Upon the death of a bitcoin user.

[Sebas.tian]

That is why is advisable to write down all your personal details that related to your wallets, so that when you die it will not be difficult for your wife or children to have access to your wallets but if you failed to show your children all your details before you die, there is no way anybody can have access to your wallets. But if something like this happen in the bank, the  easiest way for the next of kin to withdraw the money from the bank, there must be an order from the court before bank officials will allow the person to have access to the money in the bank. You have your own choice to make in your digital investment journey, whether you will write all your details down and show them to your wife or husband for future purpose, and I believe, when you die they will have access to your coins without taking any permission from anybody.

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[Kakmakr]

You have to make provisions in your "Will" to direct your family to the information regarding your Bitcoin stash.

You have to tell them where it is stored, what the pass phrases are to recover the wallets and also passwords and private keys to stored coins.

I suggest leaving clues in your "Will" that only your family will understand and not just to say where anybody can retrieve it.  

[Danydee]

If you have backups of your wallets and accounts in a bank volt for example, you heirs could legally accès it after your death !

[Nangiconference]

Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.


If any bank staff arbitrarily to withdraw that money to use, he will be put into jail later when there is a lawsuit from the passed-away person's family members.
Relatives, family members can submit request to a bank, with certificates from authority to inherit that money in that bank account with legal procedure.



Your family can only submit request  to a bank when they are aware of your deposits, they must have known about your savings with that bank. In the case where they are not aware of your deposits with any said bank, they can submit request. If they know about your deposits they can submit request.

[Cryptomultiplier]

Bitcoin is not gold or a precious metal or a tangible asset that can be discovered from its hidden place after some years have past. It is a digital currency and it's high time we ask questions and act like it's a currency.
The ETF approval isn't just a name that was thought out to come become an initiative for BTC interested parties. Other fiat currencies have ETFs too that can be traded on even wall street.

I think when Bitcoins get forgotten or abandoned for so many years in a wallet, it remains so and dies with the individual unless it gets hacked into or the key phrases get discovered. If it were left forgotten in an exchange wallet, it's a different ball game altogether as it is not your keys, not your coins.
Also, how do you explain large whale investors that have left their portfolio dormant with big investment for years and then sudden they just move it around or liquidate the asset either for diversification and reinvestment or to agitate or affect the market trend.

[Abu-Naim]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.

Banks usually demand for next of kin because of issues like death and dismissal of the account owner so that they can contact the next of kin when the need arises, and when the bank account owner is dead, the next of kin and other family relatives can submit his death certificate to the bank and gain access to all the money in the account after following due process.

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Bitcoin when hold in your personal wallet can be accessed if you shared your private key to any of your relatives or friend, but if you did not share your private key with anybody, your Bitcoin is gone forever.

However, if you save them in an exchange wallet, if your device is still active and someone can have access to your phone password, they might access your exchanges on your phone and can probably get access to your coins.

[BITDV]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

I think most of people bit worry about this, so this is a common problems. If you are not really worry if someone know your investment and how to work with that, so you can inform everything, ofcourse "someone" in term of something related with your family and you want him to take.

If you re not doing this, so it will lost forever.

[Stepstowealth]

Will it be lost or is it good to entrust someone incase I'm no longer there?

You're lucky and will only be lucky if you have someone in this category who you can trust with your bitcoins should in case you die. Trust is very expensive, someone who you trust today may disappoint you tomorrow.
Trusting someone with your Bitcoin to take over and use it whenever you die means you have to give them access or an idea of where your key phrase is so that they can gain access to your wallet in the case of your death.

[kentrolla]

Unfortunately there is nothing much which can be done unless you have shared the credentials with your trusted family member at your own risk because if one person happens to die unless someone is aware of credentials no one can access the funds and it will be there just like that and you may call it as a donation as well. But when it comes to traditional investments their heir can legally claim it and that's not the case with Bitcoin.

[uneng]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

Yes, if you don't share your keys with someone, your money will be lost once you are death and no access to your Bitcoin wallets will exist anymore, what means your coins will belong to a vast portion of Bitcoins which are already lost forever on the network, since they belong to early investors who didn't care at all about their investments, consequently losing access to their wallets. If you don't want that to happen to you, make sure to talk to your family about your investment in Bitcoin and how they can use your funds in case you can't do this by yourself anymore.

Many people fear doing this, because they don't trust anyone besides themselves in this world, so even the family is out of question for them to share their secrets to. If it's not you case, and you have beloved people who you want to support through your patrimony once you are gone, you don't have to worry about that. Go ahead and teach them everything they have to know in order to deal with BTC online, besides sharing your secret keys with them as well.

Or you can deposit your secret keys data inside a vault of something like this, allowing family members to open it only after your death.

[Rockstarguy]

if you know someone who has usdt or btc asset that passed on, visit www.bitretrieval.com with their mail or login. they will help you recover their asset.

I don't know how true is this but I know this is the strategy scammmers use in collecting money from people, they claim they can recover your stollen bitcoin,  and they also claim to help people to gain back their bitcoin in a wallet they can't have access to their wallet by misplacing their seedphrase. When you meet them for this they will demand some amount of money from you bit by bit, by the time you spend all this money just to get back your bitcoin they might have gotten enough money from you.

When people don't have access to their wallet they shouldn't bother about it looking for who will help them recover their wallet back because trying to look for someone to help in claiming bitcoin back is just a strategy for you to get scam and lose your hard earned money .

[CryptoHeadlineNews]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

According to coingape.com, I'm made to understand that over 7.8 million Bitcoin is said to have been lost over time since the existence of Bitcoin, which amount to almost $484 billion, and as such there is a high tendency, majority of those people whose coin among the lost ones are people who probably may have died, and yet nobody aware they had such fund in BTC, or probably may be aware but not have access to it's private key, and those who may have lost access to their wallet due to improper storage and protection of their private keys, hence, in which ever way it is, thats why as a Bitcoin hodler, it's always wise to have a trusted family member or friend know about our Bitcoin investment, so that if in case we are no more, they could still have access to our funds.

[TheUltraElite]

This is one part of bitcoin that is not similar to banks. In banks you can nominate a kin who will inherit in case of the former owners demise.

Hence for bitcoin we have to take the upper hand ourselves by entrusting our next of kin with the ability to access our coins and spend them as per the need. Possibly add in how to keep their secure too.

LoyceV also created this topic, do check it out:

Using Locktime for inheritance planning, backups or gifts

[Smack That Ace]

I have met some people who are of the opinion that they would rather die with that bitcoin than have to share it with their loved ones. I don't know why those people are so selfish and suspicious that they don't even trust relatives like their parents.

As for me, I'm just like you, I try to make money for my family and I will never let my assets be buried with me while my family has to live miserably. So I shared my important things and secrets with my mother and wife.

I don't want bitcoin worth hundreds of thousands of dollars and possibly millions in the future to disappear with me while my mother, wife and children live in poverty.

[sokani]

~

If you're well off financially and can afford to pay for a deposit box, then get one and store your seed phrase. Also, leave a note of your bitcoin investment for your lawyer to disclose to your family in the event of your passing. If you don't have the financial capacity to rent a deposit box, then you've to trust a family member close to you with your seed phrase. If you fail to do this and you kick the bucket, your bitcoin will be lost forever, except someone accidentally stumbles on your seed phrase.

[0t3p0t]

First things first is that you should atleast educate one trusted member of your family or loved ones to be able to have an idea about the basics of your investments. We all know that death is inevitable and therefore we need someone who will inherit our wealth in Bitcoin and other crypto and then you may also write a note or last will and testament be it holographic. If we are not doing this then funds will be lost forever. That is the only way we can help your family's next generations if you have that huge amount of holdings. Regardless of value as long as it can help our family we should have to pass it to them as money is useless for us anymore when we are dead.

[Nrcewker]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

If you really love your family and want them to inherit your Bitcoins, then it’s alright to tell atleast one member of your family about your investment. If you love your wife the most, then it’s best to tell her about the investments that you have made, and if possible share the pass key of your wallet with her. If by any chance, anything happens to you then they can use those money from your investment to leave a good life. This the best thing that anyone can do for this type of situation.

[GideonGono]

I have come to stay in this community and thought of one thing which has been bothering me.
Relating from our traditional banks where a bank customer dies and all his assets remains unclaimed by his relatives. I was once told that there was a bank manager who withdrew funds from there customer dormant accounts hopefully that the owners are dead as those account has been dormant for years without any form of activity on the account, it happens when no relative knows about the account for them to lay claims.
Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

This topic has been discussed so many times in this forum.
If you don't have anyone who knows about your private key or doesn't know how to access your wallet then the amount of crypto in that wallet would be considered as loss, there are so many wallets out there that their owner forgot or doesn't have an access to their wallet anymore.
We don't know how many of those loss wallets are from the deceased.
If you want your family to enjoy your money or crypto after you are gone then leave your keys to them and a tutorial on how to access and convert it into fiat so that they could use it.

[Zlantann]

I don't know how true is this but I know this is the strategy scammmers use in collecting money from people, they claim they can recover your stollen bitcoin,  and they also claim to help people to gain back their bitcoin in a wallet they can't have access to their wallet by misplacing their seedphrase. When you meet them for this they will demand some amount of money from you bit by bit, by the time you spend all this money just to get back your bitcoin they might have gotten enough money from you.

I checked the website and they claim to use cutting-edge GPUs to perform a brute force on seed phrase but the client must have access to the wallet files and know the password. I don't know how truthful or effective this service is but I know that brute force could be used to guess seed phrases and sometimes the attack might be successful. The client would have to get some legal backup to ensure that he is not scammed or ripped off of his coins.

When people don't have access to their wallet they shouldn't bother about it looking for who will help them recover their wallet back because trying to look for someone to help in claiming bitcoin back is just a strategy for you to get scam and lose your hard earned money .

Such kind of scam is very popular on different online platforms. They will come with guarantees that the coin can be recovered. The next phase will be to ask for non-refundable services fees which might end up bringing no positive result.

I have met some people who are of the opinion that they would rather die with that bitcoin than have to share it with their loved ones. I don't know why those people are so selfish and suspicious that they don't even trust relatives like their parents.

As for me, I'm just like you, I try to make money for my family and I will never let my assets be buried with me while my family has to live miserably. So I shared my important things and secrets with my mother and wife.

I don't want bitcoin worth hundreds of thousands of dollars and possibly millions in the future to disappear with me while my mother, wife and children live in poverty.

Maybe such an individual is not on good terms with family members. They may have treated him badly and he doesn't want anything he owns to be transferred to them. But he can also consider willing his coin to charities through a lawyer. I know it I difficult to trust someone but you have to trust people if you don't want your coin to be a contribution to the Bitcoin ecosystem.

[coolcoinz]

Similarly to bitcoin what happens in the event of my dismissal since no relative knows about my investment. It doesn't really make sense if my family can't enjoy my wealth. Will it be lost or is it good to entrust someone incase I'm no longer there?

You literally say it yourself that it's bad if the family can't access your wealth after your death, but then you say that they don't know about your investment. This is what actually doesn't make sense, not the fact that bitcoin works the way bitcoin works. Then you proceed to ask us if it should stay that way or maybe you should tell someone... Are you kidding me?

The short answer is yes, you should tell the person you want to inherit bitcoin after your death. It's really that simple! For instance, I have a daughter and when she's old enough to understand bitcoin she'll get all the information needed to access it. It's really up to you if you tell people or not, but my advice is that you should tell at least one person.