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

[Sayeds56]

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.

I believe it is the right approach to record all information related to our wallets in a physical note book, and I have also chosen the same method to secure my keys, because I don't prefer to save such crucial information on electronic devices.

Moreover, it is essential to provide our children with solid understanding of Bitcoin and its underlying technology so that they can explore optimum benefits from these digital assets that we will pass down to them. This ground will enable them to take optimum advantages of this digital assets that we intend to pass on to them.

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[jrrsparkles]

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.

I beehive it is the right approach to record all information related to our wallets in a physical note book, and I have also chosen the same method to secure my keys, because I don't prefer to save such crucial information on electronic devices.

Keeping the physical copy of the data written on paper is not going to be easy peasy. Paper can be easily damaged like spill a glass or water so it needs a safe lock box something water and fire proof. But even if you do that you need to have a key for that box which you need to locate it somewhere and hope the next generation will find it.

That is why locking up for a certain period is the better choice for inheritance.

[Tutorial] Making your crypto inheritible

[Blitzboy]

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.

I beehive it is the right approach to record all information related to our wallets in a physical note book, and I have also chosen the same method to secure my keys, because I don't prefer to save such crucial information on electronic devices.

Moreover, it is essential to provide our children with solid understanding of Bitcoin and it underlying technology so that they can explore optimum benefits from these digital asset that we will pass down to them. This ground will enable them to take optimum advantages of this digital assets that we intend to pass on to them.

first off, I have to address the 'beehive' typo. Let's just clarify it's 'believe.'

Physical notepad for wallet data? Seriously? Its a decision, but lets look at security and history. Throughout history, written words on paper or stone tablets have been damaged, stolen, or lost. However, your point about distrusting electronics is valid. A digital age paradox: the instruments that enable digital assets can also be their downfall

Discuss the next generation. Teaching our kids about Bitcoin and its technology? Extremely important! The digital domain will host future economic, political, and social struggles. However, your comment regarding optimum advantages and pass on to them is redundant. In conclusion, your old-school way works. Its not foolproof. Make the youngsters Bitcoin-savvy, but give simple, concise messages

[Peanutswar]

Inherit bitcoin or not only of it to their wallets is ideal to hold until they know the use of the bitcoin itself, its quite risky if you will give crypto to the child without knowing what it is or else you will seek a lawyer to your testament regarding with the inherited bitcoin to them so in the future they will use those, its not ideal just giving them a piece of paper written the seed phrase and wait them to unlock so they have those treasure physical paper is prone to destruction find a better safe, if you have the capability to invest with crypto make sure to secure those assets too..

[adultcrypto]

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.

I beehive it is the right approach to record all information related to our wallets in a physical note book, and I have also chosen the same method to secure my keys, because I don't prefer to save such crucial information on electronic devices.

There is a popular saying that anything connected to the internet is vulnerable. This shit always scare me considering that most of my activities and savings are on electronic medium that is connected to the internet always. Physical note book like you said is not bad but have you considered the durability of the note book? Can it stay for a long time without being damaged? Is it possible to protect the content for a long time against others that do have access to your house?

Keeping the physical copy of the data written on paper is not going to be easy peasy. Paper can be easily damaged like spill a glass or water so it needs a safe lock box something water and fire proof. But even if you do that you need to have a key for that box which you need to locate it somewhere and hope the next generation will find it.

That is why locking up for a certain period is the better choice for inheritance.

[Tutorial] Making your crypto inheritible

Good thread made on Electrum wallet. The thread actually explained everything clearly and it seems workable. It just require some mastery as whoever is implementing it must be technically sound to avoid mistake. That will not be a problem anyways because whoever the heir is that is to get the inheritance should be able to seek the knowledge needed to scale through.

I'm going to be doing this whole thing in electrum this will ensure funds can be salvaged by anyone with a note you leave after a certain amount of time.

A slight note on a potential weakening of security here before we start in that once you do this your bitcoins may be suseptible to an attack if someone receives the paper and the ECC algorithm used for bitcoin is broken (but it's likely to remain strong until 2050 afaik).

Another area is also in terms of safety and preservation of the paper where you will write the note as suggested by the author. The aim of the whole thing will be defeated should the note enter the wrong hands. This bring to mind the option of saving part of the sensitive items in a vault with the bank. I think this will work because saving a note at home for 20 years is not an easy thing.

[Sayeds56]

first off, I have to address the 'beehive' typo. Let's just clarify it's 'believe.'

Physical notepad for wallet data? Seriously? Its a decision, but lets look at security and history. Throughout history, written words on paper or stone tablets have been damaged, stolen, or lost. However, your point about distrusting electronics is valid. A digital age paradox: the instruments that enable digital assets can also be their downfall

Discuss the next generation. Teaching our kids about Bitcoin and its technology? Extremely important! The digital domain will host future economic, political, and social struggles. However, your comment regarding optimum advantages and pass on to them is redundant. In conclusion, your old-school way works. Its not foolproof. Make the youngsters Bitcoin-savvy, but give simple, concise messages

Thanks for the correction, I apologize for my spelling and grammar mistakes, as English is not my first language. Your observation holds true that shelf life of words written on a paper is limited, and they can deteriorate overtime. Nevertheless, utilizing good quality of ink and paper, along with protecting the document from sunlight and moisture, we can consider the option of applying transparent plastic sheet through lamination. By doing so, it is possible to prolong the durability of document for extended period of time.

[darkangel11]

If you have a few children, you could try using multisig, but then there's that one of your children dies after you, but before they can share the money.
You could also use a time lock, but then, it doesn't mean you'll time it well enough. You're 50 and you have a 10 year old child, so you lock your coins for another 5 years, but you're still alive, so you keep going, finally you lock it again and die a year later, so your child will have to wait 4 years? That's pretty harsh.
I'd put the instructions and seeds in a capsule and hide it somewhere. I'd give the location to someone that I trust, but make it hard for them to break into it. Let's say you have children and you tell them where the capsule is, but it's under a concrete floor in your living room, so they'd have to use an electric tool and need a whole day to uncover it. They won't do it wile you're alive, but should have no problems getting to it when you're gone.

[usekevin]

Every traders had their wish to add more bitcoin into their wallets.This was the reason the people use to inverse all their money to the bitcoin from multiple earning.The bitcoin may be brought with various prices,the profit percentage will be double when the bull run was survive for longer period.After making the purchase,it’s most essential to share about the holding.Then only the next generation will use the cryptocurrency assets of their helders people.This holding can be used by next generation on their emergency.

[Mahanton]

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.

I believe it is the right approach to record all information related to our wallets in a physical note book, and I have also chosen the same method to secure my keys, because I don't prefer to save such crucial information on electronic devices.

Moreover, it is essential to provide our children with solid understanding of Bitcoin and its underlying technology so that they can explore optimum benefits from these digital assets that we will pass down to them. This ground will enable them to take optimum advantages of this digital assets that we intend to pass on to them.

I have considered out on writing or printing my PK on a paper or be written up but i do have that kind of fear that i might really loss it or when the time comes that ink would definitely be faded out on the time that you might
passed away.  This is why i have decided that i do make out back ups on my own USB with having that having a lock and not just on single flashdrive but rather having 3 as sort of back up. For now then im telling them about the basic principles of crypto and on how to make recoveries or on how private key works on unlocking a certain wallet. So far they do understood it out specially with my wife which it isnt really that hard to understand since you are really just that explaining them about on how to access and on how to make out conversions to real fiat. So that on the time that you would be passing away then those coins wont really be put up
to waste since they could really be able to access it out and make use of those funds that you had been working so hard. For now im not stressing out myself on what would be my ending but rather im focusing on
accumulating for for the sake of my family in terms of the money that they could be able to make use off specially into my children. We know that life is unpredictable and there's no way that we could tell
on when we would be passing away.

[armanda90]

I have considered out on writing or printing my PK on a paper or be written up but i do have that kind of fear that i might really loss it or when the time comes that ink would definitely be faded out on the time that you might
passed away.  This is why i have decided that i do make out back ups on my own USB with having that having a lock and not just on single flashdrive but rather having 3 as sort of back up. For now then im telling them about the basic principles of crypto and on how to make recoveries or on how private key works on unlocking a certain wallet. So far they do understood it out specially with my wife which it isnt really that hard to understand since you are really just that explaining them about on how to access and on how to make out conversions to real fiat. So that on the time that you would be passing away then those coins wont really be put up
to waste since they could really be able to access it out and make use of those funds that you had been working so hard. For now im not stressing out myself on what would be my ending but rather im focusing on
accumulating for for the sake of my family in terms of the money that they could be able to make use off specially into my children. We know that life is unpredictable and there's no way that we could tell
on when we would be passing away.

You need secure if this ideas adopting for transferring all your bitcoin assets to family or your children, writing Private Key on the paper or save it on flash drive is good ideas but put it most secure place with higher protecting without any one else get access there. First important thing for cryptocurrency trader must bee transparence with their family between children or wife. Must talk to them with how much bitcoin assets having and where place located save or hold bitcoin until we need guide them from first step access to wallet until how to withdraw become cash money.

All trader or investor in cryptocurrency have unique way for transfer their bitcoin wallet or assets to children or their family, regarding may assets hold in exchange market its not difficult for me to transfer my bitcoin to my children or my wife by giving them all data required for accessing to exchange market account.

[Zlantann]

Every traders had their wish to add more bitcoin into their wallets.This was the reason the people use to inverse all their money to the bitcoin from multiple earning.The bitcoin may be brought with various prices,the profit percentage will be double when the bull run was survive for longer period.After making the purchase,it’s most essential to share about the holding.Then only the next generation will use the cryptocurrency assets of their helders people.This holding can be used by next generation on their emergency.

The topic is specifically about safely transferring your Bitcoin to your next of kin or heirs and not about trading or investing in Bitcoin.

From some of the replies in this thread, some important points have been raised which are keeping your keys safe to avoid destruction so engraving your keys in a fireproof and waterproof material such as steel might be a good option. The next point is to educate your dependant about Bitcoin if they are of age to understand it. Your wife or grown-up children should know about Bitcoin passwords, keys, recovery, security, etc. Regarding how to transfer these keys options like having a time lock safe, and using a lawyer or an executor have been suggested.  This discussion summarizes that you should look for a suitable means to ensure that your coins are safe and transferred to the right person or persons after your death.

[Mauser]

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.

Writing a will should be the first step, because we want to make sure that the right people inherit our money. Without a will the law will determine who inherits and this could also lead to lawsuits within the family. In this will you should definitely write down that there are crypto currencies part of your financial assets and your family needs to access them separately. Instead of putting any private keys into the will you could rent a deposit box at the local bank and store all important documents there. Like that your relatives will find everything in one place and should have no problem claiming your crypto portfolio. Depending on the size of your crypto portfolio the fee for renting a deposit box are quite small in comparison or maybe you already have one for other things. For example, holding some commodities like silver or gold, or family jewelry and watches I would preferably keep at the bank. There they are insured and you don't have to worry about thieves when going on vacation.

[WatChe]

The topic is specifically about safely transferring your Bitcoin to your next of kin or heirs and not about trading or investing in Bitcoin.

From some of the replies in this thread, some important points have been raised which are keeping your keys safe to avoid destruction so engraving your keys in a fireproof and waterproof material such as steel might be a good option. The next point is to educate your dependant about Bitcoin if they are of age to understand it. Your wife or grown-up children should know about Bitcoin passwords, keys, recovery, security, etc. Regarding how to transfer these keys options like having a time lock safe, and using a lawyer or an executor have been suggested.  This discussion summarizes that you should look for a suitable means to ensure that your coins are safe and transferred to the right person or persons after your death.

This is one of most important point we all are missing i.e. transferring knowledge to your next of kin. Lots of Bitcoin are gone to darkness forever because owners passed away and the next of kin either don't know about the Bitcoins or don't have necessary knowledge to access those Bitcoins. This is one of key limitation of bitcoin, in fiat system your next of kin has complete access to your fiat based assets. So we all need t pay attention to this aspect of Bitcoin.

[Litzki1990]

Inherit bitcoin or not only of it to their wallets is ideal to hold until they know the use of the bitcoin itself, its quite risky if you will give crypto to the child without knowing what it is or else you will seek a lawyer to your testament regarding with the inherited bitcoin to them so in the future they will use those, its not ideal just giving them a piece of paper written the seed phrase and wait them to unlock so they have those treasure physical paper is prone to destruction find a better safe, if you have the capability to invest with crypto make sure to secure those assets too..

As there is no inheritance of bitcoins to the next generation, the user has to make sure who he wants to leave his bitcoins to as the next generation. The only way to transfer bitcoins from one person to another is to give the person to whom the bitcoins are to be transferred access to the wallet. That is, whoever has access to the wallet owns the bitcoins. When the user is active he has to decide to whom he will give access to the bitcoins. Parents' property is usually inherited by sons and daughters, since there is no possibility of children automatically getting Bitcoins, so the user should make his children sufficiently experienced about Bitcoins and highlight the importance of Bitcoins to them. When the children understand the importance of Bitcoin then the user can pass his Bitcoin access to his son or daughter only then Bitcoin will reach the next generation.

[adultcrypto]

If you have a few children, you could try using multisig, but then there's that one of your children dies after you, but before they can share the money.
You could also use a time lock, but then, it doesn't mean you'll time it well enough. You're 50 and you have a 10 year old child, so you lock your coins for another 5 years, but you're still alive, so you keep going, finally you lock it again and die a year later, so your child will have to wait 4 years? That's pretty harsh.

I guess you have just divulge the weakness of using some of the technologies suggested. A situation where one of the heir dies when his signature is needed to access the wallet will be disastrous for the others. Unless there is any other way out of this. I read where @JayJuanGee suggested integrating the services of a hacker as a contingency plan should anything go wrong when the heirs will be accessing the wallet.

I'd put the instructions and seeds in a capsule and hide it somewhere. I'd give the location to someone that I trust, but make it hard for them to break into it. Let's say you have children and you tell them where the capsule is, but it's under a concrete floor in your living room, so they'd have to use an electric tool and need a whole day to uncover it. They won't do it wile you're alive, but should have no problems getting to it when you're gone.

This is pretty amazing! This is feasible and more like a good option because there is very low chances that your children will break the floor while you are still living in that same house. However, it becomes a bit complex when you have that one child that is adventurous and stubborn and who will not blink an eye to break the floor while you are on vacation or something like that  . Anyways, the chances of this happening is minimal since it is expected we raise good and loyal children that are worth keeping inheritance for.

Perhaps you can share the location to two different people that you trust with instructions to only tell your children when you are gone. The information should exclude the amount so that those you trust will not buy the building when you are gone by the time they know the value of what is there.

All the same, this is one of the best suggestion I have seen so far as it eliminates the chances of technological failure and information leakages.

[sokani]

If you have a few children, you could try using multisig, but then there's that one of your children dies after you, but before they can share the money. You could also use a time lock, but then, it doesn't mean you'll time it well enough. You're 50 and you have a 10 year old child, so you lock your coins for another 5 years, but you're still alive, so you keep going, finally you lock it again and die a year later, so your child will have to wait 4 years? That's pretty harsh.
I'd put the instructions and seeds in a capsule and hide it somewhere. I'd give the location to someone that I trust, but make it hard for them to break into it. Let's say you have children and you tell them where the capsule is, but it's under a concrete floor in your living room, so they'd have to use an electric tool and need a whole day to uncover it. They won't do it wile you're alive, but should have no problems getting to it when you're gone.

I've actually thought about this subject before now but your approach is really nice. The only problem with this method is the person you would leave the information of the seed phrase to, as he/she might claim the funds. What about generating and giving the different private keys to the children, so that they can come together and access the funds when the owner is no more? The problem with my suggestion is if the children does not have the fear of God they can even spend the funds while the owner is still alive.  

Physical note book like you said is not bad but have you considered the durability of the note book? Can it stay for a long time without being damaged? Is it possible to protect the content for a long time against others that do have access to your house?

It is advisable to keep your seed phrase safe at a place that's out of reach from water, fire or any sort of damage but if you are scared of using a note book, you can engrave your seed phrase on a metallic steel.

[Dictator69]

If you have a few children, you could try using multisig, but then there's that one of your children dies after you, but before they can share the money.
You could also use a time lock, but then, it doesn't mean you'll time it well enough. You're 50 and you have a 10 year old child, so you lock your coins for another 5 years, but you're still alive, so you keep going, finally you lock it again and die a year later, so your child will have to wait 4 years? That's pretty harsh.
I'd put the instructions and seeds in a capsule and hide it somewhere. I'd give the location to someone that I trust, but make it hard for them to break into it. Let's say you have children and you tell them where the capsule is, but it's under a concrete floor in your living room, so they'd have to use an electric tool and need a whole day to uncover it. They won't do it wile you're alive, but should have no problems getting to it when you're gone.

I think we should begin to think like adults now. As giving ideas and then pointing the flaws out of them are not going to help the OP. And to be honest I do not think OP is going to read all the replies but still he is doing then, he should search for a lawyer or a trust party whom he can give the responsibility of dividing heir in his Childs. But the best practice is (if the children are adults) to divide the heir by himself.

But if they are still child as in your examples then he should hire a middleman or a trust lawyer whom he could give the responsibility of diving the heir equally. But sometimes those middlemen turn up as the biggest scammers and they do not do as they are agreed. So, to avoid that, buy a Hardware wallet and give it to that middleman and tell him it is a USB which contains my last message for my kids. You have to give this USB only when I am gone, and they have become adults. To back this story up and put some extra spice he could buy 1 Hardware wallet and 1 real USB and market USB as 1 and HW as 2 and could say the middlemen that he has to give my Childs the instructions that they should play the video by USB first and in that USB, father could save the Video. Now there are many problems to this method too as if middleman watched the video, he will know what is going on here and that middleman might become greedy. So, find a trustworthy man to handover the heir agreements of BTC.

PS: I think now I began to think like child here. But the real problem is when the Childs are young and not old enough to receive the funds, so the best thing is to lock them even the Childs have to wait for 4 extra years. As it will be a good point for the child as in next four years a halving will came and those BTC will have even more value.

[Ryu_Ar1]

Inherit bitcoin or not only of it to their wallets is ideal to hold until they know the use of the bitcoin itself, its quite risky if you will give crypto to the child without knowing what it is or else you will seek a lawyer to your testament regarding with the inherited bitcoin to them so in the future they will use those, its not ideal just giving them a piece of paper written the seed phrase and wait them to unlock so they have those treasure physical paper is prone to destruction find a better safe, if you have the capability to invest with crypto make sure to secure those assets too..

As there is no inheritance of bitcoins to the next generation, the user has to make sure who he wants to leave his bitcoins to as the next generation. The only way to transfer bitcoins from one person to another is to give the person to whom the bitcoins are to be transferred access to the wallet. That is, whoever has access to the wallet owns the bitcoins. When the user is active he has to decide to whom he will give access to the bitcoins. Parents' property is usually inherited by sons and daughters, since there is no possibility of children automatically getting Bitcoins, so the user should make his children sufficiently experienced about Bitcoins and highlight the importance of Bitcoins to them. When the children understand the importance of Bitcoin then the user can pass his Bitcoin access to his son or daughter only then Bitcoin will reach the next generation.

This is a pretty good point because at the end of the day this is just like a valuable inherited wealth so we should give some teaching beforehand so that we are absolutely sure that we are not mistakenly giving the inheritance to the closest person.
I personally now live with my young child and my beloved wife and fortunately my partner is also now starting to know more about what I do in bitcoin so for the worst case scenario if in the end I am no longer there then I will still give it to my partner as my successor later but of course there are some conditions too because even though my partner, I still don't give access even though he knows I have bitcoin because in the end this is also for the good of my own family and if indeed he wants bitcoin I still advise him to learn more before I can give it comfortably when the worst happens to me.

[Roseline492]

But if they are still child as in your examples then he should hire a middleman or a trust lawyer whom he could give the responsibility of diving the heir equally. But sometimes those middlemen turn up as the biggest scammers and they do not do as they are agreed. So, to avoid that, buy a Hardware wallet and give it to that middleman and tell him it is a USB which contains my last message for my kids. You have to give this USB only when I am gone, and they have become adults. To back this story up and put some extra spice he could buy 1 Hardware wallet and 1 real USB and market USB as 1 and HW as 2 and could say the middlemen that he has to give my Childs the instructions that they should play the video by USB first and in that USB, father could save the Video. Now there are many problems to this method too as if middleman watched the video, he will know what is going on here and that middleman might become greedy. So, find a trustworthy man to handover the heir agreements of BTC.

Haha is an interesting advice, truly in most family or every family there is always one prodigal son that always object to almost everything in the family, so when a father discover he has that kind of son he make sure everything will be well stated on the will to avoid problem among themselves but sometimes will could be tempered if the lawyer is not trustworthy and it will become a game of wealth were the children will be fighting to acquire everything, though it happens more on polygamous family were a man married many wife and has many children the hatred against each other will be extreme.

So just like you mentioned about using USD to record voice message or video, I have  seen were a man backed up his will through a video recorder and he made four videos, giving the lawyer one and writing on the will the all  his wife should check on a particularly place in his room they will see there various messages to proof the authenticity of the will.

[JayJuanGee]

If you have a few children, you could try using multisig, but then there's that one of your children dies after you, but before they can share the money.
You could also use a time lock, but then, it doesn't mean you'll time it well enough. You're 50 and you have a 10 year old child, so you lock your coins for another 5 years, but you're still alive, so you keep going, finally you lock it again and die a year later, so your child will have to wait 4 years? That's pretty harsh.

I guess you have just divulge the weakness of using some of the technologies suggested. A situation where one of the heir dies when his signature is needed to access the wallet will be disastrous for the others. Unless there is any other way out of this. I read where @JayJuanGee suggested integrating the services of a hacker as a contingency plan should anything go wrong when the heirs will be accessing the wallet.

It seems that you mostly understood what I was saying, yet the way that you summarize what I said likely needs some clarification.  So, it seems that I was describing a context in which the heirs might lack some technical expertise in terms of figuring out where the coins might be held and/or the various ways to access the bitcoin - especially if there might have had been some technical issues or even problems figuring out what the deceased bitcoin holder was attempting to communicate to his/her heirs.

So there could be a variety of ways in which a deceased bitcoin holder might attempt to set things up prior to his/her death that might involve instructions and also it might involve a list of technical experts (or even businesses) who the deceased person trusts will charge a fair price in order to help the heirs without being a dishonest actor (and sure these things cannot be 100% known, but it is possible that the deceased person may know some people who he believes would be helpful and may even get paid to help.. and such persons do not need to be hackers, but surely having some decently high level technical skills might not hurt when it comes to figuring out something like putting together all the keys or maybe even getting into the deceased persons personal computer and other devices in which some contemporary files and communications and even accounts might be better found out.  We could have several kinds of accounts and there could be traces of those accounts in our e-mails or in our webpage histories, and sometimes family members might not have enough understanding to even realize that the deceased person had 10-20 different accounts and various kinds of wallets that had bitcoins and maybe shitcoins and some other digital assets on them... that could add up to hundreds of thousands or even millions that the dumb heirs might not have had known or been able to figure out on their own and without the help of the bitcoin (or crypto) technical expert (who you referred to as a hacker).