Can you 'Will' your bitcoin to your children?

[BlackBoss_]

you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.

You can split your bitcoins to five parts, store them in five separating wallets with five different private keys or different mnemonic seeds. Each of five wallets will be assigned to each of your children.

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?

If you want each of your children inherit your bitcoins, let's do separating for each of them. If you only assign one wallet for five children, it will cause conflict of interests and when you pass away, they might start an internal conflict of interest that is not good for them and your family in general.

If you have clear idea when you will give that gift to each of your children, you can use Locktime.
Using Locktime for inheritance planning, backups or gifts

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[Sarah Azhari]

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

Yes by the time, and until my child goes to mature up to 18 years old +. I just prepared wallet.dat and printed private keys for each of my children. and of course not only that, I will teach them how to manage their assets and how to be good investors like Warren.

[libert19]

you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do?

Would ask them to create 5 wallets themselves, and send them equally divided btc from my wallet, possibly through some mixer.

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

1st option sounds good, just reveal the pvk to one, no one else would even know. 2nd option may create quarrel.

[Darker45]

You don't share the Bitcoin account. Actually, the Bitcoin account doesn't matter. What matters are the coins. After all, as soon as they've got the private keys already, they will probably withdraw their share from that account to theirs. Also, you can actually divide them to five while you are still alive. So, instead of putting one private key to your will, you will assign 5 private keys, one for each one of them. As to the will, yeah, you can prepare it in advance. It's up to you how you would keep it.

[NotATether]

Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.

This is a simple situation, if you wish to share the amount of bitcoins you have kept among your children, you can include a clear statement in the WILL, that the amount of bitcoins you have at the time of death will be transferred to a trusted third party that will act as an escrow for the split and sharing of the bitcoins in any percentage you have specified among your children.

 That way you can avoid any problems that may arise by giving it to one of the beneficiaries to share to the others.

You might want to make sure that everyone is happy with that particular arrangement though, because leaving inheritance to one child and not the others, or giving them small shares, can be a source of family feuds and internal strife. Definitely not something you want to leave behind when you depart this world.

[lovesmayfamilis]

What prevents you from dividing bitcoin into equal shares for each child? Or do you think that BTC is not divisible?

There is another option: divide btc not into equal shares, but depending on the abilities of each child. Why leave a legacy to a child who is prone to rash and irrational actions. For example, lose all the money in gambling. Then it’s better to leave the assets to the child who uses them wisely and increases them for the benefit of the family or even other heirs.

There can be many nuances here.

I also thought about it. Five children are always a headache for parents . I was surprised by the OP's expression about the beloved child. This is not clear to me. If someone is more obedient, it should not be said that he is more beloved. This is a parenting and upbringing problem.
But I would not reinvent the wheel but would purchase hardware wallets, dividing them completely in half between the children. Of course, so that they can properly use their funds in the future, it is worth informing them not on the last day, but diligently teaching them how to handle Bitcoin.

[Outhue]

A wise father will go ahead and purchase five hardware wallets for the children, and send the amount of Bitcoin he wish to give the children into each of the wallets, doing this will neutralize any possible conflicts among the children.

No one will be able to know how many Bitcoin the others get from the father.  Keep some apart for yourself, since you are still alive and you don't know how long you are going to be here.

You can make this preparation with a reliable lawyer or the mother (wife) just in case, death can be tricky at times, it's risky, even when we go to sleep at night.

[Hyphen(-)]

In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

Depending on the age range of the children, if they have grown up a bit and they both have exposure to live and possibly can operate and use the internet, then you can teach them so many things about Bitcoin so that they can handle the private key themselves; perhaps after teaching them, you can as well open a separate wallet for each of them so that you can send each of them their share so that they can both have access to them.

If you believe they are too young to understand the concept, you can create a Bitcoin wallet for each of them and keep their respective private keys.

[Rockstarguy]

If you want to leave something like that to each of your five children, then make 5 wallets and "fill" each one with as much BTC as you want. When I say "wallets", I mean creating seeds, which is much easier than extracting private keys from public addresses and manually writing them down, which can easily lead to errors. On the other hand, if you want to print private keys, you run the risk that your data will be compromised, just like if you use the camera on your smartphone.

When you have 5 wallet seeds, write them down on paper and store them in an envelope with the name of each child and an explanation of how to use them. How you store those envelopes is up to you, but I personally wouldn't entrust something like that to a lawyer or someone I don't trust completely.

Most time sharing of money inherited from parents always bring misunderstandings between siblings because maybe the elderly ones would want to receive the higher portion of it. I think the best thing to do to avoid disagreement on how to share the money is for the parent to segment the amount of bitcoin that is to be will to 5 children and specify wallet that belongs to each of the kids.

 Leaving it in a particular wallet till when it is to be shared among the five children may cause conflict expecially when the amount of bitcoin might have gone down due to volatility in price of the market. It will be easy for them if it is already segmented in different wallet and stated which one belongs to each of them.

[Getmon]

The arrangement is to leave your five kids with bitcoins when you no longer exist. When it comes to dividing it and deciding who will hold the keys, this is actually not hard to do because you can easily set up five different addresses for wallets with the same number of bitcoins to make it equal and keep them away from fighting over the differences. The hard aspect is the manner is guarding the keys over an extensive stretch of time. Perhaps you can conceal it among your personal belongings, where no one in your household keeps checking it.

[Husires]

Everything you can do with cash, you can do with bitcoin, so that anyone who knows the private key owns those coins just as if it were you.
You can set up a multi-signature wallet so that if a certain number of children do not agree, the money will not be spent.
So all the options in your mind are available, if you can lock the coins so that they are unlocked on a certain date or you can put them in a safe and keep the key and other things.

If I had kids I wouldn't tell them about Bitcoin, I'd let them grow up and know how to handle money and then I could tell them.

[salad daging]

I think if you give Bitcoin to your five then it is necessary to teach him about Bitcoin so that when Bitcoin is inherited to the child he can better understand or at least he has prepared the best wallet to choose and you just send bitcoin to your child.

Not the favorite child of all the same children is the same favorite for us even though there are 5 children more just and there is no jealousy so it is better for the average bitcoin so that this does not cause other problems among the 5 children.

The most important thing is they must understand bitcoin at least about the basis that must be understood.

[AbuBhakar]

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

Why not use a multi sig Bitcoin wallet to store your Bitcoin then give each children their split private key so that you can make sure that no one can be greedy to solo all the Bitcoin since they need everyone to cooperate just to access your Bitcoin holdings.

I believe giving private key is allowed to be on the will. Just make sure that the lawyer that you will get is informed about it so that he can do research on how to handle this things. Lawyer can adjust and they can accept this kind of will under there care.

[Taskford]

In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

If you think your life is near at the end point much better if you liquidate you asset and convert it to cash or maybe to physical asset like plot/house so that it easy for them to understand about what they are receiving once you depart on this world.

But if you can't avoid that since you want to earn an interest for what you think long term holding can generate you more value then teach your children about  it to avoid confusion in future.

Also split it up to your children and don't let your favorite child handle it because you never know this will create a conflict since money is root of evil and they might think bad to take advantage on what's left for them.

[Smack That Ace]

A wise father will go ahead and purchase five hardware wallets for the children, and send the amount of Bitcoin he wish to give the children into each of the wallets, doing this will neutralize any possible conflicts among the children.

No one will be able to know how many Bitcoin the others get from the father.  Keep some apart for yourself, since you are still alive and you don't know how long you are going to be here.

You can make this preparation with a reliable lawyer or the mother (wife) just in case, death can be tricky at times, it's risky, even when we go to sleep at night.

This is the best solution I can come up with, divide bitcoins equally among 5 hardware wallets and put their names on each wallet they will receive after we die. But I will not trust a lawyer or 3rd party, instead, I will share it all with my wife or most trusted relative, who will hand over my children's bitcoins on my behalf if I have a problem outside desire. Lucky for me, I only have 2 kids, so I will only have to buy 2 hardware wallets .

[qwertyup23]

In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

Good question- this is something that I have been personally debating whether to reveal the private keys to my children (though it would be complicated); or to assign it to someone who is trustworthy enough to reveal it to the kids once they reach the age of majority (or at least the age where they could understand it). Both decisions have their respective pros and cons, especially on the latter, as it is difficult to look for someone whom I can trust completely.

If I were in that position, I would take 70% of my BTCs and convert it to cash so that I could allocate it in a different investment (e.g. stocks, estates, etc.). From there, I would invest the remaining 30% as BTC and put the private key in a safety deposit box where they could have access in the future. I do believe that once they attain the age of majority, their knowledge would help them decide on what to do with it.

[Ryker1]

In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

If you decide to ^[will] the private key to your favorite child, it is possible that the other four children may feel left out or resentful. This could create tension and conflict among your children after you are gone and perhaps if you choose to reveal the private key to all five children at once, they may not fully understand the value of bitcoin and could potentially make poor decisions with it. It perhaps good to consider is to seek the guidance of a financial advisor or estate planner that expert on this who can help you explore all of your options and determine the best course of action based on your specific circumstances. They may be able to suggest alternative solutions, such as setting up a trust or gifting portions of the bitcoin to each child over time. But of course --dont ever share with anyone the private key that you wanted to will.

[KiaKia]

If the children knows nothing about Bitcoin it is better to advise them to learn about Bitcoin first, before handing over the private key to them, again,  I don't like the idea of giving up the private key because, I am sure that me of the kids will stir up a fight among them.  Better tell them to get their own wallets and send you the addresses, do the transfer from your own wallet to the addresses and keep some for yourself, you are not dead yet, and who knows? you can have a long life too, hopefully.  

[Saint-loup]

In a case where you have five children and you don't have much physical assets but you have a enough bitcoin that non of your children are aware of it. Now your age is advancing, you begins to prepare "WILL" and there is no way to divide and share bitcoin account to the five children! What will you do? Since non of them are aware.

Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

The safest and simplest way is IMO to use 5 BIP38 encrypted private keys or 5 mnemonic seed with a password and to leave one different password for each child in your will or to put each password in a sealed envelope for each child that you will leave to a parent. The notary or the parent won't be able to do anything with the passwords because he won't know the encrypted key or the mnemonic seed, but your children will have access to them on your computer. With their password they will be able to try each mnemonic seed/encrypted key to find the one working with their password and belonging to them.

[ancafe]

-Snip- Can you "WILL" the private key to your favorite child or call them together and reveal the private key to them? Or what will you do?
OK guys is up to you!

The simple way you can do this is to distribute the assets you have to five wallets, each of your five children will receive the same amount of assets for the distribution you make, but there must be some kind of reminder so they can access the wallet, when we leave this world. For example writing a will somewhere, that you have saved some assets and wallet keys for the five of them and when the time is right they can retrieve them.

This is more fair for what you give to the five children, so it doesn't raise suspicions about the distribution of the will that you have and most importantly all of them can reach the access that you have stored and you have distributed it equally.