Secure Your Legacy, Educate Your Loved Ones

[buwaytress]

I had this discussion a few times too and only once a year ago was it serious. I urge you, if you hold Bitcoin, to have this talk.

I advise underestimating your loved ones too when it comes to Bitcoin inheritance. I've experimented, with siblings of the same age, partner, and children. They all either forgot, didn't understand (and in the case of the one person I thought was the best, he even lost his private key and could not correctly explain recovery anyway).

I still worry, but important exercise to repeat and practise recovery with whomever it is you trust.

It's not much for me, but it's a year or two of relief for the family back home at today's prices.

Remember, it's not enough they know, and not even enough for "education" -- judging from the many so-called crypto users out there who lose their wallets. It must be something practical. Video walkthrough. Guide. Underestimate.

[sokani]

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.

This is not a sad story because it seems the late bitcoinist was able to leave a clue to how his family would claim his Bitcoin. As we are accumulating Bitcoin, It's actually good for us to have a rethink about life and make plans to leave some vital information about our wallet with our loved ones because we don't know when death will come knocking. It would be too bad that after stacking Bitcoin for so many years, we don't get to spend it and neither our family.

Here's a Bitcoin locktime inheritance plan for love ones:
https://bitcointalk.org/index.php?topic=5180850.0

[dothebeats]

One of the most prominent reasons why we are working so hard and putting so much effort into our investments and assets is to ensure a good future for us and our loved ones. Hence, it will be really unfortunate and sad if we end up not being able to pass it to them when something as inevitable as death happens to us. To think that all of our time, money, and efforts will just be stock somewhere wherein no one will be able to access it and be wasted as time fly is a sad ending I'm sure none of us wants to ever experience. Hence, it is smart to have a plan now (especially since death is always untimely, we can never be too sure) and ensure that none of our investments and assets are wasted. Yes, there is the factor that we cannot be sure what our loved ones will do to the money and properties we are able to accumulate while we are still alive, there is always the risk that they will just mindlessly spend it and it will all be nothing in a blink of an eye, but still it is better to at least have the assurance that they at least are able to use it, and it will be then up to them how they will be smart about it.

[michellee]

But that will return to the owner of Bitcoin because some people do not want to share or tell their experience in Bitcoin to their loved ones. They think it's not time to reveal the secret to them, especially if they still need to understand many things about Bitcoin. Yes, it is up to them because they will decide it.

But if we prepare this Bitcoin for them, we can teach them basic things about Bitcoin, including how to access it in the wallet and other basic things. This is so that they can understand the basics first until they can do it themselves in their wallet. And we can prepare a letter or something about accessing our asset savings when we die so they can use it well.

If they can use our Bitcoin well, they can have a much better life, especially our children. Those who will continue what we have started so that the journey will continue with them.

[gunhell16]

That's why it's really important that you have a loved one that you can trust, especially if you're married. You should teach him as early as possible and familiarize him with what you're doing in the bitcoin or crypto business. Specifically, if you have at least 1 bitcoin or more, which, after all, when BTC becomes 100k, that is a huge amount, or if possible, make a will of testament to bequeath it to your loved one.

Bitcoin or other crypto assets here that are top cryptos can provide good savings to the family you leave in the future, and at least they have an inheritance to get from what we do here.

[superman184]

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.

I also thought about this in the last month when I was sitting at home and not working, because all this time my family didn't know about Bitcoin and in my house I was the only one who knew about Bitcoin. So I thought that I shouldn't keep quiet like this for a long time, because one day I have to tell about Bitcoin to my own family who generally live in the same house as me. It is inconceivable that someone who died had 1, 2, 10, or 15 Bitcoins in their wallet, but their family could not take a single Bitcoin that had been left behind by their deceased family member.

[TheUltraElite]

Educating your next of kin about bitcoin becomes a key important thing because if you look into traditional investments, they all have the nominee system but since bitcoin is still new in this, we have to set up this nominee thing ourselves. Let not be saddened by the state of events but take this as a grain of salt into reality, we all will face this day and therefore get your close ones knowledgeable about crypto first hand, slow and steadily and then allow them access to your coins partially or send them coins to own once you feel they have learnt well.

Eventually they will learn and be able to take over as inheritance.

[MFahad]

I think that a head of house will not think about himself because whatever he is earning is for his family. So if someone is working hard day and night for his children and family so he should also share his earning potential with them.

If a person accumulate bitcoin for a reason that it will provide benefit to his family and suddenly he dies without giving knowledge about it to his family then I think his whole hard work becomes useless. Always think that a single person cannot get whole money as life is unpredictable so prepare your investment in such a way that it can be beneficial for both you and your family.

Share your knowledge of bitcoin with your family so they if they grew up surely they will be profitable as they have learned all the things in advance.

[Onyeeze]

What I understand for bitcoin education is that Bitcoin learning or education doesn't not finish, why the education of bitcoin doesn't finish because the knowledge of bitcoin continues moving on because is a technology and all its techniques can not be known once it is something I know that when you make your research and know the things that's  strange or new things about the best thing to do is make that you passed the information across other people so that any other person can get the information, people always lament that we should teach our children bitcoin, yes it's necessary to teach your children bitcoin but don't enforce it to children to learn bitcoin, learning of bitcoin is a personal race and decisions so its not compulsory that all children most learn a bitcoin

[adzino]

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.

-snip-

Yeah, if you are accumulating bitcoin and planning to hold for long term, then yes, you should also have a plan to pass it to your family in case something happens to you. Imagine saving bitcoin for the whole of your life and then something happens to you and you die suddenly. There would be no way for your family to access your coin unless they somehow finds your private key and any password/encryption associated with it. But yeah, the issue is, you might have to end up sharing your private keys. The best way to do it would be by storing parts of the private keys on different bank vault/storage boxes. Small storage space rental will cost you as low as $50 or something annually. Won't hurt to spend few bucks per year for your family.

[Dr.Bitcoin_Strange]

Well, investing in Bitcoin doesn't make one less likely to relate to their loved ones and family members, and while spending time with loved ones, you will definitely have someone you trust, either your mother, wife, brother, sister, or children. Among them all, you can tell one person about your asset without giving them complete access to it while you are still alive; you can just keep a trace so that should anything happen, they would be able to access your crypto asset. It has been discussed on this forum in different threads on how to transfer a crypto asset to your loved one if you passed to the after life. I have a few relatives around me who already know about my crypto involvement, and if I get married and have children, my children will definitely learn about Bitcoin when they come of age.

[Webetcoins]

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.

Why not when we are the ones who save it? We should benefit on it first before the others but we can share our blessings to others if we have extra, or we can just follow what you said there, so that they are the ones who will benefit from what we will left in case a bad thing happen to us.

I still think that many of us are having a hard time of doing it. It's either we are greedy or we don't really like the attitude of the people around us. We need to try though and decide as long as we are still breathing. Don't let that the number of lost Bitcoins are going to increase again. It can make Bitcoin scarce but only the other people who are still living are going to benefit on it.

[Finestream]

I really believe it's one's responsibility not just to keep your investment all by yourself but to teach your spouse and your kids as well so they will know how to continue your legacy even if your presence is not here anymore. That is to assure yourself that whatever you put effort into it, your family will certainly benefit and will never be a waste of money and effort for you especially when you're suddenly gone and your family has no hold to your investments.

[puloweh555]

I agree with you. When we talk about death, we don't know age or time, everyone will definitely die. So what we have to do is tell our Bitcoin asset ownership to our family or people we trust. Because that way, after we die, our Bitcoin assets can be taken over by our family. This way it also ensures that the bitcoin assets can actually be utilized by the heirs.

I have also read an article about this where it is very important not to take this as trivial. He is Hal Finney, one of the early adopters of Bitcoin, he wanted all his Bitcoin asset ownership to be passed on to his children so he gave them the keys to his bitcoin wallet so they could access it. When he died in two thousand and fourteen, his children were still able to access and benefit from his Bitcoin investments. However, we also have to teach our families about bitcoin technology first so they can manage bitcoin safely.

[Smartvirus]

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.

I don’t see a sad part on this thread or perhaps am missing a point which you didn’t spread out for me to understand?
The individual in context as the screenshot on the thread carries depicts that, steps were carried out to ensure safety of self and family hodlings by this individual in context so, what’s the sad part?
His demise? I suppose not as that is inevitable in a persons life, bless his soul though but, hope he was aged enough and he’s left behind can find the strength to bare there lose.
The sad part still, is it on your side as to not have done anything about your hodlings?

The unforeseen nature of these incidents and the privacy nature of bitcoin makes it a difficult to decide on what’s the best means of making this inheritance possible.
Well, it isn’t a strange thing in the forum no more as several threads have been created on it.

[AmoreJaz]

I really believe it's one's responsibility not just to keep your investment all by yourself but to teach your spouse and your kids as well so they will know how to continue your legacy even if your presence is not here anymore. That is to assure yourself that whatever you put effort into it, your family will certainly benefit and will never be a waste of money and effort for you especially when you're suddenly gone and your family has no hold to your investments.

so long you have someone at least one person who knows what you're dealing with, they have the chance to get what you have. it is not really advisable to just keep it on yourself, without trusting any single person.

[mirakal]

Whatever you do at a certain point, especially when it's all about making wealth, make your family aware of it so they can back up you when you're no longer capable of what you used to do, like having a terminal illness or you're no longer existing anymore.That is one way to prepare yourself and your family as well so they can still pursue all the time and efforts you have put in a certain investment, and enjoy those benefits you have store for them.

[macson]

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.

This is a sad story, when we live in a short time but don't teach the slightest thing we know about Bitcoin and other cryptocurrencies to our children. 
my child is still small, not yet 5 years old, but he often sees me opening the computer and when i trade for a while he always asks him 'what is that dad', i have great intentions to teach him bitcoin and everything i know later when he 10 years old or more, that is if he is interested and has a great curiosity about bitcoin ^{(i won't force that)}

[bitzizzix]

This is what I thought before, and I have been educating my wife about Bitcoin, especially in terms of transactions, and for other things I taught her as time goes by.
And I also say that Bitcoin is for the future or old age, and also to anticipate when I am no longer in this world because no one can predict the death that will definitely occur.
And I also keep the Bitcoin wallet keys in my own way and only my wife knows about it, and currently only my wife because my child is still very small and when he grows up I will educate him because he is the one who will get the Bitcoin inheritance.

[Negotiation]

If the person does not tell anyone his information for investing in bitcoin it is very difficult to get the information in the absence of the person. That's why it's better to teach people close to you about bitcoin inheritance in future he will be able to control them very easily. Everything can be done safely by teaching your son or daughter or your wife if you keep the family's trust and confidence, it will not be difficult to enjoy life. That's why I'm slowly educating my family about bitcoins so that they can easily manage them if they go somewhere in a hurry.