If only property I have is bitcoin

[Riginac111]

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

[1715031997]

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[mk4]

It will totally depend on how trustworthy the best family candidate is. If that family candidate isn't some gambling/drinking/drug addict and you generally trust him/her to not take your coins while you're still alive, then probably go ahead.

On the other hand, you can just store your recovery seed and some easy-to-understand instructions in a fire-proof safe.

[Helena Yu]

If you don't want to give or pass your wealth to someone you love, then it's no need to tell them your seed phrase and where you leave it.

But if you want to give or pass your wealth, you must tell them when you're still alive.

The most simple thing is give your seed phrase, but there are another two good ways e.g. create time lock transaction which make your coins will automatically send after some period of time like after 5 years, 10 years etc or create a 2 of 3 multi-signature wallet.

[BlackBoss_]

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

If you don't want anyone from your family to inherit and access your bitcoins, don't share seed phrase.

If you want one person or some family members to inherit your bitcoin, share with them your seed phrases but think if are they only one member or some members.
If you plan to share it to one family member, you can have only one wallet. If you plan to share it to three members, you must have three different wallets and each wallet will be shared to only one member.

[Husires]

You can write it in a will and tell them not to open it until after your death, thus ensuring that they are the ones who will receive it after your death. I do not know whether you have laws for distributing inheritance in your country, but in my country, if you leave a will with a distribution to a specific person, it will go to him. Otherwise, the laws will govern how this money is spent. Don't think too much about death because I think it comes suddenly when our position is that you will not die. Be patient and try to enjoy the money you have collected.

[HONDACD125]

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

First of all, congratulations that you have recovered from the disease, and the fear of death due to the disease in your heart will also be gone now. You guessed it right, everyone knows about real estate investment or money kept in a bank or any other investment. In case someone dies suddenly, the family members get the assets easily. People who have invested in crypto currency or Bitcoin no family member knows only they know where and how much their investment is.


So if we face such a problem, whether we have shared our passphrases or passwords or information about our assets with our family members is a very important question. It is also a problem for you that you do not have a wife and children. First we can give information about our assets to wife and children. I think you should keep your Bitcoin investments secret,and the best way is to save all your passphrases and passwords in a diary, and keep it in a cupboard that only you have access to. If something happens to you, later on, your family members can easily access your Bitcoin or crypto currency assets by knowing everything from a single diary.

[stompix]

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking,

10 pages on the same topic locked just a week ago:
How do we transfer bitcoin wealth to heirs and the next generation

So, start by searching if not 1000 people have asked the same question 1000 times before!

right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment

Do you really care that much about what happens to your Bitcoin investment once you're no longer in this world?
Focus more on living than on what you're going to leave!

[Sayeds56]

Sometimes we imagine some mystery of life as we are still living, have you asked yourself of your cryptocurrency investment profit and lost way about if you live by ghost, again have you asked the mystery that behind your investment when it occurs to be profiting, right now I'm thinking to myself and my investment and if only investment I have is bitcoin and when I'm no more who will manage my bitcoin investment and how will my family know about my bitcoin investment. I was ill for some days and I asked myself a two questions base on my only investment bitcoin, the questions are.

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

I am glad to hear that you have recovered from illness. The question about management of personnel asset including digitals ones like Bitcoin is well understandable. It is crucial to exercise caution when considering sharing your wallets seed phrase, and any one access to it can potentially take control of your Bitcoin holdings. I would strongly recommend discussing your decision with your legal or financial advisor who can surely help you to make an informed decision based on your specific circumstances and laws and regulations in the country of your residence.

In summary, safeguarding the security of digital assets holding is of utmost importance and consider consulting with your legal advisor to develop a comprehensive plan that aligns with your wishes and ensure protection of your investments.

[mindrust]

Having bitcoin is a great thing but you should do some diversification imo. No matter what asset it is,  if you only hold one asset in your portfolio, it means you are carrying too much risk. Get some bonds and stock too so you will have a very diversified portfolio and if you die early, the institutions will give your funds to your family members. At least you won’t have to think about that part of your wealth.

[Nwada001]

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

If I could remember correctly, I think I engaged in a similar discussion regarding whether someone was to pass over their seas phrase to their loved ones or not. If you are having this kind of teaching in your mind and you are wondering what will happen to your holdings if you are no longer there to safe guard them, then I will advise you to make the choice of sharing your bitcoin idea with a few of your family members that you can trust a little. I know there is not much trust when it comes to money.
 
But for you to be on the safer side, you can create a three-signatory wallet, where you will have to move the bitcoins that you have now over to those wallets, and you can have access to the three phrases of the wallet, as you are the real owner and might want to spend it anytime without the need of seeking permission from anybody.
 
Then you can look among your family members and pick three of them with whom you can share access to one of them. For them to be able to make use of the fund, they will first of all have to come to an agreement, and they can't do this while you are healthy. This way, you can rest assured that your funds are safe without thinking about what will happen to them again or how secure they are in the hands of the person you hand them to. Now everything is in the hands of your family to decide what will happen to your bitcoin if you are no longer able to access it.

[pakhitheboss]

Bitcoin inheritance is a problem only if you don't have anyone trustworthy. If you trust your partner then share your seed phrase or inform them where you have kept your seed phrase. It is imperative that you teach them how to use those phrases. You cannot do anything else apart from what I have told you. There was a serious discussion on the same topic on another forum.

This was the solution that came up for such situation. There will be other suggestions on this thread, you gan go through them and do what looks right for you. Take the decision as soon as possible as life is unpredictable.

[cryptoaddictchie]

Im thinking the same too but I trust my family members than other so I am willing to share the seed phrase and for now I am teaching them slowly about crypto and basics such as how to unlock wallet so that if ever there is an accident or anything happened to me they could access it easily and able to get the valuable tokens and coins from my asset portfolio.

[bluebit25]

I think about this, when you think about who will manage your assets for you, then the person you trust must also think like you (keep looking for a wealth manager for similar issues ), an infinite loop that doesn't know where to stop. So looking back a bit, even the great achievements of ancient civilizations to the present are only understood in a historical language (my personal limited understanding of it),

So frankly here, if you have any fear, instead of being stuck with what your created and regretting it, feel free to do the best you can in the present, more specifically, help others by helping othersyour ability.

[Shishir99]

I don't know what to suggest because I don't know how trustworthy your family members are. Since you have no wife or kids, I don't know who your family members are. In my case, I have my wife and kids, but they don't know about Bitcoin. Even if I give them the seed phrase, they are unlikely to use it. My seed phrase is already imported into my Electrum wallet, which can be accessed with a password. I have already shared the password with my wife in case something happens to me. My wife is my life partner and the most trusted one I am living with. I don't think she will touch anything while I am alive.

[Wexnident]

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Just leave it alone if you want. I don't think there's any reason to tell a family member about your keys and passwords about your crypto because you're afraid of it being left alone. I mean, you're dead, and as you've said, no wife or child. If you care that much about your relatives though then feel free to do so. The only real secure way here is to write it in a will or something similar, or put it in a safe then build some kind of instruction list that can be released when you're proclaimed dead.

I honestly wouldn't think of this at all if me and my relatives aren't that close and I don't have a wife/child. I mean I'm dead, why would I give a damn about my assets if I don't really have anyone I care about.

[Lorence.xD]

It would really depends on you actually cause if you don't really want to give to anyone your funds since you've put a lot of effort to gain it, why not enjoy it by yourself a little? I mean treat yourself once cause you're already overthinking about your money so use some or find a partner to spend your time with. And if you're planning to pass your wealth to someone in your family, I would rather choose it carefully, cause there's a lot of people once they received huge amount of money they would just simply impulsively waste it like doing drugs, alcohol, buyign unnecessary things and worse gambling. Much better to teach them first so when the time they inherit your wealth, they already have ideas how to manage and handle what you left with them.

[bayu7adi]

In recent weeks, I've been contemplating the same thing regarding several of my assets held in both my personal wallet and an exchange wallet. The only thing I've shared with my family is my debit card PIN, and at this point, its balance is no larger than the BTC I have in my personal wallet.

I've considered leaving a box containing access keys to all my assets and bequeathing it to my younger sibling and mother. I understand they may not grasp the concept of private keys or Bitcoin, but I've provided a contact who happens to be a friend of mine, who has aided me in navigating the world of Bitcoin.

My friend has a higher income than I do, and they are the one person who has consistently been there for me when I needed assistance. There is no one else I trust more with matters of inheritance than them. So, rather than entrusting my private keys to my friend, I've asked them to assist my family when my time in this world comes to an end. This includes liquidating the balances in both my personal wallet and exchange wallet.

Am I doing the right thing here? If there's anything lacking, perhaps your more logical advice could be a consideration for me.

[Hatchy]

Somehow, I think it will be the right thing to share these personal information with your family, that's if you trust them enough to do that. Inlife we don't know what might happen next or when it will happen so we have to be prepared. Becoming greedy would only lead to loss of your investment and funny enough, nobody would inherit them since they are Bitcoins or crypto of which without your keys cannot be accessed. Unlike the banks, if such were to happen and nobody comes around asking for them in matter of time the bank claims ownership of your assets. So I think you should give one of our most trusted a tips about your crypto holdings so that when worst becomes worst they might be able to use it and sustain them selfves in a short term run.

[michellee]

In your case, maybe you should write a will regarding Bitcoin ownership along with all the explanations about how to use Bitcoin. This is so your family knows you left something valuable for them so they can use it well.

But if you don't have a wife or children, maybe you can give the letter to your parents or siblings. But if you are really alone, you can hand over the will to a charity so they can use it. That would be much more valuable and better to do because at least with the Bitcoin you give them, they can continue what you have done and use the Bitcoin for good.

But if you still have siblings and want to give it to them, you can say in the will that you appoint your sibling whom you trust more to manage it for the benefit of the family. But I hope you don't give up on seeking healing even until your last step.

[Zlantann]

1) since I'm ill should I show my family my seed phrase
2) if I die who will take over my bitcoin since nobody in my family knows my seed phrase.

I live in a place where preparing for death is seen as an abnormal behavior. Life insurance policies are not popular due this cultural beliefs. But Death is inevitable that is why we need to plan for it. Trust is gradually fading in this world due to greed and the quest to get rich. But the fact remains that if you are planning on how to transfer your wealth to anyone or organizations, someone has to know where your seed phrase is. The next option will be to keep your coin in a centralized custodian service that has succession plans handled by an executor or trustee. But these platforms are not trustworthy since they are handled by imperfect humans.

So I was asking myself different questions because I have no wife and no child, then I began to think and be questioning myself if it will be good to at least tell one person in my family my seed phrase or should I keep having the perso secret of my seed phrase personal or should I keep my bitcoin document on my wardrobe were they can easily see my seed phrase, that time I was of full of thinking, thank God  I recover fully from the illness before i return to forum...no sympathy

You can transfer your wealth to your siblings or even humanitarian associations such as NGOs. You can also consider getting married and having children if you see them as the perfect heir