Please review my inheritance strategy

[deepskydiver]

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

[1714551259]

1714551259

[1714551259]

1714551259

[1714551259]

1714551259

[mindrust]

2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

This looks a bit problematic to me. You may not respond for a long time for some other reason. It is probably a better idea to trust a third party like a bank in this situation. I know banks suck but sometimes there is no need to make life harder when you can choose the easy way and in this case banks do win in my book. You may still pass down your coins btw, let them stay in a bank deposit box, write a will and get it notarized so everything will be official. If go with the unofficial way, you will always have doubts…

[Sim_card]

Trust is all that matters on whoever that you are handling your seedphrase to, because one must finally pass on and leave his bitcoin behind for someone to inherit. When your seedphrase is in the hands of trusted person, then your bitcoin is safe but if it icn't in the hand of someone that you trust, your bitcoin will be gone for life. If this method works for you fine then go ahead. Everyone will have their different method on how they can transfer their bitcoin to their heir for inheritance, and emost people will come up with different suggestion.

[BlackBoss_]

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

Don't create new method to store your wallet seed.

When you do it, like this method, sorting words alphabetically and need another backup part to know orders of those words in your seed phrase, it's risky. You can lose the second part and can not recover your wallet with 24 words you have.

Write down 24 words as they are and back up, it's enough.

[adaseb]

Yeah you gotta becareful with this. If this was 12 words I think someone was able to crack it with their computer but with 24 words it’s going to take forever to get the correct order. If you lose the second part then it will be gone  forever.

You need to just give it to your loved one and trust that they won’t steal anything from you. Because you are making this very complicated and they might not understand computers as well as you and they will have issues getting to the funds.

[Despairo]

If you want something easy, then it's either share your seed phrase directly or create a multi sig wallet 2 of 3 (which mean it's need at least two private keys to open it). You can share it to your wife and your son, so when you're gone, both of them can access it.

However life isn't focus about inheritance, but you need to focus every single thing when you're still alive, if you have teach them about Bitcoin when you're alive, you don't have to think about inheritance anymore.

[Tytanowy Janusz]

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

When I read your thread, I immediately thought that it would be too easy to break. Certainly not for an ordinary person, but still: "Computer programs used for brute force attacks can check anywhere from 10,000 to 1 billion passwords per second.", but i did some calculations and:

number of combinations - 24! (24 x 23 x 22 x 21 x ... x 3 x 2 x 1)

24! = 620,448,401,733,239,439,360,000

Assuming 1 billion tests per second, the correct order will be 100% cracked in 19,631,267,468,771,206 years! half of this time to be 50% sure. I think its secured enough! At least to my knowledge

[mocacinno]

I opted for trusting my daughter... I only have one anyways... I have 2 hardware wallets which i keep in a safe place... They both have the same seed, the same pin and i used the same extension word... My daughter knows where i've locked up my hardware wallets and she knows where she can find the extension word and she knows my pin by heart. She knows how to use my wallets as well. If i die, i don't want her to have to start a big puzzle restoring a seed and importing it into a wallet. I want her to plug in a ready made device, punch in a 8 number pin code, take the piece of paper where the extension word is written on and take control over my money.

If she robs me, she robs me... I'd rather have my only child robbing her father than dying and not being 99% sure she'll be able to spend my hard earned money.

[milewilda]

2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

This looks a bit problematic to me. You may not respond for a long time for some other reason. It is probably a better idea to trust a third party like a bank in this situation. I know banks suck but sometimes there is no need to make life harder when you can choose the easy way and in this case banks do win in my book. You may still pass down your coins btw, let them stay in a bank deposit box, write a will and get it notarized so everything will be official. If go with the unofficial way, you will always have doubts…

There are lots of people doesnt really trust up banks eh? You cant blame them though but i would really be totally agreeing on this set up on which having a will and make it notarized so that if ever there would really be some problems occur then you could really be having a fight or could really make out complaints and instead on making yourself that hassling and stressing about inheritance problem on how you would really be able to pass your coins into your family on the time that you do pass away then it would be that simple and less hassle i would say. This is what im planning too soon but since im not really that holding much coins which are
really worth to be passed on then it would really be better to have those conventional ways like keeping these keys on a USB wallet and tell them about on how to access coins or converting them into cash
once i do pass away but of course those flashdrives would really be keep hidden as much as possible. Of course i dont like for them to access it out while im still living but i might be putting it on a will
because we dont know on what happens tomorrow whether we die or not.

[Lorence.xD]

I find this risky because once you lose the 2nd part of your idea, then it would be hard and close to impossible to open or recover your seed phrase which will just cause your efforts to be wasted. All you need to do is trust, trust your partner, give them the ideas and information because accidents could be anytime which I hope it would never happen. Because to be honest, if you'd make a more complicated way for them to inherit your wealth, they might ask another person to open it up for them which can scam and take the wealth. Just put a hardware wallet into a safe where you could simply give them the password and the key, just say only open it in case of emergency. For sure they would eventually understand you and follow your instructions.

[jrrsparkles]

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

It is simple but it can be problematic if the other party fail to crack what you assigned them to do so your savings will be buried there forever so why not opt for multi-sig which can be useful, especially for inheritance purpose? There are many paid versions available on multiple wallet platforms but if you still prefer the decentralized way then just go with 2 of 3 multi-sig keys and share one with another and one for you then the remaining one goes into the bank vault or someplace like that.

[Woodie]

"24 word seed phrase" and "numerical index" all to the same person   honestly this is a two edged sword that could mean someone from the receiving parties might have full knowledge of cryptocurrencies and act selfish by choosing to sweep the wallets without the other person knowing because they had no interest with crypto or don't have the knowledge of what to do with the crypto inheritance...which could defeat the initiative!

I think crypto being a valuable asset, why not go with a bank, or use a lawyer to facilitate the inheritance process or better yet educate the receiving parties what they will be receiving and what to do with them without having to rely on thirdparties which is a cost effective option too.

[flyingcarpet]

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

Such methods may cause problems for your password. The only thing we need to pay attention to here is trust. It may be difficult to find someone you can trust and you may have trust issues, but resorting to other methods may cause you to lose your password. Losing the second part will cause you big trouble.

I think instead of looking for different methods for passwords, you should tell your loved ones about your savings and explain the situation. Decide how to proceed with them or someone you trust.

[Rikafip]

I think crypto being a valuable asset, why not go with a bank

You mean storing yout seed phrase in the bank vault? I don't know, I personally woulnd't trsut my bank with it.

or use a lawyer to facilitate the inheritance process or better yet educate the receiving parties what they will be receiving and what to do with them without having to rely on thirdparties which is a cost effective option too.

Lawyer won't help you if you die while no one else has the access to your seed phrase, which is exactly what worries OP so that why he is thinking of contigency plan.

[ht]

The way I sorted it out is that I have 2 seedphrases at two entirely different locations (in case of fire, flood and other stuff that can happen to house/apartment) with two sets of people I trust with my money.

[gunhell16]

Hi everyone,

I'm uncomfortable with doing anything too complicated because outside of our ecosystem anything vaguely complicated is intimidating and I want it to be simple.

So here it is.

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

I believe this is secure but wanted to get many other opinions to be comfortable before I commence it.

Thoughts...?

Thanks!

If what we are talking about here are 24 seed phrase words, in my opinion, there is no need to have a third party. If you have a trusted person who is a close family member, such as your husband or other relatives, if you don't have a spouse or even a best friend, it is good that you just tell the ones I mentioned if any of them you want to tell the seed phrase.

Because I'm honestly speaking right now, I have seed phrases saved on my USB flash drive, and I plan to tell this to my wife because right now I'm the only one who knows everything I do here in the bitcoin or crypto business. In terms of the crypto assets I hold, such as emails and passwords from the exchange, wallets like Electrum or other wallets, and private keys from different network blockchains, I won't even need a third party for that, instead directly I will tell to my wife.

[Outhue]

Get a lawyer, write a will, go the official way, there is no better advice than this for your situation, that's if you have trust issues but for me, I don't mind, because I have no trust issues, there is nothing that will go back with you when you passed, even if you will all your properties, those who get them might still waste them, such is life.

If you have children, make use of this time and teach them about crypto and Bitcoin, you still have the time, but first, ask them if they have interest, if one doesn't than Fiat is better passed down to such child, because even if you will him BTC he will sell it right away.

If you have no children but a spouse, husband or wife, then pass on the knowledge to them, willing BTC or private keys to them with out them having an idea can make them to throw the BTC away, while trying to sell or move the BTC around they can make bad mistakes or decisions.

Teach them about crypto first, so that they can make good use of your assets when you are here no more, many beginners have make a lot of mistakes because they lack knowledge about Bitcoin wallet and private keys.

[Dunamisx]

Snipped

I will not also encourage you to start up a new method to safe your seed than the ones i have as recommendation for you maybe you can choose any of the convenient one from the list to secure your seed phrase.

storing seed phrase with washers
https://bitcointalk.org/index.php?topic=5389446.0

seeds backup tools
https://bitcointalk.org/index.php?topic=5263482.0

additional security to your seed phrase
https://bitcointalk.org/index.php?topic=5230920.0

Always now that anything that has to do with handling your seeds should be what only you must know and have access to it and you should always remember not your keys not your coins.

[hd49728]

Get a lawyer, write a will, go the official way, there is no better advice than this for your situation, that's if you have trust issues but for me, I don't mind, because I have no trust issues, there is nothing that will go back with you when you passed, even if you will all your properties, those who get them might still waste them, such is life.

If you can not trust a family member, the one you love, to know your wallet backups, how do you trust a lawyer?

If you don't trust your loved ones, don't let him/ her know about your wallet and do give his/ her rights to inherit your coins. It's simple and you must accept that when you die, your coins will be lost in the air until a day someone find where you store your seed and get it.

Trusting a lawyer is a terrible idea, should not be used.

[hopenotlate]

I opted for trusting my daughter... I only have one anyways... I have 2 hardware wallets which i keep in a safe place... They both have the same seed, the same pin and i used the same extension word... My daughter knows where i've locked up my hardware wallets and she knows where she can find the extension word and she knows my pin by heart. She knows how to use my wallets as well. If i die, i don't want her to have to start a big puzzle restoring a seed and importing it into a wallet. I want her to plug in a ready made device, punch in a 8 number pin code, take the piece of paper where the extension word is written on and take control over my money.

If she robs me, she robs me... I'd rather have my only child robbing her father than dying and not being 99% sure she'll be able to spend my hard earned money.

I often think about this topic because the people I care about are not into crypto at all and also they don't give the importance they deserve to topics such as the security of their IT devices and the most basic practices to protect privacy (not that I am an example to be taken on the subject but having frequented this forum for years I can say that I have a slightly higher standard to the average user), so I really don't know where to start with them.
Being that said, I think your solution is the one that fit me best imo , it's more a heartfelt choice than a tecchy one ( where both me and them are lacking)

[_act_]

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else
2. Put the numerical index of the order of this into a deadman switch which will be sent to them if I fail to respond for my chosen period / times.

If you write the seed phrase down and backup how it can be arranged in another place, this means the seed phrase is disarranged where you write them down in alphabetical order. If it is 12 words, your seed phrase can be arranged using a computer or GPU with btcrecover. If you want to do something like this, use 24 word seed phrase.

As for me I can not go for this method of backup.