Please review my inheritance strategy

[Stable090]

1. Write down my 24 word seed phrase sorted alphabetically and give it to my partner or anyone else

If you trust your partner, then you can share your seed phrase, but I don’t know if you will trust anyone else that you just mentioned. But you know anyone who has access to your seed phrase already has access to your bitcoin, so you have to be very careful with anyone with whom you are sharing it. And when it comes to money, you don’t have to trust anyone completely. People do change, especially when there is money involved, and some people might even do crazy things just to make sure the bitcoin belongs to them.

Why can’t you just get an iron steel and carve your seed phrase on it and make sure it is stored in a place that can be easily accessible after you are no longer alive? The iron steel should be stored in a place where you know your family members will be able to see it. I think that’s a better option.

[retreat]

There's no need to be difficult to pass on your bitcoin to someone else, just backup your private key in a secure place like an encrypted box or if you want to be more secure you can use a hardware wallet and tell it to someone you trust. It's very simple.
Or you can use a slightly more complicated method, namely by writing your word phrase on paper then storing it in a safe box at the bank and securing it with a letter of inheritance from a lawyer. So people who want to read your word phrase must contact your lawyer, show proof of heirship and your death certificate to unlock the secure box.

[Orpichukwu]

If you have to do it, you have to do it with trust; you have to give someone a chance. If you can give them family, then there should be a little bit of trust in them. We know anything relating to money can bring complications sometimes, but that does not mean that we shouldn't give it a try.
 
To be truth the method that you have chosen appears to be safe for me, but have you also taught me that if the place where you send the passphrase happens to fail to send it back to your family after the given period, what do you think will be the faith of your family over your fund recovery? They will have to go through hell just for them to be able to crack and assemble this phrase in the right orderly manner, which will be stressful, and their chance of breaking it will really be low to minimal.
 
The best thing to do is to fine-tune your family, either your child or your spouse, and entrust them with total control over the wallet. He or she should know when and where to get all the access they need to recover your fund when you are gone. But if you also don't feel too saved, you can split your wealth into two to three different wallets and hand over one to their custody, then move ahead with your plan so that if they can't have access to it at the end, they will not completely lose out.

[deepskydiver]

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

Thanks - it's hard to trust and a trustless solution makes sleep easier.

[deepskydiver]

Just to add more clarity - and thanks everyone for your comments.

I don't trust lawyers, but not because they're lawyers but because I feel it's a mistake to give anyone access to something which can be taken without interaction with anyone else or easy proof they used it once it's gone.

I don't want to just give it to the people I'm leaving it to, because they're not good at keeping things secure or remembering passwords etc. So if I gave it to them it would either be lost or they'd forget the password to it.  That and the fear that someone else might compromise it in any form which is easy enough for the beneficiary to access it. People outside IT and in particular bitcoin do not have good practices or pay attention to this.

This is why I believe the solution I came up with is workable. The seed phrase in alphabetical order will not help anyone who finds it so can be easily stored or accessed without worry of it being stolen. And the dead man switch (there are a few reliable ways) will provide an index which will mean nothing to anyone else.  You could even put that index in the will. A lawyer can't use it and even when the will is public, 24 numbers will help no one else.

[so98nn]

I have been reading this type of posts all the time and I am now scared about my bitcoins itself. I mean initially I really thought it was seriously not needed because I could just inherit the entire word phrase and ledger to my lovely children and die peacefully on my bed. I did not know people were so much worried about their inheritance of Bitcoin. I mean hardware wallet seems to be the perfect way to inherit and once you do it is their responsibility how manage it and how secure they keep it. If I am going to hold my bitcoin secruly until my final hours then I have already won the inheritance battle on my side. In the end, it's just that I should be sitting at the breakfast table when I will just pass on the info to my son and girl and it should be their duty to keep up with the whole thing. So I am gonna say, hardware wallet + written keys in an envelope + nice breakfast and chit chat. That's how it should be.

[Blitzboy]

This approach is far from ideal:

Sorting your 24-word seed phrase alphabetically is a significant security risk. Your seed phrase is meant to be in a specific order for a reason. By changing this, you're potentially making it easier for someone to access your funds.

The use of a deadman switch might seem smart, but its another layer of complexity and potential failure. What if it doesnt activate properly, or theres a delay? Or worse, what if its triggered by accident?

This is your hard-earned bitcoin we're talking about. Dont play fast and loose with its security. Get expert advice, perhaps from a lawyer familiar with crypto, and formulate a foolproof plan

[Plaguedeath]

I don't want to just give it to the people I'm leaving it to, because they're not good at keeping things secure or remembering passwords etc. So if I gave it to them it would either be lost or they'd forget the password to it.  That and the fear that someone else might compromise it in any form which is easy enough for the beneficiary to access it. People outside IT and in particular bitcoin do not have good practices or pay attention to this.

The point is you've tried to give your inheritance with the most easy way, if they're not good to keeping things secure or forget where the place of your wallet seed phrase, it's not your problem anymore. If they can't hold "money" they're also can't hold fiat, gold, stock etc that something valuable because "they're not good".

If you're still expecting they must your money for good thing e.g. education, daily expense, creating business etc, you're still not ready to give your inheritance since it's up to them and you can't control it anymore.

[karabiber]

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's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer. There is no harm in giving your family the seed words and passwords for your Bitcoin inheritance. If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance. However, i think the method you mentioned is the most reliable one. I would never make the bank a third party for my relatives to inherit.

[barisbilgili]

I don't want to just give it to the people I'm leaving it to, because they're not good at keeping things secure or remembering passwords etc. So if I gave it to them it would either be lost or they'd forget the password to it.  That and the fear that someone else might compromise it in any form which is easy enough for the beneficiary to access it. People outside IT and in particular bitcoin do not have good practices or pay attention to this.

The point is you've tried to give your inheritance with the most easy way, if they're not good to keeping things secure or forget where the place of your wallet seed phrase, it's not your problem anymore. If they can't hold "money" they're also can't hold fiat, gold, stock etc that something valuable because "they're not good".

If you're still expecting they must your money for good thing e.g. education, daily expense, creating business etc, you're still not ready to give your inheritance since it's up to them and you can't control it anymore.

In our lives anything can happen without us expecting it, especially death, if we save large amounts of Bitcoin then we need to tell our family so that after we are gone the Bitcoin can be used for the needs of the family we leave behind and we also need to teach them how to use it if they don't have the desire to continue what we have done. I really agree with you that after we are gone, what is left behind is no longer our responsibility, everyone who is left behind will have the right to use what they want, but it would be better if it was used for their needs and not used for things that are not necessary useful.

[Rikafip]

It's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer.

How exactly hiring a lwayer will sort his problems?

Hiring a laywer means that you have to entrust someone location of a seed phrase and since you have to do that, why involve lawyer at all when you can instruct directly people that you plan to include in your inheritance on how to access bitcoin in case something happens to you.

If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance.

That's probably the worst thing that you could do, use Binance (or any exchange for that matter) as a cold storage and entrusting them with your money.

[yazher]

Since you already know the risks if the strategy you are cooking won't work, you can always find some other alternatives that are not that complicated to do because I think you are planning to give it to someone who is not that knowledgeable in terms of computer security. As others said, if you trust the person enough and you don't have anybody around who knows your secret inheritance, you can just simplify how they will able to take it in the future once you are gone. But when you have multiple persons interested in your wealth once you are gone, then I recommend making it more complicated for the one you give the bitcoins to.

[livingfree]

If you're going to do it for the inheritance of your chosen immediate family member, I wouldn't make it too complicated for them.

I'll just write down the seeds/recover phrases or private keys and then have those instructions on how to retrieve it. Every detail will be in there and I'll just trust them that they shouldn't open that treasure chest where these keys and instructions are placed on.

It's a matter of trust for me and I know that it's hard to trust that to anybody but your best option is to just put that trust to your immediate family, mom, dad, bro/sis, wife or your own child.

[Litzki1990]

I think after death you may not have any tension about whether your bitcoins are being used properly by the person you left them with but while alive it is your responsibility to leave your invested bitcoins with someone you trust. If you think that whoever you leave your bitcoins with will not spend your bitcoins then you are wrong. When that person has financial problems he must try to solve his financial problems by selling bitcoins. After leaving the investment with someone I don't think there is a need to think about it so much in advance. What matters is whether you can leave your bitcoins with the right person in order to survive.

[Z-tight]

It's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer.

If trust is the problem, then why should op add a lawyer in the mix and increase the number of people to trust, if i am to find a way to pass on my BTC's to people, i would never involve a lawyer in it; i trust my loved ones far more than i'll trust a lawyer. You could use locktime as your inheritance strategy, but you have to know exactly what you are doing so you wouldn't lock yourself out of your coins.

If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance.

You should not store your assets on an exchange in the first place, Binance or any other centralized exchange will probably get hacked or lose your money in other ways long before you're even dead.

[Reatim]

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's okay if you trust your relatives forever. It is the right strategy. But if trust is a problem and you want to leave a legacy, the safest way is to hire a lawyer. There is no harm in giving your family the seed words and passwords for your Bitcoin inheritance. If you store your assets on online exchanges other than cold wallets (for example, Binance), this is the simplest way to inherit. This is because large exchanges like Binance will transfer your assets to your immediate family for inheritance. However, i think the method you mentioned is the most reliable one. I would never make the bank a third party for my relatives to inherit.

actually as if he has other option but to trust His family , because death is unpredictable and none of us can hide from it.
and also His plans are indeed best because od deadman switch , as I believe there is a certain period of time that he will  let it trigger.
also he is knowledgeable in what he is doing , so what needs to be answer here but GO FOR IT OP.
you have the best option chosen .

[kryptqnick]

At first (just like Tytanowy Janusz) I thought knowing all the words would make it possible to brute force the order, but with 24 words, it's not actually possible (too many combinations), so that bit seems safe. As for the switch, I haven't heard of it before. I've read about various examples, and are you referring to some sort of software that will send the message with the numerical order when triggered by something that can signify your death? I just don't know how reliable these things are, and how user-friendly for the person on the other side of it (the one who'll get the message). If it's a physical switch, what will trigger it?

[satscraper]

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!

In my view you should consider both bearings of the case - technical and legal. Technically you could  make  your transactions dependent on such parameter as nLockTime and do moving of funds before condition becomes  valid. As to the legal side   all arrangements are dependent on legislation in your country of living, thus, I would advocate to find reputable  lawyers and   consult them  to find the optimal solution.

[Yamane_Keto]

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.

Trusting these devices is difficult and it may not broadcast the message at all, so I prefer to use a 3-of-5 (or 3-of-4)  multi-signature wallet, and you can choose the distribution according to what you need:

• A key to a safe place such as a bank or a safe for a private company that protects everything, with their names placed on the list of guardians after proof of death
• Another key is in the house.
• A lawyer's key is in a safe whose password no one knows.
• Distribute the password among them.
• You have two additional keys that you can keep in a safe place outside the country or with a friend you trust.

or

Code:

Card 1: mutual forum bacon XXXX ritual danger XXXX XXXX lonely blossom calm equip illegal future XXXX blur lift XXXX XXXX XXXX spoil XXXX tennis alpha
Card 2: mutual XXXX XXXX apart XXXX XXXX sponsor devote lonely XXXX calm XXXX illegal future wasp blur lift cupboard odor quiz spoil brown XXXX XXXX
Card 3: XXXX forum bacon apart ritual danger sponsor devote XXXX blossom XXXX equip XXXX XXXX wasp XXXX XXXX cupboard odor quiz XXXX brown tennis alpha

Source

[deepskydiver]

At first (just like Tytanowy Janusz) I thought knowing all the words would make it possible to brute force the order, but with 24 words, it's not actually possible (too many combinations), so that bit seems safe. As for the switch, I haven't heard of it before. I've read about various examples, and are you referring to some sort of software that will send the message with the numerical order when triggered by something that can signify your death? I just don't know how reliable these things are, and how user-friendly for the person on the other side of it (the one who'll get the message). If it's a physical switch, what will trigger it?

There are a couple of options:

First, there's this https://www.deadmansswitch.net/. With it you can send emails containing the numbered index.
Alternatively google have an inactive account process (https://support.google.com/accounts/answer/3036546?hl=en) which lets you send messages and give access to various things (like your email and google drive or keep). You can leave the numbered index in google's ecosystem. The numbers will be useless by themselves to anyone else even if they gained access.