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

[thecodebear]

Provide your keys in a will. Could always do a multisig as well where the will only has one part of what you need to access the coins, so nobody can get it just by looking at the will, and your family members have other parts of the multisig but not enough to get the coins without the will so they can't access them until the will is presented.

Or provide a partial key in the will and your family already has the other part of the key so they just have to put them together when the person dies.

I believe you can also make a transaction so that after a certain amount of time they coins in the address, if they are still there, get transferred to another given address. You give your family this other address, of course then the coins would officially pass to them whenever that time is up, not at the person's death, so it could be before or after the death.



But I bet every year some bitcoin is lost to owners dying, and I'm sure this will continue in the future, as probably most people aren't setting up how they will transfer their bitcoin unless they are old or sick. For example if I died my family would have no access to my bitcoin (something my mom likes to bring up as a reason why I should give her my keys haha, in her scenario she would spend all my bitcoin on doctors and medical procedures if something happened to me so that I would wake up broke lol).

[Odohu]

There are many services that are concerned with the issue of inheritance, even some of them are decentralized services such as Mixin Safe (Decentralized Multisig+MPC+Timelock solution) and all of them are basically based on the idea of Multisig and Timelock so from a technological point of view, you already have decentralized and centralized services (such as ledger recovery has a feature The presence of a third party or several parties that can access your currencies if something happens to you.)

This is more like it. Well, it seems there is no way around this without integrating latest technology.  So far, your suggestion is great and I will think in that direction. Much appreciated.

And even if you do not use these solutions, all you need is to trust the heirs and give them access to your key, or create a multi-signature wallet and leave some expectations in a subscriber's locker that they only have access to by more than 50% of their number.

Don't you think giving the heirs early might defeat the purpose? Besides, the heirs might not really have a need for it when one is still alive. I feel the best would be to adopt the multi-signature wallet.

[doomloop]

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

That's probably a good way to go about it. No one in the world can be trusted these days, even the closest people to you can deceive you any time when it comes to money because money is everything for everyone these days. So if you don't trust your lawyer, which you shouldn't, you should simply buy a hardware wallet, store the Bitcoins in it, give the wallet to the lawyer, and give the password to the children to keep it somewhere safe as it's important.

Also, tell your children that your lawyer has something with the will which is a device that you guys should get when I'm no more and that device can be unlocked with the password given to you earlier. Any other detail that you want them to know which isn't confidential should be written in the will.

[Mauser]

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?

A will ensures the legal transfer of your assets to the people you want to have them after you die. Without a will, things would follow the official succession, which are probably your children or parents if you don't have any children. While a will only makes sure to transfer assets in a legal sense, it also needs the physical transfer of all the assets. It's good to add the main contents of your crypto portfolio to your will, so your beneficiary knows exactly what he needs to look for when looking for the crypto coins. In case you hide your private keys in remote places it might be hard or even impossible for people to find it, that is why I would maybe think about collecting all important things and put them in a bank vault. In my regional bank it's not really expensive to have a small vault and I added my crypto wallet information together with other things. The main reason for that vault was that I have some physical gold and some old coins which I don't want to keep at home. Adding my crypto details to that list was a save way to store everything in one place and if something happens to me, my family can easily find all the things. So in the end it’s a trade-off between security of our private keys and making sure that our family is going to find everything once we are gone.

[NotATether]

A will is a good idea but for storing the bitcoins for long-term inheritance planning, you should use Mixin Safe with a hardware wallet: https://safe.mixin.zone

The good thing about this is that they don't have full custody over your crypto assets (like Bitcoin), but it's a 2-of-3 multisig where you own two of the three keys (with a timelock in case the owner of the keys dies or something, I guess).

[someone703]

i think you should use hardware wallet and involve in inheritance of bitcoin assets. This is truly a smart and secure way to ensure that your assets are reliably passed on to the next generation. Working with an attorney to define future digital asset access and management is an important step in ensuring transparency and compliance with your wishes. As you have suggested, providing access to hardware wallet passwords to your children through an attorney is a practical way to ensure that your assets will be kept and used in accordance with their wishes. Friend. This certainly shows the care and smart contingency plan for the future management of digital assets.

[uswa56]

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.

Only that is indeed a way to pass on assets to heirs when we are gone, but I do things a little differently, not only giving keys but also providing understanding and knowledge about the Bitcoin investments that I have done, I hope they will have the same goal as me and one day they will be able to continue what I have been doing.
I can because my family members have grown up, and I think they deserve it.

[Razmirraz]

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.

Only that is indeed a way to pass on assets to heirs when we are gone, but I do things a little differently, not only giving keys but also providing understanding and knowledge about the Bitcoin investments that I have done, I hope they will have the same goal as me and one day they will be able to continue what I have been doing.
I can because my family members have grown up, and I think they deserve it.

The private key/Seed phrase needs to be properly guarded if it needs to be stored in the safest place like most people store other valuables. Losing the private key will close access to opening the wallet, nothing can be retrieved when the private key is lost. Educating heirs also needs to be done as early learning or introducing Bitcoin to them earlier than expected.
The understanding and knowledge about Bitcoin investment that is obtained from people they believe is more easily accepted than that taught by others, we can explain to them the uses and advantages of Bitcoin. Showing transaction history to them is also needed to increase their interest in learning about Bitcoin investment, heirs need to be given an understanding so they can cash out assets when something happens to us.

[dothebeats]

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.

Only that is indeed a way to pass on assets to heirs when we are gone, but I do things a little differently, not only giving keys but also providing understanding and knowledge about the Bitcoin investments that I have done, I hope they will have the same goal as me and one day they will be able to continue what I have been doing.
I can because my family members have grown up, and I think they deserve it.

I like how you emphasized sharing the knowledge and ensuring they have information about Bitcoin. Granted that you will be able to pass down your Bitcoin assets to your heir, it will all amount to nothing if they do not know how it works and how to make the best use of it. It will be wasted and all the hard-work you did for btc will be nothing to them if you do not share your knowledge as well.

[dunfida]

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.

Only that is indeed a way to pass on assets to heirs when we are gone, but I do things a little differently, not only giving keys but also providing understanding and knowledge about the Bitcoin investments that I have done, I hope they will have the same goal as me and one day they will be able to continue what I have been doing.
I can because my family members have grown up, and I think they deserve it.

I like how you emphasized sharing the knowledge and ensuring they have information about Bitcoin. Granted that you will be able to pass down your Bitcoin assets to your heir, it will all amount to nothing if they do not know how it works and how to make the best use of it. It will be wasted and all the hard-work you did for btc will be nothing to them if you do not share your knowledge as well.

Its recommendable but there are certain individuals which would really be having doubts on sharing up their wallets private keys while they are still living on the sense that they would really be able to have access on the time

that he/she would be deciding on telling them about those keys which it might really be that a selfish act but its totally true that not everyone would really be that confident on telling them so. Even myself havent decided on telling my wife about my wallets PK but in overall sense then it would really be just that right that you should really be telling them about the basic principles of crypto on how things works and how things to be retreived.
So the solution in my part would really be storing up instructions on my pc and the PK is located on a certain hard drive or usb or whatever offline things you could really be able to put on.
Once they do have that kind of awareness or knowledge, then accessing those coins wont really be that much of a problem.

[Bananington]

~

Wealth can and should also be in the form of knowledge. Plan on how your heirs and next of kin should have knowledge about bitcoins and know the benefits, so that asides just leaving them with bitcoins, there will also be the knowledge which cannot be exhausted that you have left and shared with them. It will no longer be your problem how your heirs decide to spend or use whatever they get from you since you will be dead, but at least letting them know the importance of what you have left them because of the knowledge they have will help them make better decisions about what has been left for them. 

[Wimex]

~

Wealth can and should also be in the form of knowledge. Plan on how your heirs and next of kin should have knowledge about bitcoins and know the benefits, so that asides just leaving them with bitcoins, there will also be the knowledge which cannot be exhausted that you have left and shared with them. It will no longer be your problem how your heirs decide to spend or use whatever they get from you since you will be dead, but at least letting them know the importance of what you have left them because of the knowledge they have will help them make better decisions about what has been left for them. 

It is not only important that they know how essential what they have been left is, but it is also important to instill in them how to make sure that this does not end and continue to grow, since normally parents leave everything they have in their hand accomplished of their children and do not consider if they have had the necessary education to take this responsibility that would allow them to continue with a stable life, so they end up wasting and being in ruins after a certain time, for the simple fact that they not  were teach how to manage financially, it is for this reason that before thinking about leaving them an inheritance as significant as bitcoins would be, it is best that you integrate your children into this world and teach them why it is so important to continue working so that these assets can bring them benefits in their future, and this can be done by giving them the opportunity to generate their own earnings.

[Quidat]

~

Wealth can and should also be in the form of knowledge. Plan on how your heirs and next of kin should have knowledge about bitcoins and know the benefits, so that asides just leaving them with bitcoins, there will also be the knowledge which cannot be exhausted that you have left and shared with them. It will no longer be your problem how your heirs decide to spend or use whatever they get from you since you will be dead, but at least letting them know the importance of what you have left them because of the knowledge they have will help them make better decisions about what has been left for them. 

It is not only important that they know how essential what they have been left is, but it is also important to instill in them how to make sure that this does not end and continue to grow, since normally parents leave everything they have in their hand accomplished of their children and do not consider if they have had the necessary education to take this responsibility that would allow them to continue with a stable life, so they end up wasting and being in ruins after a certain time, for the simple fact that they not  were teach how to manage financially, it is for this reason that before thinking about leaving them an inheritance as significant as bitcoins would be, it is best that you integrate your children into this world and teach them why it is so important to continue working so that these assets can bring them benefits in their future, and this can be done by giving them the opportunity to generate their own earnings.

This is why its better not to focus yourself on single point in terms of investment but its not bad to include Bitcoin into your lists of assets or investment on which that our children are the ones
who would really be able to benefit out. We know that it isnt something that simple or easy since not all parents would be having the capable on doing multiple investments and sources on which they could really be able to left those things behind when they passed away. Its true that if you do have plans on passing your coin posessions on the time that you do pass away then making it sure to be on a will or something that would really be telling them about on how to access those coins in the right time. Its always been that preferable that you should really be that telling them or explaining to them
on what it is so that on the time comes that you are gone, they do know on what they would gonna do.

[ChiBitCTy]

I have discussed this before with a thread, and there's actually books that are written that specifically address how to pass bitcoin/cryptocurrency when you die.  The truth is most people aren't going to prepare themselves and will end of never passing their bitcoin to anyone, so don't be that person, and create a will with special instructions to your beneficiaries so that your hard earned bitcoin doesn't go to void.

[dothebeats]

I have discussed this before with a thread, and there's actually books that are written that specifically address how to pass bitcoin/cryptocurrency when you die.  The truth is most people aren't going to prepare themselves and will end of never passing their bitcoin to anyone, so don't be that person, and create a will with special instructions to your beneficiaries so that your hard earned bitcoin doesn't go to void.

I agree with you. The reality is that some of us will either not even bother doing the suggested steps to ensure that our heirs will have the bitcoin we worked hard for or will not have enough time to do so. Dead comes unexpectedly for most of us and therefore we cannot blame those who were not ready and do not have a will or a note that states who will have who. However, seeing as many have replied to this post, it shows that we are aware that such scenario will happen, and thus it should push us to prepare as early as now.

[Adbitco]

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.

Well, you have spoken well but from what I could derived from op statement writing a WILL in form of bitcoin phrase and  hand it over to your lawyer or his lawyer is something unimaginable, why because those asset being bitcoin can be stolen by even your lawyer or your wife without knowing since bitcoin address doesn't show or displays recipient name. To say it's your lawyer or your wife, unlike other WILL's that is being controlled by Third party (Money is easily to managed and WILL to their kinds, which involved the bank and your Lawyer and your wife) So, there is no way bank could initiate any transaction without your wife, your lawyer to take records of all every that is happening. Bitcoin can be easily stolen, lemme just break it down without any hidden truth.

Do you know if op is already 70 years and his kids are still tender in a way they can't handle bitcoin transaction or they don't have the knowledge of bitcoin. Naturally the best is to teach just as you already said but what in a way those kids can't manage funds properly and this keys (Phrase) are being handed to them how do you think those sets of kid can be able to manage those funds and can they secure their phrase properly because including Third Party is putting funds at a very high risk to say.

What about spouse?
Yes, there are some wife who doesn't care and they always wants their share and sometimes they alway create issues haven known that the man is super wealthy, they could file for a deviors in order for them to have their wealth. My question is, do you still care about such wife giving her your phrase to store for your kids?

The answer is simply No because such person is only wanting to have all control of your assets to her way, what about including a family relatives, I think is another huge problems because the death doesn't speak after laying like a log of wood, and you wouldn't know how those funds are being managed at your absence.
So the best is just to keep eyes on your children for them have the basic knowledge and then come up age that is the only way possible.

[Blitzboy]

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?

A will ensures the legal transfer of your assets to the people you want to have them after you die. Without a will, things would follow the official succession, which are probably your children or parents if you don't have any children. While a will only makes sure to transfer assets in a legal sense, it also needs the physical transfer of all the assets. It's good to add the main contents of your crypto portfolio to your will, so your beneficiary knows exactly what he needs to look for when looking for the crypto coins. In case you hide your private keys in remote places it might be hard or even impossible for people to find it, that is why I would maybe think about collecting all important things and put them in a bank vault. In my regional bank it's not really expensive to have a small vault and I added my crypto wallet information together with other things. The main reason for that vault was that I have some physical gold and some old coins which I don't want to keep at home. Adding my crypto details to that list was a save way to store everything in one place and if something happens to me, my family can easily find all the things. So in the end it’s a trade-off between security of our private keys and making sure that our family is going to find everything once we are gone.

People put on a show to regulate the unavoidable chaos of life and death. Think about it: Human history has seen us evolve from hunters to farmers to computer scientists. After the fact, we're protecting our digital assets? So cute!

A bank's safe? How come? Maintaining physical copies of digital asset keys? Writing an email on a stone pad. Banks are what crypto seeks to avoid. Giving them our digital keys is ironic, if not dumb. Work on ways for our loved ones to get to our things when the inevitable happens instead of a bank vault. Modern means coming up with fresh ideas and updating our thinking. However, secure your gold coins with your ledger. Its oddly gorgeous.

[zaim7413]

One way to access a Bitcoin wallet is to include private keys or seed phrases, without private keys or seed phrases you can never access a wallet. Writing a will containing the wallet address and private keys or seed phrases is then equipped with simple directions to open the wallet and step by step the process of disbursing it into fiat is very difficult to understand if the beneficiary is not equipped with knowledge about Bitcoin.

In my opinion, the simplest way to inherit Bitcoin is by making a short video containing a simple explanation of how to cash out an inheritance in Bitcoin. This way will be more easily absorbed in the recipient's brain than writing in a will.

[ultrloa]

You just need a trusted person to do the job for you so that once your gone he can distribute your bitcoin wealth to your successor.

Or maybe you can hire an attorney and write a last will and testament about your wealth since for sure with this you can assure that your BTC funds will equally distributed according to what you write on documents handle by your attorney. This maybe bit technical but for sure you can successfully pass your wealth to anyone if you think about selecting those people who can do the job for you.

[m2017]

BTC-community is waiting for the recognition and acceptance of bitcoin, which in turn will entail legal regulation. It is likely that in most countries BTC will be treated as property or an investment asset, like securities. Accordingly, it will be possible to leave a will or testament at bitcoin. So far, the legal basis for this has not been created, but I am absolutely sure that if the governments of countries officially recognize btc, then laws will appear that allow leaving it as a legacy. How exactly this will be implemented is not yet clear, because there is no precedent yet, but it is this that will push for the distribution of the will.