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

[JayJuanGee]

The only way to do this is by sharing your private key with someone very trusted or just storing it somewhere secure and keeping it locked until the time comes. The way to retrieve your valuables from the lock/vault can be specified on your will. Maybe be use a bank value to store your private keys on the paper wallet. Two parts on two different banks? That way there is lower chance of your keys getting compromised. And I am sure there are other people that have found out better ways to giveaway your wealth to your heirs. Maybe a quick google might help.

or if you have 2 heirs then best to have them both half of the key? so if ever that you died in accident or even in natural death , then they can just share each other and then boom , take the funds out?
though My wife and my children have idea what is crypto and yes i have split the keys to them 3 , (but of course I have my own funds inside my pocket)  so if ever this happens then they can take it out without any issue.

You raise some good points about various ways to attempt to accomplish the extent to which any of us might want to give full power to someone and then to leave it up to that someone to engage in good practices, whether it is to follow instructions or perhaps even to have proper back ups of their keys that might be necessary for the other, and one of the possible remedies for a negligent or sloppy person might be to exercise 2 out of 3, but even 2 out of 3 might not resolve some situations in which one of the people who is irresponsible does their irresponsibility, and then one of the responsible ones ends up having a real and legitimate problem that even ended up screwing up their backup, and then in that case getting left with only 1 out of 3 ends up being the same as having nothing, since one  of the other keys would still be needed.

Oh and your example of giving full access to the spouse, and perhaps it could be like a joint account and there is enough to completely cover everyone and you use it on a regular basis, and there are supposed to be restrictions on spending from the account up to a certain amount per month... let's say $3k per month or something  like that (and presume the funds are in the ballpark of $1 million^**).. but then if you have your own separate $1 million, then you are still able to cope if your spouse runs off with the funds (or spends beyond the budget), even though that was not supposed to happen, and you did not authorize the spouse to engage in that kind of conduct, you have protected yourself by having right around an equal fund that you keep separate for yourself, just in case.

**Don't get me wrong.  I am not trying to make these numbers untouchable, but I am trying to give an example of a fund reaching a kind of self-perpetuating status, and if the fund had only $300k in it, then the example would still work as long at the income being drawn from the fund is $1k per month, and of course, if there is money flowing into the fund on a regular basis, then the extra cashflow into the fund would increase the amount that can be drawn out.. and if the fund is still in its building stage, then maybe no money would be spent from the principle, and it would just be a fund with extra money, and ONLY the cashflow would be part of the regular monthly budget.

[Mr.suevie]

The only way to do this is by sharing your private key with someone very trusted or just storing it somewhere secure and keeping it locked until the time comes. The way to retrieve your valuables from the lock/vault can be specified on your will. Maybe be use a bank value to store your private keys on the paper wallet. Two parts on two different banks? That way there is lower chance of your keys getting compromised. And I am sure there are other people that have found out better ways to giveaway your wealth to your heirs. Maybe a quick google might help.

or if you have 2 heirs then best to have them both half of the key? so if ever that you died in accident or even in natural death , then they can just share each other and then boom , take the funds out?
though My wife and my children have idea what is crypto and yes i have split the keys to them 3 , (but of course I have my own funds inside my pocket)  so if ever this happens then they can take it out without any issue.

That's actually a good plan as death is an inevitable occurrence in a man life and if you know that you are having some valuable amount of Bitcoin that you would need your family to inherit if death come knocking then splitting the key among your household is one way to go about it. But then there is always this possible of someone actually misplacing their key and just in case this happen what do you think will be the alternative way to go about it.

[pixie85]

I wouldn't worry too much about my children accessing the funds early, cheating one another, spending it on stupid things, being robbed and all the rest of it.

You're leaving your whole world to them. This includes all your savings, properties, collectibles, things you worked on your whole life. If they are dumb enough to waste it or fight over it, they'll do it anyway, even if you make sure they get to share the bitcoin equally.

If they are stupid or hateful they will find ways to lose or destroy everything. I know it because I had such situations in my close family and in families of my parents.

If you're worried, get a bank deposit box in your name. Bank law ensures that even if it goes bankrupt you will not lose access because bank doesn't treat deposit boxes like money. It's your property they cannot put on auction or anything like that. You know the password, the encrypted wallet is in the deposit box. You can share the password with your children if you like, or write it in your will. Even knowing the password they won't be able to get to the file before your death and a potential robber who cleans your deposit box won't be able to access the money.

The above is not a perfect way but it's much better than leaving them money because the money will lose value with time but bitcoin won't. It's still in custody of a third party but that party cannot use it or go bankrupt and take it as a bailout.

[Agbamoni]

The only way to do this is by sharing your private key with someone very trusted or just storing it somewhere secure and keeping it locked until the time comes. The way to retrieve your valuables from the lock/vault can be specified on your will. Maybe be use a bank value to store your private keys on the paper wallet. Two parts on two different banks? That way there is lower chance of your keys getting compromised. And I am sure there are other people that have found out better ways to giveaway your wealth to your heirs. Maybe a quick google might help.

or if you have 2 heirs then best to have them both half of the key? so if ever that you died in accident or even in natural death , then they can just share each other and then boom , take the funds out?
though My wife and my children have idea what is crypto and yes i have split the keys to them 3 , (but of course I have my own funds inside my pocket)  so if ever this happens then they can take it out without any issue.

But then there is always this possible of someone actually misplacing their key and just in case this happen what do you think will be the alternative way to go about it.

As Bitcoin becomes more valuable, people tend to be more careful, and fewer private keys are lost. If you've educated your heirs about Bitcoin, they should be more focused on keeping things secure and not losing their keys. Unless they don't really understand the value of your Bitcoin holdings.

But just in case this happens, having a highly trustworthy attorney is crucial. However, since it's not always wise to rely entirely on another person, you can get creative with this.

For example, you could go old-school and write a letter with a fancy wax seal on it. You can have your attorney hold onto this letter, and it should only be opened by the person you want to receive it. So that will serve as an alternative if any heir loses private key.

[JayJuanGee]

I wouldn't worry too much about my children accessing the funds early, cheating one another, spending it on stupid things, being robbed and all the rest of it.

You're leaving your whole world to them. This includes all your savings, properties, collectibles, things you worked on your whole life. If they are dumb enough to waste it or fight over it, they'll do it anyway, even if you make sure they get to share the bitcoin equally.

If they are stupid or hateful they will find ways to lose or destroy everything. I know it because I had such situations in my close family and in families of my parents.

If you're worried, get a bank deposit box in your name. Bank law ensures that even if it goes bankrupt you will not lose access because bank doesn't treat deposit boxes like money. It's your property they cannot put on auction or anything like that. You know the password, the encrypted wallet is in the deposit box. You can share the password with your children if you like, or write it in your will. Even knowing the password they won't be able to get to the file before your death and a potential robber who cleans your deposit box won't be able to access the money.

The above is not a perfect way but it's much better than leaving them money because the money will lose value with time but bitcoin won't. It's still in custody of a third party but that party cannot use it or go bankrupt and take it as a bailout.

Your example seems pretty good pixie85 in regards to the holder of the wallet (safety deposit box) not having an ability to access the keys (information) because they don't have the password, and that could work with leaving that information with an attorney, too... - however, what about the scenario of hardware failure.. and are you keeping the backup seed phrase in any location?

And if the wallet in the safety deposit is seized, stolen or otherwise not available - is there a second wallet somewhere?  maybe there would be a need for two safety deposit boxes, but that would not do much good if the attacker ends up being a government that seizes the property and does not return it.. .we likely realize that there are some ways that encryption might end up being broken if they have the actual harddrive.. so if you know that they have it, then you can move the funds, but if you don't know that they have it or you don't otherwise have access to the wallet, then you would not be able to do anything about their trying to beak the encyption of the device, if they believe that there is something of value on the harddrive.

[peter0425]

The only way to do this is by sharing your private key with someone very trusted or just storing it somewhere secure and keeping it locked until the time comes. The way to retrieve your valuables from the lock/vault can be specified on your will. Maybe be use a bank value to store your private keys on the paper wallet. Two parts on two different banks? That way there is lower chance of your keys getting compromised. And I am sure there are other people that have found out better ways to giveaway your wealth to your heirs. Maybe a quick google might help.

or if you have 2 heirs then best to have them both half of the key? so if ever that you died in accident or even in natural death , then they can just share each other and then boom , take the funds out?
though My wife and my children have idea what is crypto and yes i have split the keys to them 3 , (but of course I have my own funds inside my pocket)  so if ever this happens then they can take it out without any issue.

You raise some good points about various ways to attempt to accomplish the extent to which any of us might want to give full power to someone and then to leave it up to that someone to engage in good practices, whether it is to follow instructions or perhaps even to have proper back ups of their keys that might be necessary for the other,

That is my point mate, I am working for them , I accumulate all my cryptos for their future because who I am to keep when I am the one that for chance to pass away first?(of course there is uncertainties that might happen.
so I will let them decide , either to take it earlier even when I am still alive? or wait till I die it is for their to decide.
i have my own funds that will be with me in the next life if that happens , or if given a chance to live with them till i close my eyes? then those funds of mine will be their as well.

[Roseline492]

Perhaps you have a point in what you are saying, as a man is very painful working so hard to acquire wealth in other to give your children a better life and good education and when you die your children start fighting over the properties which you have laboured so much to build, so another way of trying or if not completely eradicate it from happening is to device a means of sharing all your properties among them while you are still alive, because that way everybody will no there place and respect your decision, through that way you can also monitor them and guide them on how to invest or run a business. With this method I believe things would be different instead of willing properties after death were as you don't no what your children are doing with your wealth.