto life even if she is not really a crypto person and has access to every information pertaining to login and so is my sister who by the way is also a very active crypto investor too. Let me shock you again, I run my other sisters staking platform for her meaning I have all her login details and we all trust each other like that and that was why I used the words "trusted family" I understand it cannot be the same for all of us that's why everyone must do what is best for them in that regard. 

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[Hamphser]

I think we should at least make backup  file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

I don't trust banks. All you can do is make a safe in your own house and let someone in your family know how to deal with it. If the bank knows your secret then they will retrieve it for themselves. So no way i am saving my life's earning to someone else either than my family and loved ones.

But it is totally up to you what you want to do. And live your life like there's no tomorrow. Stop thinking about what is yet to come.

But its not bad to mind off for the worst rather than making yourself that confident that there's nothing gonna happen on you which you would really be making yourself that too reckless on ensuring things.

We've been working hard and earning wisely for the benefit or our loved ones or family which it would really be just sensible that we would really be finding up ways for them to cherish or benefit out

on what you had worked for and not would really be just wasted in the wrong hands or totally cant really be accesses just because you had forgotten on telling them or setting up instructions
in case you do die.Trust is the main thing on here but there are people who cant just easily trust up.

[Wakate]

Hello guys just don't get me wrong. As we all know that one day we have to die. So for this I was wondering that if we have at east 1 million dollars in cryptocurrency or just couple of buck like me   and nobody in our family and also friends do not know anything than what should be the possibility.
I think that's the reason still there are millions of BTC that are still missing cause of lost key or dead Bitcoin holders too.
I think we should at least make backup  file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Still not getting Any merit 😁

This is always happening in cryptocurrency and it is a very difficult question to answer because many of us, our families and friends do not have any idea whether we have any crypto holdings or not. Some persons, there family or wife does not have any idea if they really have some cryptocurrencies and the major problem is where to find the private key to the wallet because many persons would never disclosed there wallet key to anybody even there wife because of trust which is why it is very difficult to get a genuine or reasonable answers to this question.

[BitcoinAddicts]

It's very simple. You have to make a will with a lawyer.

[CryptSafe]

No one on Earth knows when their time in Earth would be over. So while you are still alive breathing, you should be able to do the right thing in the sense that as a Crypto Enthusiast, you will have to let your next of kin know more about what you are into. Your heir should be able to access your private keys when you are no more so that they can also enjoy the fruits of your labor. It would be very sad that you accumulated massive wealth onchain as a result of your investment in project at their early stage and gradually, those projects turns out to be a mega projects and you had no idea and your next kin by privy of information guy to know you had such investment, they should be able to make a good earns with it to remedy what ever situation they are in so as to cushion their current predicament. If you know it would cause issues amongst your children, you make a Will and instruct your lawyer on what to do when you are no more there. I is as simple as that.

[Antonas1]

~ I think we should at least make backup  file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Seems you already have the answer to your question. But don't put the key or backup file in the bank. You can use a metal plate to save your private key or sheed phrase, then keep in your safe-deposit box or another secure place. And don't forget to use hardware wallet like Trezor or Ledger as the most secure wallet, use it and teach your wife or kids how to use.

[Dr.Bitcoin_Strange]

It's very simple. You have to make a will with a lawyer.

 What if the lawyer gets biased and decides to keep the asset for himself after your departure? You know that crypto is just crypt. No one will know, even if you have a billion coins. I don't see it as a wise idea.

~snip~

For me, I have a hard drive and a 500-page notebook. I store all my information and directions for authorization on the hard drive and the note book. These two items are kept just within my reach and no one else's. I will definitely leave my will to my children after my departure, and these two items would be able to guide them through recovering every asset I own on the Blockchain. I have my brother, who I am teaching about crypto. This is a modernized world, so I have plans to teach my children about cryptocurrency as well. If I died one day and they (my children or brother) came across my hard drive and the note book, they would have every piece of information they needed to recover my assets.

Still not getting Any merit 😁

Begging for merit is against the merit system. I guess you are not aware of that. Instead, you could search for some thread (earn merit on quality posts) created by some merit source, and report your post that is of good quality and deserves merit.

[Mahanton]

~ I think we should at least make backup  file and should transfer in Bank Safe so that when they receive than they know how to retrieve it.

Seems you already have the answer to your question. But don't put the key or backup file in the bank. You can use a metal plate to save your private key or sheed phrase, then keep in your safe-deposit box or another secure place. And don't forget to use hardware wallet like Trezor or Ledger as the most secure wallet, use it and teach your wife or kids how to use.

You should really make yourself that responsible on teaching up things on your loved ones because its better that they do have knowledge on how to access things in case you passed away.
Some do really have trust on their family members where they could expose their PK even if they are still alive but there are who doesnt really like on doing so due to some trust issues.
This actually boils down on how a certain crypto earner or holder on how he would be securing out their assets.You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

[kamvreto]

You should really make yourself that responsible on teaching up things on your loved ones because its better that they do have knowledge on how to access things in case you passed away.
Some do really have trust on their family members where they could expose their PK even if they are still alive but there are who doesnt really like on doing so due to some trust issues.
This actually boils down on how a certain crypto earner or holder on how he would be securing out their assets.You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

the ones we can trust are the people we love and we know they'll be able to do that by providing some education while we're still healthy and being able to teach them, or providing some guidance that they'll open up later when we're gone. Instead of having to entrust it to a third party like a lawyer, of course there are still doubts. We also really have to imprint heirs on the digital assets we have so they can open them. don't let the stored bitcoins can't be opened again.

[Antonas1]

~

~ You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

Two simple questions:
1. Is it your goal to collect bitcoins just to enrich yourself and not share with your wife or even your children?
2. Before you die, you know that if you die your wife (and children) will be broke, don't you wanna give your bitcoins to them?

[Maidak]

~

~ You wont really be that dumb on not to consider
on putting these things on safe and could be recovered by your loved ones.

Two simple questions:
1. Is it your goal to collect bitcoins just to enrich yourself and not share with your wife or even your children?
2. Before you die, you know that if you die your wife (and children) will be broke, don't you wanna give your bitcoins to them?

For me, I would put my trust in my wife and children more than banks or any other 3rd service. I work hard and invest, the ultimate goal is to bring happiness and a full life to my family, there is no reason why I don't trust them but trust outsiders. Currently all my crypto assets are stored in hardware wallet and my wife is the holder of it, I have copied my private key into 3 different copies, my wife keeps 1, my son keeps 1, and one for me. For me family is everything, if my family is gone then I have millions of bitcoins will also be meaningless.

[noormcs5]

Same question I've been asking myself. I hope binance will not inherit my Bitcoin 😣 . The best thing to do is to write down your key ☺️ and share it with a trusted family member

First of all, the binance does not have a key. If you have funds in Binance you need to give your password and the 2fa code and probably the email associated with binance too , to the person you trust and become the owner of your funds after your death.
In case if you are storing your bitcoins in a decentralized wallet, you will be giving your private key to your loved ones. However some complications still remains as if you give your wallet access to someone and he misuse it even while you're alive.

[Sarah Azhari]

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

[Minecache]

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

Lawyers or banks are not as safe as we think, they also have greed and if it is a large amount of money they are willing to ignore morality to get it. I wonder what are we investing or making money for?, for whom? for ourselves or for our loved ones or families. If it's just ourselves, then we don't need to share or inherit it to anyone. And if we do everything for the family, instead of giving the private key to the lawyer, give it to the person we trust most in the family. It's strange how many people don't trust their loved ones but trust their lawyers.

[bitterguy28]

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

I think the seed needs to be split to the lawyer and the people you are going to give the funds in case of drying , with this I'm sure there is no one that can take the funds unless they will agreed to each others claim.

giving it completely to the lawyer will surely take the business effect as greediness may take place .

[AicecreaME]

There are two different scenarios that could happen when you die. First, if you didn't plan it early, about what your lawyer would do in case you die, your family will never get the assets you had. Second, if you planned it out early, surely your family will get those things that you've left behind. Death is very unpredictable, that's why it's better to sort things out earlier, for your hardwork not to be wasted.

[Leebabe]

They simply die with us if there's no other person that has access to them. In most cases it's pretty obvious that people don't have access to whatever crypto currency we possess because of the safety of these assets, trying to prevent them from being stolen so we choose not to share the access with anyone even to the point of family members. So If no one knows about it then it becomes lost the same way we lose these cryptocurrencies whenever we lose our recovery phrases or any other means of getting them again

[Antonas1]

~

~ Currently all my crypto assets are stored in hardware wallet and my wife is the holder of it, I have copied my private key into 3 different copies, my wife keeps 1, my son keeps 1, and one for me. ~

Yup, that's a good choice. But it must be confirmed, especially for children, that they are not allowed to unlock the wallet while you are still alive. It would be better if the private key in their hands could be used only when you die, or if you're alive but can't afford to handle it.

[Tony116]

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

I think the seed needs to be split to the lawyer and the people you are going to give the funds in case of drying , with this I'm sure there is no one that can take the funds unless they will agreed to each others claim.

giving it completely to the lawyer will surely take the business effect as greediness may take place .

What if the lawyer doesn't want to give the rest or he knows it's too big, he will demand a bigger ransom. Once their work ethic is overshadowed by money, they can do anything. One more thing, we always prioritize privacy and will making will ensure our privacy and crypto assets? In my opinion, there is no need for outsiders to interfere in this matter, give it all to the people you trust most in your family. The people you want will inherit your property when you die.

[bitterguy28]

It's very simple. You have to make a will with a lawyer.

If a lawyer violates the code of ethics, he is to be the first one can access your Million BTC for himself. you must be thinking to do not just giving up the seed to the lawyer. He is a human who has a mind and feels if gets stuck needs the money asap and doesn't know how to get it, your seed is very easy to access and immensely helps him.

I think the seed needs to be split to the lawyer and the people you are going to give the funds in case of drying , with this I'm sure there is no one that can take the funds unless they will agreed to each others claim.

giving it completely to the lawyer will surely take the business effect as greediness may take place .

What if the lawyer doesn't want to give the rest or he knows it's too big, he will demand a bigger ransom. Once their work ethic is overshadowed by money, they can do anything. One more thing, we always prioritize privacy and will making will ensure our privacy and crypto assets? In my opinion, there is no need for outsiders to interfere in this matter, give it all to the people you trust most in your family. The people you want will inherit your property when you die.

Then that will end His reputation as a  Lawyer , there are a written testimony for the lawyer and the owner to sign in and that must be bring when the claims starts to process , and besides who will benefits from those coins if they will not cooperate?  and as A owner of the crypto , surely he will choose the most trusted lawyer and will also Give him better amount to not refuse the will to take in place.
anyway even if there is no interfering from outside ? still this will be complicated if the owner does not trust that big those who will be the beneficiary .