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

[hugeblack]

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.)
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.

[1714629022]

1714629022

[Flexystar]

The secrete codes need not be revealed in your WILL since you can just inherit the information to bank lockers, House, properties, other type of lockers and much more. Now you can simply have these private keys safely written or embossed on something that can be safely kept in those lockers.

I don’t think it is very big deal. The banks are not gonna open your chest, neither there will be any issues with the lawyer as they are also bound by confidentiality agreements. Problem solved!

[michellee]

It depends on each person's method. They can hire a lawyer to make a will for the next generation and leave Bitcoin with someone they trust to give it to the next generation.

Or they can also directly share it with all their children with a fair share so that no one is jealous. But before that, they must teach their children how to use Bitcoin properly and correctly. So that is the last gift their parents give their children in the hope that their children can continue what their parents have done.

Many more ways can be done to pass on the Bitcoin that we have to our children. And it depends on someone's creativity because we have different ways.

[Eureka_07]

<snip>

Technically, they wouldn't be able to access your bitcoin wealth if they do not know the seed phrases, unless the software where you run it does not shut down in their lifetime – a scenario which, if we think about it, is highly unlikely. The device (such as a phone) that you use to access your wallet will not last forever. Once the device dies, there's no way for them to reopen your wallet account as they would not have the seed phrases. This is why I believe that giving the seed phrases to your heirs is a crucial requirement for transferring your bitcoin wealth to them. Currently, the process doesn't involve complex steps like those needed for tangible assets, making it relatively straightforward.

Edit:
Just learned something new: you can set up a multi-sig wallet that they can access when you're no longer around. Multisig wallet transactions require multiple signatures before they can be approved. You'll need to ask other people to sign it for your heirs. So, once you're gone, they can help facilitate the transfer to them. I'm not sure if I explained it well, but I hope someone here who knows more about the technical and legal aspects of this case will share their opinion.

[coin-investor]

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?

If you're going to pass your Bitcoin or your portfolio to your children, you should first educate them on how Cryptocurrency works, you can rent a safety deposit box from one of the leading banks in your country or buy a good vault the private keys and the seeds should be in a ledger and the instruction to open it should be only by the heirs with all the instructions on it.

But if you have grown up and matured children you should give it to them while they are still alive so you can see what they are going to do with their inheritance many people are already doing that.

[Razmirraz]

Wills are not always in written form, you can choose another way that makes it easier for heirs to access the Wallet containing the Bitcoin that you will inherit to them. One of the best ways to pass on Bitcoin (no form) and difficult to access for people who have never been involved in crypto before, you can make a step by step tutorial on how to access the wallet in the form of a video to make it easier for heirs to receive your inherited property.
Don't ever think that it is difficult for them (heirs) to access a Bitcoin wallet, they live in an age of increasingly sophisticated technology, always integrating with the Internet every day, they will more quickly find information or find this forum to increase their knowledge about Bitcoin.

[DapanasFruit]

Sometimes, human beings can just feel biased 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.

For sure, human nature is always at play with everything including the execution of will from someone who is now gone to the other life. It would be a travesty of justice if there can be a connivance from the people trusted to do what is right, maybe thinking that since nobody can be checking them anyway then they can do anything that is harmful to the right beneficiaries. That is why it would be so critical to trust people that are really worthy of your trust so that even if you are dead you can be sure that you are not stabbed in the back.

[Dunamisx]

Wills are not always in written form, you can choose another way that makes it easier for heirs to access the Wallet containing the Bitcoin that you will inherit to them. One of the best ways to pass on Bitcoin (no form) and difficult to access for people who have never been involved in crypto before, you can make a step by step tutorial on how to access the wallet in the form of a video to make it easier for heirs to receive your inherited property.

A parent that is ready to leave down his will for his children to inherit his bitcoin should start and begin the process right when they are alive, the children must have the knowledge about what bitcoin is, developed interest in bitcoin and understand what bitcoin is all about and might also be someone who adopt bitcoin, if not what the father would have left will be squandered or stolen away from the children if they have no idea of what bitcoin is which their father left for them.

Don't ever think that it is difficult for them (heirs) to access a Bitcoin wallet, they live in an age of increasingly sophisticated technology, always integrating with the Internet every day, they will more quickly find information or find this forum to increase their knowledge about Bitcoin.

Having access to bitcoin wallet is very simple as long as there's a provision for the keys required, i know that parents have a secured means they will pass any sensitive information to their children after their demise, such could involve the wife or among the children to have the completed part of the keys required to have access to the bitcoin on the blockchain, but i may not encourage the use of lawyer in this regards.

[letteredhub]

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.

Trust is a very costly commodity within the bitcoin system and transferring of bitcoin asset to your heir is not same as you would will other types of assets/properties through a written down document  with the benefactor not been able to access those documents until the death of parent's. But with BTC a private key is to be made available to the knowledge of either your lawyer or the benefactor else in sudden death he can't have access to the bitcoin, and that is where the private keys needs to be given to someone who you truly trust because with his knowledge of the private keys he can always have access to the assets wether you're dead or still alive, leaving you with the risk of him hijacking  it if he so wish.

Transfer bitcoin to an heir the process can be very complicated it's only an issue if trust that can make it look fairly less risky. That's why we need to have children that are brought up under a moral standard of training so they don't have to abuse responsibility when given, cause for a parent to make open his bitcoin wallet private key to his child or children he is invariably placing a responsibility on them waiting for when he might pass on for them to now completely gain full accessibility to the wealth.

[dothebeats]

Well there's the traditional way of having a will but it's understandable that a third-party is involved if you have that since you need a lawyer to legalize transferring everything you own to your heir. If you want it to be more private there's paperwallet, your btc will be safe if you can physically hide the paper well and only your heir will be able to get it. It's a smart and subtle way of hiding your possession well.

[Lorence.xD]

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.

If you are thinking how can you passed down the wealth you've made with BTC why not introduce Bitcoin to them while you are still alive right? Because my wealth is really for the future for my family so I already have discussed to them in case there might happened to me (of course I wish not), I told them that I have some assets in my portfolio and will tell the step on how they could access it. Plus I would include steps writing in case they might forgot what I taught to them. Much better to teach the adult one like your wife about Bitcoin so she know how to manage the money for your family. Actually I've think having a video like disc would be a good idea and just simply label it, "how you could access my assets (Bitcoin)" then they could watch the step.

[Husires]

I see that this problem is easy if the wealth will be transferred to someone you trust, be it your wife or your children, but what will happen if you have several children and these children are different among themselves? Inevitably, a multi-signature address must be created, but then some may refrain from signing the transaction in order to They harm others, and then some of your children may not be able to obtain their inheritance, even a court ruling will not be able to force them. They can say they lost the private keys in a boating accident and then, after several years, say they have found them.

[mvdheuvel1983]

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.

A person who has a lot of bitcoins in his wallet and desires to transfer it to his kids when his dies would first of all know that it is not something that should be taken with leisurely. The person's kids have to be on the same page him on bitcoin and crypto related issues. The choice to reveal the key should be left to the family lawyer and there are many ways this can be achieved.

Any kid who is not should have the option of picking another asset maybe a property or business. If the man knows his kids well, this shouldn't be any issues at all.

[Agbe]

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.

That is why when you have to let one person who is trusted in your family to know your seed phrase. And teach the bitcoin how to use wallet and at least buy small unit of bitcoin to to the person for his or her wallet nso the person can learn from there. Just teach him her he to use his own wallet and tell him to keep hodle for sometime then when the price goes up a little bit then tell him to sell and see it he can do that. Learning is a little by little.

[nelson4lov]

The secrete codes need not be revealed in your WILL since you can just inherit the information to bank lockers, House, properties, other type of lockers and much more. Now you can simply have these private keys safely written or embossed on something that can be safely kept in those lockers.

I don’t think it is very big deal. The banks are not gonna open your chest, neither there will be any issues with the lawyer as they are also bound by confidentiality agreements. Problem solved!

There's still a possibility of someone losing their assets in such a situation. Maybe for not-so-large bitcoin assets. The risks drastically increases if huge amount is involved and maybe the person who placed the bitcoin assets in the care of the bank dies. They can just take the seed and remove the assets and never inform the designated inheritance personnel because Bitcoin takes away trust from the system but you're still putting trust and hoping the bank and lawyer will be honest in their dealings. This is very much possible in a centralized world. They can just claim the private key details might have been leaked elsewhere.

So the problem is not solved. A lot could still go wrong.

[Mr.right85]

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

This juggled up on my thoughts but I didn’t know how to put them and somehow, you laid it out just great.
I recently have a run with a Multisig while doing a review on Mixin Safe and I don’t see how one wouldn’t get to be safe with the idea but, a question awakes within my thoughts though.

Having to assign them keys to X - participants and leaving one in a will seems like an excellent idea.

Yet again, from my experience with the Multisig conducted review, it states that once two of the keys could be used in signing, there could be access to the coins and if that be the case, how do you go about preventing your wards or spouse from making some arrangement to access them coins before the time is right?

[DeathAngel]

I saw somebody say something funny once. A guy online said put your private keys in safe, bolted to concrete floor inside your home. Tell your family where it is but not the code to the safe. You can tattoo that on your ass or something or on the inside of your upper thigh. No dependents are ever going to find that until you’re dead. Tell them where the code is & they can get it when it’s time.

[kryptqnick]

If you're doing the will thing, can't you include the passphrase into it? I think in some countries any will counts, and in that case it shouldn't be an issue. If you're in a country where a will has to be certified by a notary to count, I can see why a person can be reluctant to write the passphrase down for another person to see and potentially copy. Locktime can be good, and in some cases you can simply share access with the person you trust and want to have this money in an event of your death.

[Despairo]

Yet again, from my experience with the Multisig conducted review, it states that once two of the keys could be used in signing, there could be access to the coins and if that be the case, how do you go about preventing your wards or spouse from making some arrangement to access them coins before the time is right?

Why you need to care about this kind problem, it's all about trust and this is the risk of entrust your Bitcoins to someone else.

If your wards or spouse access your coins before the right time, there's nothing different whtn they access your coins in the right time, they can do anything with the Bitcoins. If you're not willing to give your wealth as an inheritance for your child or your love, you shouldn't give your coins and let it gone like people who lose their seed phrase.

[Mr.right85]

Why you need to care about this kind problem, it's all about trust and this is the risk of entrust your Bitcoins to someone else.

Am not sure you entirely get it though, it’s not about having to entrust anyone with your bitcoin, no, not at all, you ain’t giving them the keys or seed phrases for safe keeping of your coins (that’s what entrust sounds like to me). It’s about leaving them your keys or seed phrase to have that access when your no more or have no further use of them as an inheritance and yeah, trust might be overly about everything as, there could amount situations in a persons life and that which could be due to some disagreements that could change a person to take actions not thought about and I say this with respect to haven’t given your keys to divorced wife/husband or rogued child. If an alliance could form against you and the case is, assembling 2 keys could unlock wallet, your done.

If your wards or spouse access your coins before the right time, there's nothing different whtn they access your coins in the right time, they can do anything with the Bitcoins. If you're not willing to give your wealth as an inheritance for your child or your love, you shouldn't give your coins and let it gone like people who lose their seed phrase.

I think not! I think there is a lot of difference in having to access a property scheduled to be inherited before the appointed time. That’s why, there is a will in a persons life as, most life taking incident comes at a time when you aren’t expecting and your strength fails you to give those last few words. The will sums it up to make sure there isn’t any conflict and everyone considered gets their fair share of the left behind.

With that in mind;
Creating the Multisig for the parties is just one way of ensuring it doesn’t get lost like the many coins out there without any access. Yeah, you’ve decided that these coins be used at an eventuality but at the time of your continual existence when it’s still of use to you, it doesn’t have to be touched. You could be using it in trades or still piling the portfolio. That’s where the timing to it becomes important.