Secure Your Legacy, Educate Your Loved Ones

[ChiBitCTy]

As a financial advisor this is something I preach religiously. It’s so important for people to establish Wills that are constantly updated. Even simple things like not having a beneficiaries listed on peoples retirement plan accounts like 401ks etc I see all the time.

It just comes down to laziness unfortunately. People need to stop being lazy and spend a few hours to protect your assets for life and after life “control from the grave” we call it.

[wxa7115]

This is the saddest story I have read today. The lesson from it is to make the most of your time while you are here, both for yourself, family and friends. Do not relent on asking all the questions you need to ask about bitcoin so that you will be able to secure the financial well being of your  future generation in your absence. Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

That would be ideal but it is never that simple, even when there is money at stake many people refuse to learn even when it is for their own benefit, so while you may have the best intentions and teach your loved ones about bitcoin and how to retrieve your coins in the case something happened to you, there is no guarantee they will know how to do it when the time comes.

So this can leave you with almost no options, as if you were pass away suddenly then it will be almost impossible for your family to recover your coins, and if they were to ask someone else for their help, those people could easily steal those coins while pretending they are helping your family.

[Helena Yu]

It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it.

Who said this? each person has it's own reason to accumulate Bitcoin and there's no proof if every Bitcoin holder will regret if he's not pass his Bitcoins to his wife or kids.

Remember, if you share your seed phrase with your wife, kids etc, you're accept the risk of they would use all of your coins or betray you. So, if you can't accept that risk and the worst possibility you will become poor, you shouldn't share your seed phrase.

[uchegod-21]

In some people's culture, it is not nice to talk about death when you are still alive. And that is why this set of people do not actually prepare for death. Death takes these people unaware and that is why they do not pass inheritance procedure well. Even the will that a common man will write, they do not write any will before they die because they believe they will not die prematurely.

This is a clarion call to every Bitcoiner to ensure that they enjoyed their bitcoin while they are alive or made an adequate procedure so that their bitcoin will be enjoyed by there family and friends whenever they are no more. It is a painful thing to to lose bitcoin even when there is limited bitcoin remaining to be mined.

[BRINIRHA]

Making preparations is better than not making any preparations at all. Likewise in terms of ownership of the bitcoins that we have and also in securing all the assets that we have that our children or family may not know about. If we have a lot of bitcoin or even a small amount, it still needs to be secured properly. And our family should also be informed about ourselves having assets in bitcoin no matter how much. Because it might not have much value at the moment. But 20 years later the price could be beyond our expectations.

We should at least make our families know about bitcoin. Because if they know then at least they will know where to start learning it when one day they need it. Because if we teach them lessons about bitcoin then maybe they won't be too interested. But convince them little by little and just tell them the basics easily.

[yazher]

This is another lesson for all of those people who still have not made an effort to educate their loved ones regarding Bitcoin or someone whom they want to inherit their bitcoins after they have gone into this world. Time passes by so quickly and if they don't act fast, it will be too late for them that's just how it is when they don't have the access needed for your bitcoins, then it's just impossible for them to recover it and sometimes, others are so ignorant that they don't even know their families have bitcoins that's why we have lots of untouched bitcoins wallet right now because those who passed away while having some bitcoins in their crypto wallet in the early stage of bitcoins, didn't have time to educate the person they wanted to inherit their bitcoins.

[zaim7413]

Don't let all the assets you have collected so far go with you, you need to take steps to protect your assets by teaching your family members how to access the wallet where a number of assets are stored in it. Share the Seed Phrase with your loved ones then spend a little time teaching them how to exchange the assets in their wallet. This sad story could happen to anyone, anytime and anywhere. Immediately educate family members so they can access the wallet which has so many assets stored in it because they have the right to enjoy all the wealth you have collected so far.

[Vaculin]

This is one of the biggest concern of bitcoiners - how to transfer ownership of their coins to their next of kin in event of death. I have read so many threads about the issue and what I have come to understand is that using a timelock system is the best option. Of course this is useless if your beneficiary knows nothing about how bitcoin works. This is why it is important to involve your partner or children in your bitcoin activity, I understand this is kind of difficult to do since bitcoiners have a need to protect their privacy. But at some point, you will need to relinquish control to someone else.

This is why sharing your knowledge is a must. If you can educate your spouse or your children about bitcoin and how it works as an investment, then you will never fear and worry when death suddenly attack you. Of course, there’s still privacy but that is only for those who are not part of your bitcoin journey. But with your family, you should be transparent to them so that if ever unpredictable events suddenly happen, rest assured that they will continue the legacy that you have started. But make sure that they are also passionate about bitcoin, otherwise what you have built will also end when you’re no longer here.

[Blitzboy]

This, my friend, is more than a lesson; its a wake-up call. While many are distracted by trivial matters, a financial revolution is unfolding right under our noses. You think its a coincidence that theres such a limited understanding of Bitcoin among the general population? Think again. Forces, powerful ones, would rather have the masses remain uninformed.

The urgency to impart Bitcoin knowledge to your family isnt just about ensuring their financial well-being. Its about equipping them against possible manipulations and control by unseen entities. The real tragedy is letting your family be potentially blind-sided by an evolving economy they could have benefited from.

[KiaKia]

Everyone has their reasons why they don't involve people around them with their investments, no one should judge anybody about this or try to tell me what's right and wrong with this, my home is different from your home, my family is different from yours.

There are some people who don't believe in Bitcoin, even if they know you are into Bitcoin investment they will rather see everything go to waste because they don't give a damn about your investments. Some home consist of people who only knows about taking what belongs to others, the type you don't get close to when you are alive but once you died they will fight over your belongings.

For many people, they will prefer to keep their investments away from friends and family, that's because the world is now a very wicked place, real world is different from online world, only a fool won't understand my point.

I am blessed to have a wonderful family, there is no such things happening within my home, we all love each other and support each other, but few unfortunate things have happened to my friend, he lost his life and those who don't care about him ran after all he has. That's why, only educate those who loves you about your investments, I prefer sharing this with your children than anyone else.

[Adbitco]

I think at this point we don't need to be too secretive to our families (wife and children) because as a father or parents you wouldn't know your departure date on earth. In as much as you are saving or accumulating bitcoin we should do as well to be more open with our children and wife at least for one of them to be aware of the whole concept otherwise if they couldn't find themselves alive any day the whole saving and all digital assets are lost. And one thing about bitcoin is that, without the right seed phrase you can't unlock a wallet or even write to a support for the family of disease to come in claimant of lost asset.

I wish my child is of age, then I don't mind risking it to share with her for future purpose but nevertheless will still it make possible for other relatives to know about it. Life is too short and no one's knows when the bell shall ring on anyone. Still at this point I can say banks are still more better even though they aren't trusted anymore but it would allowed the family of the disease to have access to their fathers wealth after going with the death certificate to show proof of death.

[bayu7adi]

The significant issue at hand is the twin challenges of procrastination and the uncertainty of when death may inevitably strike, an event known to no one. Indeed, one could pass away suddenly, without any prior preparations, leaving their assets unattended and without proper allocation.

I've never been concerned about the physical assets I possess, as my family and those close to me are well aware of them. They also come with official documentation that my family is familiar with, eliminating the need for formal bequests since ownership is a foregone conclusion within the family.

However, Bitcoin presents an entirely different scenario. It's an intangible asset accessible only through the computer I use every day. What I never forget is regularly checking my secret vault, where everything needed to access my online wealth is stored.

Yet, up to this point, I haven't taught my family members how to access the BTC I own. I haven't chosen to do so at this time for certain reasons. Perhaps in two years, I'll disclose this information to my 19-year-old sibling.

[BigBos]

Do not just learn about bitcoin and keep the knowledge to yourself. Educate your kids, educate your spouse. Though they may not understand it at first but with time, they would. It will be painful if a bitcoin holder die after accumulating 1, 2, 10, 15 or any amount of bitcoins dies and his family can't have access to his bitcoin because he didn't teach or educate them about it. They would have missed out on the potential for financial security and prosperity that Bitcoin offers.

I have done this method and in simple terms, I just give the method starting from backing up the Phrase to sending Bitcoin to the exchange. Everything went well, even my wife and I simulated it with several satoshi and told my wife to do all the methods that had been given. As a result, he has done it correctly step by step. So I wouldn't worry about the legacy Bitcoin has in store for the future.

[Lida93]

Our bitcoin is something we should keep secret and of course it's appreciated so far as security is concerned but there's a limit to being secretive with our bitcoin and other assets especially for asset's that worth huge amounts of money there must be a trusted person in the family

you'll need to tell about how to gain access to your wealth in the verge of a sudden life threatening incident leading to your loss. Tomorrow is not guaranteed what will happen to us as we strive our health can fail us without pre-informing

We don't pray for evil to happen but that doesn't mean it will never happen, so making it known to one trusted family member about our wealth gateway is another form of security to our wealth should anything bad happen to us. It will be bad you lost your live and that begins the suffering of your family when they could have been living from your amassed wealth.

[Kelvinid]

Usually, people make the mistake of hiding their Bitcoin investments from their loved ones. And what happens to that person as mentioned by OP gives us a hint as to what will happen if nobody knows our doing as death can't be predicted as well, especially when you are involved in an accident. We have to anticipate that situation, we need to let someone or any of our family members know everything about crypto.
We don't need to hide from them in the first place because what we did is also in preparation for their future and sooner, they'll be the ones to continue this unless they decide to stop.

[jeraldskie11]

Usually, people make the mistake of hiding their Bitcoin investments from their loved ones. And what happens to that person as mentioned by OP gives us a hint as to what will happen if nobody knows our doing as death can't be predicted as well, especially when you are involved in an accident. We have to anticipate that situation, we need to let someone or any of our family members know everything about crypto.
We don't need to hide from them in the first place because what we did is also in preparation for their future and sooner, they'll be the ones to continue this unless they decide to stop.

Unfortunately, many people did not wish to leave their money to their loved ones. As a result, when their time comes, no one will be able to take advantage of them. We can't blame them for believing they're selfish if they do something like that because we don't know their real reason.

Personally, if I just had one thing to pass on to my future child, I would do it now, when he is a teen, because we never knew when we would die. Bitcoin is a treasure that cannot be recovered if the private key is kept secret. Unlike with banks, you may be able to obtain the money of relatives who have passed away.

[Lorence.xD]

Usually, people make the mistake of hiding their Bitcoin investments from their loved ones. And what happens to that person as mentioned by OP gives us a hint as to what will happen if nobody knows our doing as death can't be predicted as well, especially when you are involved in an accident. We have to anticipate that situation, we need to let someone or any of our family members know everything about crypto.
We don't need to hide from them in the first place because what we did is also in preparation for their future and sooner, they'll be the ones to continue this unless they decide to stop.

No one could really predict death and also accidents so it's better to be secured. If you're purpose on becoming rich is to give your loved ones a better life, why hide it from them right? Always remember that your money would be going with you in the after life, just leave it to your loved one's as they can continue your investment as well, so as long as we're still strong, we should educate them in the way we think they could easily adapt, they might not take it seriously since crypto or Bitcoin is literally complicated for someone who doesn't have any background. But trust me when they see you got sick they would follow your instruction instantly.

[knowngunman]

I agree with what you says, If you're holding a lot of money (crypto), you shouldn't keep it a secret from your family, especially your parents, spouse or children. In the worst case scenario, even if they aren't interested in learning about Bitcoin or crypto, it's a good idea to leave a piece of paper with your seed phrase for your trusted loved one.

This way, in case you die, they would have access to your funds and could use them instead of the assets being lost forever.

To be honest, anyone could face unexpected death at any time so imo it's really important to share knowledge with your trusted loved ones before it's too late.

Did you just say spouse? What will happen in the case of divorce? I agree with parents and children but spouse is a doubt for me since spouse can not absolutely trusted today again and you know, your spouse is not part of your family. If you're been cheated by your parents or children, it's not a lose. And writing your seed phrase on a piece of paper is never an ideal idea due to dangers associated with it such as, lost, theft or being destroyed by water or fire. Suggestions under this thread recommend timelock so your asset will not be lost, inaccessible and useless when you are no longer alive. Sharing information about your investments with loved ones is not a bad idea though but one has to be careful because of consequences attached to it.

[barisbilgili]

Usually, people make the mistake of hiding their Bitcoin investments from their loved ones. And what happens to that person as mentioned by OP gives us a hint as to what will happen if nobody knows our doing as death can't be predicted as well, especially when you are involved in an accident. We have to anticipate that situation, we need to let someone or any of our family members know everything about crypto.
We don't need to hide from them in the first place because what we did is also in preparation for their future and sooner, they'll be the ones to continue this unless they decide to stop.

No one could really predict death and also accidents so it's better to be secured. If you're purpose on becoming rich is to give your loved ones a better life, why hide it from them right? Always remember that your money would be going with you in the after life, just leave it to your loved one's as they can continue your investment as well, so as long as we're still strong, we should educate them in the way we think they could easily adapt, they might not take it seriously since crypto or Bitcoin is literally complicated for someone who doesn't have any background. But trust me when they see you got sick they would follow your instruction instantly.

Everyone certainly won't be able to know when these two things will happen to them, yes you are right, everyone does their job, of course everything they do is just to make the people they love happy, so if we invest in crypto assets then we need to teach people who We love this so that they can use it when we are gone. Don't let us collect a lot of it and don't teach it to the people we love so that they can't use it if we are gone this will really be very detrimental to us.

[bhadz]

This is the reason why we need to take a few time to at least educate our loved ones if we're saving for our future and for them as well. Not gonna hurt if you spend a couple of weeks and a few hours for that range to teach them about the important matters about wallets and private keys.
Tell that to the family member/s that you wholly trust that will take care of your assets if ever you're gone. Of course that while you're still alive, they shouldn't touch it until you give permission or you're totally gone from this world. It's the reason why we're working hard, it is for them, for our kid, for everyone that we wholly love but if it's about entrusting your holdings you gotta choose few.