HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION

[Odohu]

This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

My thought was captured in my comment in this thread but I felt to raise a topic for most discussion. In case this topic have been discussed, I will be glad to be pointed to the thread.

[hosseinimr93]

But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

If you want your heirs to have access to your bitcoin only after your death without you having to reveal your private keys (or seed phrase), you can follow the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts

[KiaKia]

You just said a will can be written, WILL contains everything you have, properties, money and so on, if money can be included why not Bitcoin? Anything can be WILL to your offspring.

You don't have to hide your involvement with Bitcoin from your children and wait till you are no more around before they know, teach them about Bitcoin while you are still here and pass them the Bitcoins you want them to have, there are ways you can get this done, I believe we have discussed something like this on this forum.

If your kinds are still very young, wait for them to get to a certain age, you have a wife? Teach her if you trust her, you have to do so because you don't know when your time will be up, if you are not around anymore she will get things done and fulfill your desire.

Get your kids hardware wallets each and send any amount, for example 1 BTC each or lower.

Lawyers can get this done, so is your spouse if you are scared of Death 😁😁

[Hamza2424]

Hmm, interesting well, as you should know the key is to access the assets, and that key cant be shared if you want security. If you've lost the key or anyone doesn't have it he cant access the Bitcoins in the wallet. So you need to pass the key but there is a huge risk haha, as I had mentioned already if anyone has the key he can withdraw all the funds. More interestingly haha in reality people store Bitcoins for their hiers. I use to keep my keys mostly in a place and few of my family members know where. As you know haha Death is the reality and it can be on the head anytime.

[Odohu]

But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

If you want your heirs to have access to your bitcoin only after your death without you having to reveal your private keys (or seed phrase), you can follow the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts

Thanks for sharing the link. I will have to study the process carefully as it look so technical. Maybe others can give alternatives suggestions or recommendations.

You just said a will can be written, WILL contains everything you have, properties, money and so on, if money can be included why not Bitcoin? Anything can be WILL to your offspring.

You don't have to hide your involvement with Bitcoin from your children and wait till you are no more around before they know, teach them about Bitcoin while you are still here and pass them the Bitcoins you want them to have, there are ways you can get this done, I believe we have discussed something like this on this forum.

You have idea how a Bitcoin will can be written without adding the private keys? If no, who can you trust to have access to the wallet and not tamper with the funds?

Lawyers can get this done, so is your spouse if you are scared of Death 😁😁

Death is inevitable and even though we are not afraid of it, you have to prepare for it 😁😁.

[Aanuoluwatofunmi]

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device.

Knowing fully that bitcoin is not stored on the wallet we make use of, it is stored permanently on the blockchain, what is needed to have an access to this bitcoin is the unblocking keys needed to decoded the encoded coins on the blockchain through the wallet, that is why we need to have the private keys or the seed seed phrase to have access to the bitcoin on the blockchain, someone like me may hand over the keys to my children if i want an inheritance for them, there's a bitcoin timelock device as well which we can use, some may also finds a means of passing the last key or seed of their wallet to their children through a different sources or written down and archived.

[Cryptomultiplier]

But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

If you want your heirs to have access to your bitcoin only after your death without you having to reveal your private keys (or seed phrase), you can follow the guide provided by LoyceV.
Using Locktime for inheritance planning, backups or gifts

Anyone who bothered visiting the link shared here, will understand why BTC is the future of money. The vision is clear, but one must not fail to keep the private keys safe, because it's 'not your keys, not your coins.'
Also, a good offline wallet should be used for those who already have the knowledge, expertise or resources of a merchant trader.

I know the rates, or market trends  or halving may affect ones capital investment to HODL for the future, let's say 5-7 years or even longer. The surety of BTC wealth being a substantial amount upon withdrawal or passing it over to the next generation/heirs, is one that stands guaranteed.

[Fatunad]

You just said a will can be written, WILL contains everything you have, properties, money and so on, if money can be included why not Bitcoin? Anything can be WILL to your offspring.

You don't have to hide your involvement with Bitcoin from your children and wait till you are no more around before they know, teach them about Bitcoin while you are still here and pass them the Bitcoins you want them to have, there are ways you can get this done, I believe we have discussed something like this on this forum.

If your kinds are still very young, wait for them to get to a certain age, you have a wife? Teach her if you trust her, you have to do so because you don't know when your time will be up, if you are not around anymore she will get things done and fulfill your desire.

Get your kids hardware wallets each and send any amount, for example 1 BTC each or lower.

Lawyers can get this done, so is your spouse if you are scared of Death 😁😁

But I do believe that there would be more husbands or men would be trusting up their lawyers on storing up their funds or having that will rather than on trusting their wives. 
Even myself cant really be just that too confident on sharing up my wallets private keys into my wife specially i have saving up in secret and i dont really like for these funds for it to be accessed on the right time.
Not really that on being too selfish but i cant really just that able to freely them able to access my wallet on which these funds been saving up on the right time that they would be able to benefit.
I cant really just that be too confident for now but time will come that it would really be that come in to use. We are all afraid of death and it is really just that right that we should really be making out
those back up plans so that the coins that we are trying to save wont really be coming into waste and this is why its always been ideal on what are the ways that you would really be making use of.

Whether you would really be including it on some will or those recommendations using up LoyceV's suggestion which it isnt really that bad either.

[JoyMarsha]

You just said a will can be written, WILL contains everything you have, properties, money and so on, if money can be included why not Bitcoin? Anything can be WILL to your offspring.

Yeah, anything can be WILL to your offspring, but adding bitcoin demands that you have a certain degree of trust and understanding with the lawyer managing your WILL
Your bitcoin assets are under the jurisdiction of anyone who knows your bitcoin wallet's seed phrase. Anytime he wants, he may exchange it.

What I would do if I were to include bitcoin to the WILL of my offspring, is to purchase a hardware wallet, give it to the lawyer, and give my children access to the hardware wallet's password. My children should meet the lawyer whenever I am no longer alive because I will specify in the WILL how the bitcoin in the hardware wallet is to be shared

[Essential10]

This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

Leaving bitcoins to heirs may sound scary, but with the right education, it doesn't have to be. Most adults haven't established an estate plan. It didn't even occur to them to protect their bitcoins and leave them to heirs. You can enter where your Bitcoin backups are stored. You can write that your Bitcoin keys are stored in a family safety deposit box.  Now, this information will not be helpful to strangers or hackers. They will have no idea what the keys are, or where your family safety deposit box is or how to get into it. But a trusted family member will tell this information. That way, you can have peace of mind knowing your bitcoins will be found by the right person.

[Dr.Bitcoin_Strange]

This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

Well, let's say you have 6 Bitcoins in your Wallet and you also have 3 kids, so perhaps you wish to give 2 bitcoins to each of your children. When you feel you are getting older, and by then your children might have also come of age, you can discuss with them how you want to will 2 bitcoins to each of them, but they can only access them (the Bitcoins) when you have passed on. Then, you can have your private key or wallet phrase divided into four different places and hidden in four different locations (the fourth location is where you will hide the hardware wallet and the last phrase or last key to access the wallet) . then inform each of your kids about the location where he or she can find a piece of the private key, so that when you have finally passed on, the three kids can come together with each piece of the private key so they can combine it together before they can be able to access the location where you have hidden the hardware wallet and the last key to unlock the wallet.

If your kinds are still very young, wait for them to get to a certain age, you have a wife? Teach her if you trust her, you have to do so because you don't know when your time will be up, if you are not around anymore she will get things done and fulfill your desire.

Get your kids hardware wallets each and send any amount, for example 1 BTC each or lower.

Lawyers can get this done, so is your spouse if you are scared of Death 😁😁

Sometimes, human beings can just feel biassed and do otherwise when the willer has passed on. I remember a movie where a rich man willed his property to his children, but after the man passed away, the wife connived with the law and made the lawyer have some properties willed to her, and the lawyer also took some shares in the property. Some people can be trusted, but In your absence, they can just go against your will.

[Sim_card]

Willing your bitcoin to your kids need trust from the third party that will do this when you pass on. As human,we know those that we trust and can put them in charge of the will. If my wife is sincere and I have confidence in her that she will do anything to take proper care of my kids when am gone. I will teach her about bitcoin and how to make transaction with bitcoin and the safety of the wallet,and I will instruct her on what to do. If my lawyer is the most trusted person, I will also tell him how he can go with giving my children their inherited bitcoin. The best way is if your kids are grown up,teach them everything they need to know about bitcoin and when the time for your departure comes,you can just give them the seed phrase for them to import it to their own wallet.

[Kakmakr]

Well, it is actually very easy to do this on your own. You can put the secret passphrases and/or Private keys in a time capsule and bury or hide it in a place that only your family members will be able to find it.

Then you leave clues to your treasure with someone you trust or a lawyer (break it up in 2 or 3 templates that can only work if all parts fit together) Once you are gone.... they can get the pieces together and solve the quest to find your coins. (The clues must be something that more than 3 people would be able to know about you)

A lawyer only has one part of the template and the other people only their pieces... so they cannot do anything without the full treasure map. 

[Texac]

You just said a will can be written, WILL contains everything you have, properties, money and so on, if money can be included why not Bitcoin? Anything can be WILL to your offspring.

You don't have to hide your involvement with Bitcoin from your children and wait till you are no more around before they know, teach them about Bitcoin while you are still here and pass them the Bitcoins you want them to have, there are ways you can get this done, I believe we have discussed something like this on this forum.

If your kinds are still very young, wait for them to get to a certain age, you have a wife? Teach her if you trust her, you have to do so because you don't know when your time will be up, if you are not around anymore she will get things done and fulfill your desire.

Get your kids hardware wallets each and send any amount, for example 1 BTC each or lower.

Lawyers can get this done, so is your spouse if you are scared of Death 😁😁

But I do believe that there would be more husbands or men would be trusting up their lawyers on storing up their funds or having that will rather than on trusting their wives. 
Even myself cant really be just that too confident on sharing up my wallets private keys into my wife specially i have saving up in secret and i dont really like for these funds for it to be accessed on the right time.
Not really that on being too selfish but i cant really just that able to freely them able to access my wallet on which these funds been saving up on the right time that they would be able to benefit.
I cant really just that be too confident for now but time will come that it would really be that come in to use. We are all afraid of death and it is really just that right that we should really be making out
those back up plans so that the coins that we are trying to save wont really be coming into waste and this is why its always been ideal on what are the ways that you would really be making use of.

Whether you would really be including it on some will or those recommendations using up LoyceV's suggestion which it isnt really that bad either.

I am the complete opposite of you, I will always trust my loved ones more than any outsiders including the law enforcement.  as a human being, everyone will have greed, so I would rather trust my loved ones because they come into contact with me every day, I have no reason to trust people who are working with me for money.  to keep a secret as sensitive as the seed phrase, I think it would be better to choose our loved ones than those who are working for money, they can sell us out at any time.

Strangely, there are couples who eat and sleep together, swear to live and die together before the gods, but only because of bitcoin, they doubt each other.  i have a feeling those people are valuing bitcoin and money more than their spouses and children.

[Odohu]

What I would do if I were to include bitcoin to the WILL of my offspring, is to purchase a hardware wallet, give it to the lawyer, and give my children access to the hardware wallet's password. My children should meet the lawyer whenever I am no longer alive because I will specify in the WILL how the bitcoin in the hardware wallet is to be shared

This is a great suggestion and seems feasible. But then, are there no chances that someone can bypass the password of the hardware wallet? If no, then I guess this is a great way to go about it.

Well, it is actually very easy to do this on your own. You can put the secret passphrases and/or Private keys in a time capsule and bury or hide it in a place that only your family members will be able to find it.

Then you leave clues to your treasure with someone you trust or a lawyer (break it up in 2 or 3 templates that can only work if all parts fit together) Once you are gone.... they can get the pieces together and solve the quest to find your coins. (The clues must be something that more than 3 people would be able to know about you)

A lawyer only has one part of the template and the other people only their pieces... so they cannot do anything without the full treasure map. 

This is feasible but leaves huge chances for compromise. In the course of unraveling the the puzzle, what is supposed to be a secret may end up not being a secret anymore because chances are there that some of the children might seek for help in some of the steps. All the same, the idea is good but I feel it need a little fine-tuning.

[franky1]

make a multisig of X+1 surviving relatives..
EG if you have a wife and 2 kids = 3 surviving relatives. have a 4 of 4 multisig

you keep 1 key secret which goes into a will and give other 3 to your family upfront.
they can only unlock at the reading of the will to complete the key set. and the lawyer with access to only one key cant steal the funds alone

[Plaguedeath]

Using time lock transaction can be an option, but the simple way is you need to teach your love or child about Bitcoin, how to use it and the seed phrase you leave. So in case they need it, they can directly access your wallet by importing the seed phrase you leaved in secret place.

You shouldn't feel worried if your love and children know your seed phrase and total money you have, it's not really different with using time lock transaction where all of your money is belong to someone.

[SamReomo]

This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

My thought was captured in my comment in this thread but I felt to raise a topic for most discussion. In case this topic have been discussed, I will be glad to be pointed to the thread.

You have posted a very nice thread, and it's true that most people are holding Bitcoin for their next generation and they really can't tell the secret of their holdings to anyone currently because most of them are planning to hold Bitcoin till 2050's before letting their next generation know about the investment their parents have made to secure their children's future. There can be many things done to protect those Bitcoin and transfer it to the next generation upon need.

It would still be difficult to transfer the Bitcoin to your next generation in its current state and that's why you must have to have someone else on your side who might also know about your investment and would never ever tell anyone about it or misuse it in anyway. It would be hard to trust the lawyers with the private keys of your wallets because they can access and transfer those coins and may change easily change the will details.

The proper way should be to tell your heirs about your Bitcoin investment and also tell them that you have hidden the private key somewhere in the home which they will have to find after your death. I know that such thing seems crazy, but if you can't share the private key the way it is then you will have to share it in this way. You should also leave hints and clues about the place where you have stored your private keys, and it would be better to tell your children about the passwords of the devices where you have stored your private keys, but you should hide the devices from them and would tell them to access it only if suddenly something happens to you. I think this is the only possible way to share details of your investment with your children, and I would also recommend you to avoid telling them about the amount of Bitcoins that you have been holding for their better future.

[tech30338]

This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

My thought was captured in my comment in this thread but I felt to raise a topic for most discussion. In case this topic have been discussed, I will be glad to be pointed to the thread.

New generation will probably waste the money buying cars and a lot of things instead of investing, if your going to put that in your last will if that is a large amount of bitcoin, there should be clause and a thing they need to accomplish before receiving it, you also have to find an attorney who is really trust worthy, in a safety deposit box perhaps they will only open it in a certain year like when they reach 38 or 40 years of age.

[abel1337]

This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

My thought was captured in my comment in this thread but I felt to raise a topic for most discussion. In case this topic have been discussed, I will be glad to be pointed to the thread.

New generation will probably waste the money buying cars and a lot of things instead of investing, if your going to put that in your last will if that is a large amount of bitcoin, there should be clause and a thing they need to accomplish before receiving it, you also have to find an attorney who is really trust worthy, in a safety deposit box perhaps they will only open it in a certain year like when they reach 38 or 40 years of age.

I believe that the goal of this bitcoin inheritance thing is to avoid the third party involvement like a lawyer, bitcoin has a trustless mechanism so no other party is required in doing the inheritance. At the end of the day it is still the decision of successor on what he/she will do about the bitcoin he recieve. For sure he will be forced to learn atleaat the basic of crypto for him/her to access the inheritance.