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

[The Cryptovator]

Initially, I recorded all my crypto wallet information in a physical notebook. My intention is to educate my future generations about cryptocurrencies like Bitcoin, ensuring that when they possess sufficient knowledge, they can access and recover the assets I've set aside for them. It seems like the most effective method to pass on my crypto assets to the next generation.

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[PX-Z]

That is truly the simplest way and the easiest. However, you need to be sure that you can trust your lawyer, and it is very understandable for people to not go that way and answer. First, again, there is the issue of trust especially if it is something that has to do with hard-earned money and long-term investment. Another thing is the insurance that only your chosen heir will get that bitcoin wealth, sometimes the law can be overturned by some technicality and it can be messy to deal with.

If you can trust your lawyer for thousands of fiat money, why not your thousands ^{(future millions)} worth of bitcoin. Because i'm sure those who have a last will having bitcoin to inherit have also some thousands of fiat money saved in their bank accounts, company, investments, etc. So a family lawyer is a good choice to trust this kind of scenario, since they will get their part of it as well

[JayJuanGee]

2: giving the one that wants to inherit the assets the basic knowledge of cryptocurrency and how to secure their assets guiding their self against any possible attack by maintaining high privacy.

This is absolutely necessary because if you must transfer Bitcoin to heirs, they must have the required knowledge to handle same. It is even wise we teach our children Bitcoin irrespective of if we are ready to hand over to them or not... this way they can also start building even from an early stage. Personally, Bitcoin is surely one of the things I will prioritize for my children... even as they build their professional careers and venture into different different field of life. I have always been an advocate of each one start from your family and friends in sharing the knowledge of Bitcoin and the technology behind it. If all of us in this forum start from our immediate families, imagine how many Bitcoin lovers and users we can nurture within a short time.

Personally, I question the extent to which it is necessary to teach your heirs about bitcoin in order for some kind of plan to be made in which they would benefit from your bitcoin.  For example, you could create some kind of a trust and you could also have some person or some kind of an organization that would be in charge of distributions, and you could also have terms within the trust that might involve some of the needs of your various heirs to educate themselves in regards to bitcoin (or any other topic) if you believe that might be a reasonable condition to set upon their receipt of the bitcoin or to receive distributions that might span out over a number of years or even through their whole life, if you might want to set it up in that kind of a way.

Don't get me wrong.  I surely get the sense that it is a good thing to teach your own kids about bitcoin, yet in some sense your kids also have agency in terms of whether or not they are interested in the topic, and for sure many of us would prefer that our kids listen to us and we are able to instill various values with them, including that they learn about bitcoin, but still we likely need to appreciate that there may well be a lot of differences in how any heirs might learn (including some heirs might actually have hostile views to you and to bitcoin, and that is going to be up to you regarding whether you still believe that they might be an heir that is entitled to some if not all of your bitcoin upon your perishing).

I recall participating in one thread (currently locked) questioning if the wife should know your seed phrase.

I participated in another thread in which the question regarded whether "your" kids are aware of bitcoin and at what age (or whether) to teach them about bitcoin.

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.

The real problem with BitcoinBTC is that if you share your private key with your near and dear ones like your wife and kids, there are chances that they may misuse the funds and even withdraw them before you die.

On the other hand, if you choose not to share the private key with them, you never know if you die all of sudden like in an accident or heart attack and nobody will know those private keys and hence that bitcoin will be lost forever.

I think, in the future many rich families will become poor when someone in their family dies suddenly without transferring the secret private key to anyone.

I agree with the fact that the major challenges of Bitcoin is in it security and transferability which have lead to a lot of attempt conspiracy,  take the case of Satoshi Nakamoto for instance,  his wallet holdings have remained untouched since his disappearance and if he never return,  those bitcoins become waste and lost forever,  so in other to prevent such occurrence in our individuals live there is a need to put adequate measure in place to checkmate our securities and how best to transfer our Bitcoin to the next generations without causing any harm to both the receiver and you who is the custodial owner.

The risk of the danger of disclosing your private key to another person, vs. the risk of dying without anyone having access to your bitcoins, has been the major worries of many of us.

Your discussion here reminds me of a little (about 27 minutes) video drama that was posted by another forum member (At this time, I cannot remember which member and/or which thread) that has a kind of funny and interesting plot upon which the nerdy (and not very attractive) bitcoiner marries a relatively attractive younger woman, and then he engages in various attempts to teach the wife about bitcoin, which she seems like she did not really understand it and the husband seemed to be using a Trezor with an extra word password, but she understood that he (the husband) had a lot of money, so the wife was having an affair and she and her boyfriend plotted to take the bitcoin from the husband, and I am not sure if they meant to kill him but various tragedies happen along the way including that all of the keys end up getting lost (or not recoverable).. at least that seemed to have had been the way it turned out.. you can watch it for yourself.. From my perspective it doesn't seem to be a bad use of time to watch it (you can even speed it up).

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.

You don't actually need a lawyer for that because as far as I know, there's common law and banking law that governs these things. Under common law, you don't have to "report" any cash found at home.
Imagine that you live with your mother and she dies. You are the only child and your father is dead or your parents are divorced. Whatever movables were there at home are automatically yours. If she had cash in a safe and you know the combination, it's yours. Nobody is going to ask you how much money, jewelry, or art pieces she had as long as there are no other heirs that can lay claim to these things.

If she had a bank account however, the bank will not grant you access unless you give them a court order.

With bitcoin there's no third party locking you out. If your mother left you private keys, seeds, or wallet passwords, the money is yours.

This is likely not 100% correct, but you still make a very decent point about if no one is going to challenge the matter, then there does have to do with potential controversy that comes from anyone who might challenge the matter in terms of either being equal heirs because there is a hierarchy of heirs, so any heir making a claim would likely have to be on the same level.. but states differ in these kinds of property laws and passing down property.. and so your reference to "common law" sort of presumes that the state does not have a specific law on that topic.. .and in that regard, you may or may not be right in regards to the law of any particular state and whether common law applies to that particular jurisdiction... but still it is a good idea for sure.

You are talking about bitcoin transference to your children so there is two things first and most important thing is that there is no surety that how long bitcoin will persist so if your buy bitcoin for the transference of money to your children then no guarantee that at that stage what will be the cost of bitcoin? Will there be any value of bitcoin? people will still believe on bitcoin?

Future is unpredictable and leaving such an expensive thing the value of which is not known and even existence is unknown is something most risky.
The second thing is that is there any individual who you can trust to share your private key with that? If yes then you can but I don't think that in today's age there is such a loyal personality present who will share the message of your money to your children.

I will suggest that buy some property and make some apartment so you can share these assets with your children easily and without any hazards. Every individual has own perception but I think as Compared to bitcoin this idea is better in order to give them profit as well as having less risks.

For sure, I was about to give you merit because your first two points are decently good, but your advice is stupid, lame and evades the questions presented in the thread in terms of an assumption that someone is going to have bitcoin and is going to want to consider various ways of passing down the bitcoin. 

Surely one of the options could be to liquidate the bitcoins at the time of death or to convert them into some other kind of asset, but the dumb thing about presuming that someone who currently has bitcoin should just sell them all to avoid the dilemma seems to be both an ill-thought out idea and not even dealing with the situation as it has already been presented with an assumption that bitcoin currently exists and another assumption that the holder of such coins could die at any second, and has such person actually sufficiently/adequately prepared for such eventuality.. and if not, then what are the various possible ways that such preparations can be made while still living..

...and surely one of the solutions could be to assign someone to the situation and give such person total discretion about what to do, who may or may not end up selling the bitcoin then present.. or another possibility would be to assign someone, but then to tell them what you want done (whether or not they end up following your direction), which also could include instructions that they sell all the then existing bitcoin.

Initially, I recorded all my crypto wallet information in a physical notebook. My intention is to educate my future generations about cryptocurrencies like Bitcoin, ensuring that when they possess sufficient knowledge, they can access and recover the assets I've set aside for them. It seems like the most effective method to pass on my crypto assets to the next generation.

Careful about saying too much about what you are specifically doing in a forum setting or even in other places on the interwebs (including electronic messages and/or e-mails) - especially if it might end up pointing out a single point of failure .. and surely, I understand that we want to attempt to share various possibilities, and maybe we might want to be a bit vague about some of the details, including if we might have some specific points of failure..

By the way, there may be some assumptions that the more things that any of us have going on, there may well be various kinds of needs to write some of those things down, even including that we could end up locking ourselves out of our own bitcoin if either our head gets hit or death of course, and then maybe we might not even remember where we stored what we wrote, so sure there can be advantages to having some of these things written down.. and also that someone might know some of the logistics.. or these instructions are in this location.. but you cannot access that location unless I am dead or irrecoverably disabled (or head injury).... and if the person who knows all of your information perishes in the same accident that you had, then what's your backup plan to that?  or does such a scenario not matter (or it is not likely?) ?

[Patrol69]

It is a rule of the bank that when we earn money we deposit that money in the bank and after depositing the money someone from my family can access our money in our absence. But in case of Bitcoin there is no such rule, Bitcoin like Bank will not hand over your deposited Bitcoins to any of your family members in your absence who will have to take access to those Bitcoins themselves. Since access to bitcoins is self-administered, you must discuss your digital currency with someone you trust so that you have someone to use your bitcoins in your absence. You know a lot about Bitcoin and you have a lot of investment in Bitcoin but no one in your family knows anything about your investment or they have no idea about Bitcoin then when you die they will consider Bitcoin as a valuable asset but when they  If you give detailed idea about Bitcoin and discuss Bitcoin with them then they will be able to meet their needs through Bitcoin in your absence. So all of us who are investors should discuss Bitcoin with any trusted person and make them experienced about Bitcoin.

[Mr.right85]

Initially, I recorded all my crypto wallet information in a physical notebook. My intention is to educate my future generations about cryptocurrencies like Bitcoin, ensuring that when they possess sufficient knowledge, they can access and recover the assets I've set aside for them. It seems like the most effective method to pass on my crypto assets to the next generation.

Physical jotting down the critical data to these is what is recommended and obtainable but, method of safety is what remains questionable in most cases.

For this reason, the Multisig always seems the best idea or approach towards inheritance of crypto assets.

While the Multisig might seem like a best idea, the parties involved having to know what they’ve got or how to make use of it becomes a problem. It’s ideal that they know how to make use of it except, you don’t want them to ever posses what you’ve left behind. Maybe you don’t get to let them know it’s a Multisig belong to the same wallet, perhaps you promote the idea that, it’s a Multisig belong to different wallets based on what is set aside from each individual to prevent them from attempting to join force at any time and only state it clearly in the will. That could work!

[Benedictare]

To transfer Bitcoin wealth to heirs and next-generation is very easy by involving  and teaching, also making them to understand it.involving your spouse and children most especially will free you from financial stress even in death you will be happy with yourself because you have taught them how to make wealth. In the aspect of entrusting  your Bitcoin wealth Will to a lawyer not your spouse or children, I don't think is right  because lawyers cannot be trusted when you are gone,make your  families trust you and you too trust them. An adage says "The enemy you know is better than the angel you don't  know", blood they say is thicker than water . Be wise

[Zlantann]

By the way, there may be some assumptions that the more things that any of us have going on, there may well be various kinds of needs to write some of those things down, even including that we could end up locking ourselves out of our own bitcoin if either our head gets hit or death of course, and then maybe we might not even remember where we stored what we wrote, so sure there can be advantages to having some of these things written down.. and also that someone might know some of the logistics.. or these instructions are in this location.. but you cannot access that location unless I am dead or irrecoverably disabled (or head injury).... and if the person who knows all of your information perishes in the same accident that you had, then what's your backup plan to that?  or does such a scenario not matter (or it is not likely?) ?

I have been contemplating how to handle this issue because the world is full of uncertainties. I have been in certain risky life-threatening situations that could have claimed my life and the only person I trust. I am wondering what will happen to the little Bitcoin I have painstakingly acquired because my other dependents won't have access to it. For me, the solution might be to have a will and appoint a trusted executor or lawyer. Choosing an executor or lawyer will be the main problem because Bitcoin can be easy to steal and men with integrity are scarce. The bottom line is that you have to trust someone or lose your coin. I will also be glad if I can have a suitable option that does not involve a third party.

[CageMabok]

To transfer Bitcoin wealth to heirs and next-generation is very easy by involving  and teaching, also making them to understand it.involving your spouse and children most especially will free you from financial stress even in death you will be happy with yourself because you have taught them how to make wealth. In the aspect of entrusting  your Bitcoin wealth Will to a lawyer not your spouse or children, I don't think is right  because lawyers cannot be trusted when you are gone,make your  families trust you and you too trust them. An adage says "The enemy you know is better than the angel you don't  know", blood they say is thicker than water . Be wise

The title of this topic motivated me to teach my family about Bitcoin and I really feel like telling the kids in my house about Bitcoin. So that they can become more independent in the future when they start working and managing a business apart from receiving an inheritance from their parents, because what you say is in my opinion wise enough to do for a very harmonious family life. Bitcoin is an asset that can be exchanged for any currency and it can also be easier to transfer to other exchanges and wallets because the owner of course already knows how to move all of that to another place.

Well, if it has to be related to our respective families. So what must be done now is to tell and teach those in our own family about Bitcoin so that they can more easily receive inheritance when we are no longer able to work and manage the assets we already have in life. And it's true as you said that involving other people in terms of any cryptocurrency assets or assets is very unwise and we cannot fully trust because parties who are not from our own family can deviate from the plans we have laid out. So it's better not to involve other people in something as simple as this. And by the way, welcome to this forum for you, I hope you can get better here because from the thoughts that you have poured out here, I think you are a pretty smart person.

[shivansps]

There is such a thing as "digital heritage". It was created just for such purposes. I don’t know in which countries it is and what conditions, but for a long time it has been possible to leave a digital will so that people after you can use what you leave them.
In general, this is a good question how to leave a password from a wallet with a large amount of money. After all, no matter who you leave it to, there is a chance that a person will use the password and steal all the assets from this wallet. I'm sure people have already solved this problem. I would use several people with parts of the password for each, but until the moment of death, these people do not know about each other

[Odohu]

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.

You don't actually need a lawyer for that because as far as I know, there's common law and banking law that governs these things. Under common law, you don't have to "report" any cash found at home.
Imagine that you live with your mother and she dies. You are the only child and your father is dead or your parents are divorced. Whatever movables were there at home are automatically yours. If she had cash in a safe and you know the combination, it's yours. Nobody is going to ask you how much money, jewelry, or art pieces she had as long as there are no other heirs that can lay claim to these things.

If she had a bank account however, the bank will not grant you access unless you give them a court order.

With bitcoin there's no third party locking you out. If your mother left you private keys, seeds, or wallet passwords, the money is yours.

I agree with you that for a case of only one heir, a lawyer is really not necessary but in the case of a person with many heirs, it becomes a little complicated. Those suggesting a will are viewing it from legal perspective which is the formal way of transfer of asset in a situation where there are multiple beneficiaries. There could also be some other traditional way of doing this transfer like customs specified in some part of Africa and Asia... in the advent of death of a father, there is already a motherlity of sharing the assets defined by their customs. However, Bitcoin differs from physical assets and has its uniqueness and sensitive that requires some form of technical know-how.

A lot of great suggestions have actually been made so far and I tend to agree with those that have clear technological feasibility such as multi-signature wallet where the heirs will all be required to sign before access.

Nevertheless, in a case where the multi-signature wallet suggestion is not feasible, I am considering arranging my portfolio in different wallets according to the heirs I want to inherit them. As time goes on and when I guage their level of mental maturity, I could even give them access but with specific instructions never to temper with them until I am no more.  This is because I feel it is better the rightful heirs access the funds than some third parties pulling a fast one on me and my heirs. This is just a possibility and I might still adjust it.

[Magic-Money]

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.

This is a very technical question one has to solve, before it gets too late by lost of Bitcoin after death without transfer the wealth to hair, which has been a Big lost in the family. That's why one need to prepare his or her documents well before the time, which no one knows when death going to knock at door, but a simple to saved private key or password and email used on hardware, and keep save and write and label the next generation names on the notebook, both soft and hard copy in area saved. While let your wife know little about my business when we are on good times discussion, if show interest, I educate her about Bitcoin as well, how it works. That's we helped not to lose everything.

[Odohu]

Personally, I question the extent to which it is necessary to teach your heirs about bitcoin in order for some kind of plan to be made in which they would benefit from your bitcoin. 

I am sure you will agree with me that to leave Bitcoin for heirs require them having at least the basic knowledge of Bitcoin... this will make them self-dependent, not asking third party for help when accessing the Bitcoin. Of course you know the risk associated with asking for help from third party as regards Bitcoin.

Furthermore, in the early stages, children have the ability to learn and retain many things. So, it is therefore our duty to teach them the real things of life from our wealth of experience. Let their passion decide which to take seriously.

...you could create some kind of a trust and you could also have some person or some kind of an organization that would be in charge of distributions, and you could also have terms within the trust that might involve some of the needs of your various heirs to educate themselves in regards to bitcoin (or any other topic) if you believe that might be a reasonable condition to set upon their receipt of the bitcoin or to receive distributions that might span out over a number of years or even through their whole life, if you might want to set it up in that kind of a way.

The is another wonderful suggestion that is feasible. This is also elaborate in the sense that it makes their education about Bitcoin a prerequisite for receiving their inheritance.  Choosing a reputable organisation that will have the integrity and longevity to manage such trust is another huddle. As of today, I don't know if there is such and organisation in existence as I have not read or seen anywhere where such services is being talked about. More so, don't you think insurance company might come in and considering that there is yet to be a registered insurance company that handles Bitcoin, will that not be another huddle?

[tjtonmoy]

Why not use a hardware device to back up the seed and lock it in a safe in banks or other services where they can keep that piece safe for a certain period of time? Can be done in multiple banks. In those safe, they never see what's in them. Keep the hardware device password protected too. Give the password to whom you want to pass on the wallet, but not the key. When the time is over, only then they can access that locker.

This way we can keep the seed safe while making a way to pass it down to the future generation. If there are other ways to do it, let me know. But this one seems the best way to me because you are not required to share or disclose your private key or seed phrase. Safe and secure if you ask me!

[Blitzboy]

To transfer Bitcoin wealth to heirs and next-generation is very easy by involving  and teaching, also making them to understand it.involving your spouse and children most especially will free you from financial stress even in death you will be happy with yourself because you have taught them how to make wealth. In the aspect of entrusting  your Bitcoin wealth Will to a lawyer not your spouse or children, I don't think is right  because lawyers cannot be trusted when you are gone,make your  families trust you and you too trust them. An adage says "The enemy you know is better than the angel you don't  know", blood they say is thicker than water . Be wise

The title of this topic motivated me to teach my family about Bitcoin and I really feel like telling the kids in my house about Bitcoin. So that they can become more independent in the future when they start working and managing a business apart from receiving an inheritance from their parents, because what you say is in my opinion wise enough to do for a very harmonious family life. Bitcoin is an asset that can be exchanged for any currency and it can also be easier to transfer to other exchanges and wallets because the owner of course already knows how to move all of that to another place.

Well, if it has to be related to our respective families. So what must be done now is to tell and teach those in our own family about Bitcoin so that they can more easily receive inheritance when we are no longer able to work and manage the assets we already have in life. And it's true as you said that involving other people in terms of any cryptocurrency assets or assets is very unwise and we cannot fully trust because parties who are not from our own family can deviate from the plans we have laid out. So it's better not to involve other people in something as simple as this. And by the way, welcome to this forum for you, I hope you can get better here because from the thoughts that you have poured out here, I think you are a pretty smart person.

banking on Bitcoin for familial harmony and inheritance? Really? Bitcoin is but a drop in the vast ocean of financial instruments available today.

Your faith in Bitcoin and disinterest in third-party involvement is both impressive and concerning. I's critical to remind ourselves that while Bitcoin offers decentralized asset management, its far from infallible. Dismissing third-party involvement is, frankly, reckless. In this ever-evolving digital ecosystem, third parties can offer invaluable insights, security protocols, and recovery mechanisms.

Take a step back and assess your approach. While Bitcoin is promising, it should be just one piece of a diversified financial strategy. Broaden your horizons, and don’t just blindly latch onto the latest fad. Welcome to the forum, by the way. But be ready; the real world isnt as rosy as your optimistic musings suggest.

[adultcrypto]

Why not use a hardware device to back up the seed and lock it in a safe in banks or other services where they can keep that piece safe for a certain period of time? Can be done in multiple banks. In those safe, they never see what's in them. Keep the hardware device password protected too. Give the password to whom you want to pass on the wallet, but not the key. When the time is over, only then they can access that locker.

This way we can keep the seed safe while making a way to pass it down to the future generation. If there are other ways to do it, let me know. But this one seems the best way to me because you are not required to share or disclose your private key or seed phrase. Safe and secure if you ask me!

Seems majority of the comments here suggest that hardware device is a good option. The only aspect that people seems to be having divergent views is who will be in custody of the hardware, the password and other sensitive information. If those are well clarified, then hardware is truly a good option.

Your faith in Bitcoin and disinterest in third-party involvement is both impressive and concerning. I's critical to remind ourselves that while Bitcoin offers decentralized asset management, its far from infallible. Dismissing third-party involvement is, frankly, reckless. In this ever-evolving digital ecosystem, third parties can offer invaluable insights, security protocols, and recovery mechanisms.

Your argument is valid and fantastic in my opinion. But the area people are raising concern is in terms of security and being able to trust the third-party because someone can anonymously steal the Bitcoin. It could even happen that someone else privy to the wallet or storage medium information can steal the Bitcoin while supposedly under the custody of the third-party.  The whole thing is complex so you should be able to highlight how the third-party can be involved that you think will not lead to problems. I'm truly curious to know your perspective of third-party involvement.

.

[JayJuanGee]

Nevertheless, in a case where the multi-signature wallet suggestion is not feasible, I am considering arranging my portfolio in different wallets according to the heirs I want to inherit them. As time goes on and when I guage their level of mental maturity, I could even give them access but with specific instructions never to temper with them until I am no more.  This is because I feel it is better the rightful heirs access the funds than some third parties pulling a fast one on me and my heirs. This is just a possibility and I might still adjust it.

I am a little bothered by what you seem to be suggesting, at least in terms if a lot of time might pass between giving the instructions, and I suppose I could assume that you are checking the validity of the wallets periodically, such as 1 or 2 times per year, because if several years pass and the keys and the method has not been checked, it could become problematic.. Of course, another way could be to describe the method, but also provide the back up seed (or whatever method is being used), so even if they are having trouble figuring it out, they still may be able to get some technical assistance from some random hacker (hopefully trustworthy) to figure out derivation paths or whatever might be a possible snag in getting at the wallet showing the proper balance of 0.00451376 BTC or whatever the correct amount contained therein might end up being.

Personally, I question the extent to which it is necessary to teach your heirs about bitcoin in order for some kind of plan to be made in which they would benefit from your bitcoin. 

I am sure you will agree with me that to leave Bitcoin for heirs require them having at least the basic knowledge of Bitcoin... this will make them self-dependent, not asking third party for help when accessing the Bitcoin. Of course you know the risk associated with asking for help from third party as regards Bitcoin.

Furthermore, in the early stages, children have the ability to learn and retain many things. So, it is therefore our duty to teach them the real things of life from our wealth of experience. Let their passion decide which to take seriously.

I doubt that I am really disagreeing with anything that you are saying in regards to attempting to teach your lil ones (and also at various stages as they become less little), and also maybe it is likely if you have raised your kids well, then they are going to listen to everything that you say and not rebel against you in any kind of active or passive way. 

And if they were to happen to rebel against you, then it would thereby be up to you whether you choose to negatively adjust the amount of the cornz that you had been intending to leave them.

...you could create some kind of a trust and you could also have some person or some kind of an organization that would be in charge of distributions, and you could also have terms within the trust that might involve some of the needs of your various heirs to educate themselves in regards to bitcoin (or any other topic) if you believe that might be a reasonable condition to set upon their receipt of the bitcoin or to receive distributions that might span out over a number of years or even through their whole life, if you might want to set it up in that kind of a way.

The is another wonderful suggestion that is feasible. This is also elaborate in the sense that it makes their education about Bitcoin a prerequisite for receiving their inheritance.  Choosing a reputable organisation that will have the integrity and longevity to manage such trust is another huddle. As of today, I don't know if there is such and organisation in existence as I have not read or seen anywhere where such services is being talked about. More so, don't you think insurance company might come in and considering that there is yet to be a registered insurance company that handles Bitcoin, will that not be another huddle?

There is a pretty wide practice of the use of trusts amongst rich people in a lot of places around the world, and even if there is likely some jurisdictional variance (and even various hurdles along the way), trusts are considered to be kinds of private conveyances of value/property, that are set up while you are living and you can even have a trusted friend administer once you pass.. or you could already have it going before you pass and you could be the administrator of it while you are still living..

I surely don't know all the nitty gritty between the kinds of trusts (revocable and irrevocable) that could be set up, but you ultimate describe whatever terms that you like within such trust including who the administrator is (and of course who the various beneficiaries are) and usually the administrator would receive some kind of a fee that you would describe within the trust. and I would imagine that you would not want your trust administrator to work for free because they might not carry out what you want if the terms do not fairly compensate them for carrying out the trust terms and maybe even describing how expenses, if any, are paid from the trust.

[Aanuoluwatofunmi]

When we are planning on leaving bitcoin as an inheritance for our children, we should take a look at the time frame from when we will begin the plan and the average age the children would have been by the time they would have been well opportuned to access the bitcoin, also it's a task which is expected from the father to engage his children in having interest in bitcoin, knowing about bitcoin and be ready to utilize every possible potentials that might comes in through bitcoin adoption, what use will an asset if the children it was will for have no value or regards on it, there's alot to secure right before the parents pass on, they have to see that their children are interested in bitcoin and will continue with where they have left it from and pick up hence, there are more means tgiys children can inherit the asset without going through any insurance scheme if properly arranged.

[ethrhinoceros]

you gotta look into options like crypto wills or trust funds that are crypto-friendly. Also, make sure your fam knows the ins and outs of your digital wallet keeping all the private keys and passcodes safe but accessible is key. Keeping that BTC in the fam is next level, so props for thinking ahead!

[SmartGold01]

This is also another serious challenging issues but as mother or father the only possible is if your family are in a good terms with each others, because you hand it over to your wife or your husband depending on how trusted realistic you two are.. lemme say for instance now, I have to save btc for my daughter for some years the only person that could know about it is my husband since our daughter isn't of age to start swimming on btc phrase, private keys and so on.

So we can't predict tomorrow but we are too sure of something positive would happen, so it is to life as we keep planning to make preservation to our generation we should also try to build some trust within the family member so that such wealth could be handed over to the next generation, such as the way companies are being inherited and they maintained the standard of the company even till the next generation to come could still be benefiting from it. Security plays a very virtal and crucial roles here because if we don't teach our children, family members and relatives about security and ways of preservation they don't mind losing all assets to a cheap scammer.

[Odohu]

Nevertheless, in a case where the multi-signature wallet suggestion is not feasible, I am considering arranging my portfolio in different wallets according to the heirs I want to inherit them. As time goes on and when I guage their level of mental maturity, I could even give them access but with specific instructions never to temper with them until I am no more.  This is because I feel it is better the rightful heirs access the funds than some third parties pulling a fast one on me and my heirs. This is just a possibility and I might still adjust it.

I am a little bothered by what you seem to be suggesting, at least in terms if a lot of time might pass between giving the instructions, and I suppose I could assume that you are checking the validity of the wallets periodically, such as 1 or 2 times per year, because if several years pass and the keys and the method has not been checked, it could become problematic..

Well, what I am saying is a kind of simple and direct. Let me put some specifics to my point for clarity sake. Assuming I have 3 heirs that I want to transfer my asset to and I already save like 6 BTC that I want to share equally among them. I could just make 3 different wallets and transfer 2 BTC to each of them. Thereafter, I will give each of them access to the wallets and mandate them to keep the information safe and never to withdraw anything from the wallet until I'm gone as that will be my gift to them. Any further Bitcoin I buy will be shared in similar proportion and sent to those wallets as well. I will set a bench mark of like 16 to 18 years as the age they must get to so I am sure the money will not affect them psychologically. This is necessary because exposing children to certain kinds of money have a way of affecting them negatively like I stated before. Besides, the aim of wealth transfer will be defeated if the wealth affect then negatively rather than be a thing of help to them.

Of course, another way could be to describe the method, but also provide the back up seed (or whatever method is being used), so even if they are having trouble figuring it out, they still may be able to get some technical assistance from some random hacker (hopefully trustworthy) to figure out derivation paths or whatever might be a possible snag in getting at the wallet showing the proper balance of 0.00451376 BTC or whatever the correct amount contained therein might end up being.

I will still have access to the wallets even after giving them access too and periodically I will be checking the wallets to see that everything is in order. 1 or 2 times per year that you suggested is a good one and enough to know that all is going as planned. Well, I don't completely see how the services of a third-party will be needed because I already stated in my earlier post that I will make it a duty to teach them the basics. If I don't need such services, then I don't see why they should. Remember, money is involved so I am confident they will be will to learn the basics which is enough for them to protect the asset and all the sensitive information as they will do with their normal banking details. But then, looking at it from another angle, I can keep that as contingency plan and in this case, it will be someone I have some level of trust in just like you suggested.

There is a pretty wide practice of the use of trusts amongst rich people in a lot of places around the world, and even if there is likely some jurisdictional variance (and even various hurdles along the way), trusts are considered to be kinds of private conveyances of value/property, that are set up while you are living and you can even have a trusted friend administer once you pass.. or you could already have it going before you pass and you could be the administrator of it while you are still living..

I surely don't know all the nitty gritty between the kinds of trusts (revocable and irrevocable) that could be set up, but you ultimate describe whatever terms that you like within such trust including who the administrator is (and of course who the various beneficiaries are) and usually the administrator would receive some kind of a fee that you would describe within the trust. and I would imagine that you would not want your trust administrator to work for free because they might not carry out what you want if the terms do not fairly compensate them for carrying out the trust terms and maybe even describing how expenses, if any, are paid from the trust.

I was actually excited seeing this wonderful suggestion from you. This method could also be very good especially when one want to set aside part of the wealth for charity. Even though it is not still very clear if the established trust that I know can take up digital assets like Bitcoin, but there is still chances it will be possible.