Please review my inheritance strategy

[deepskydiver]

GO FOR IT OP.
you have the best option chosen .

Thanks!

[deepskydiver]

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.

The only problem I have with this is that I am NOT confident they could keep it secure from other people on one hand, or remember the password on the other hand...
That's why my solution requires no need for passwords and is useless to anyone else who finds it.

[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.

The only problem I have with this is that I am NOT confident they could keep it secure from other people on one hand, or remember the password on the other hand...
That's why my solution requires no need for passwords and is useless to anyone else who finds it.

I am sure that they use smartphones and has got passwords for their socials. That's like the basic requirement that you can have them for teaching about these technical stuff.

So that inconfidence of yours for entrusting them with these can be gone if you're going to teach them little by little until they are already familiarize with how the process does.

Anyway, there have been a lot of suggestions that were given to you and you can try all of those until what works for you well.

Also, when you reply to different people, you can just merge them in one post as replying consecutively is likely going to make your posts deleted or any other consequence decided by mod as we've got this rule;

32. Posting multiple posts in a row (excluding bumps and reserved posts by the thread starter) is not allowed.

[BVeyron]

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!

I think that it's better not to think about inheritance strategy, at least in case of cryptocurrency. I'm thinking so because it's quite smple: if the relationship within the family is friendly, then its easy to pass seed phrases to the successors... If there are some issues between family members, then its possible to create a new account for every successor with his/her share. If the relationship within the family is terrible, then its better not to pass the money to anyone... In general, it depends on family, not on technology...

[serjent05]

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

I agree it is secured enough that his partner will have trouble cracking it if the other part of security is lost  .  I believe the simple way is much better and do what the earlier reply says, put it in the bank's safe, and give full authorization to the trusted family member when the time comes @OP unexpectedly meets his demise.

But for me, it is best to put trust in our family 100%.  if it is not the wife then our child.

[Dr.Bitcoin_Strange]

Well, you cannot predict life all the time and be able to get an accurate result for your prediction. Just like the first comment stated, there could be other situations that might cause you not to respond for the agreed period—not as if you had no intention to respond, but just due to that situation, you might not reply.

 Giving out your seed phrase to someone depends on the level of trust you have for the person and whether it's really someone who can disburse your asset the way you want to fulfill your wish. There was this footballer whose mom was in charge of all his finances, and because he trusted his mom. If you really know and trust your partner, you can share your seed.

[Mauser]

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.

This is definitely one way to setup your inheritance plan and as long as your partner knows what to do with the seed phrase your crypto assets shouldn't be lost. I don't know how old you are or in which physical form. Hopefully there are no issues for you and you have a happy and long life, but this would mean you need to constantly respond to your Deadman switch. What if you are on vacation or forget about it? This could lead to some trouble if the index is sent early. Don't you have other forms of inheritance to give to your partner or kids? Another way would be to include it in your will and leave it sealed with the lawyers. Or do it like me and put everything in a deposit box at the bank where it is insured and your family has everything in one place. I think it all comes down to how large your crypto portfolio is, the more valuable the more money you should spend to make sure it falls into the right hands after your death.