Upon the death of a bitcoin user.

[milewilda]

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 are so worried about what will happen to your bitcoin, you should have at least one of your family members, spouse, child, or close relative who you can trust know something about your holdings. Give them a little clue on where they can look if anything ever happens to you. That way, they can be able to locate access to your holdings.
 
Or better still, you can slip your bitcoin holdings and entrust each of them to each of your close relatives. It's not good to be the only one who knows about your bitcoin holdings alone; no one is praying for bad things to happen, but we also have to take security measures. If you don't give anyone access to your wallet, and if you are gone, those bitcoins will be in that wallet forever and will be considered a donation to other holders.

This kind of discussion has some time in the past discussed something relating to this topic,  In fact, this is something necessary for every Bitcoiner to make provision of how our wealth in Bitcoin would be, should we have a case of death of the Holder because it's certain that no one would live forever, so letting one of your close confidants' wife, daughter, son, brother, sister and just to mention a few know of your Bitcoin holdings and how to get access to it in a situation like this is something that needs to be done.

But how it should be done? This would really be the primary problem that you would be having in mind as a Bitcoin holder or even holding some altcoins on your portfolio which is really that tends to be hold up for long term.

If you do really try to read up on some people comments that they cant really just that able to trust up their wife when it comes to this manner on which they would really be having that hesitance that those coins
would really be accessed in due time or simply not on the right time since they've been aware or wary about into those stuffs that you've been saving up. This is why there would really be individuals who would really be
keeping it as a secret as much as they could because they do know the risks on having that unpermitted kind of access.

Once private keys been exposed then we do know that anyone could really be able to access such wallet and if this one is really that intented for future holds then this is something
that brings out that potential danger.

[AnonBitCoiner]

One should share his financial matters with someone in family as it is necessary that if he forget about his investment and keys then another person will help him to memorise personal information.

If someone is not sharing about bitcoin investment with others then it means that he Don't want to talk about his wealth with others so there is no right of others to get access to bitcoin after the holder's death.

If bitcoin holder dies without sharing keys and information with others then nobody will be able to take benefit from such investment and that bitcoin will be lost and will never recover back.

[synchronym]

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?

It's normal that you are worried about what will happen to my bitcoins but in my opinion you work in bitcoins definitely your closest in your family may be your children your brother wife someone you should inform about bitcoins someone you trust there is no guarantee of human life any  Whatever happens in time, you can alternatively give someone in your family a minimal understanding of Bitcoin so that they can manage Bitcoin in your absence. But if you can tell someone in your family about Bitcoin then surely they can work well in Bitcoin in your generation so there is nothing to be disappointed. Of course you have to prepare in advance that if you are not about Bitcoin then your next generation will be able to carry Bitcoin forward.

[livingfree]

There are, I don't also have plans yet but I have given the idea to my family on what I've written on the piece of paper and why I am taking care of it.

I've told them that when I die, they can take it and do some research but never give it to anybody that will say that they're going to help them.

They should be the one to retrieve and do the importing of it to the wallet that they will be able to find as genuine to access my wallet.

Yeah, the person who should know must be one of the immediate family, it is better to trust people within a family than people outside the family where the possibility of stealing the Bitcoin entrusted to them is highly possible.

That's true.

Even if we've got close friends, the immediate family should be the priority. I don't know how your family affairs is but at the end of the day, they're the closest relative that you can lean on.

Whether they're going to enjoy your wealth or not as long as it's not going to someone else who's randomly checking you. But at least with them, you're in the close bloodline.

[Ale88]

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 mean, if you have some asset, it doesn't matter whether it's bitcoin, stocks, gold, you name it, and you don't tell anyone you have it and then you die, whose fault is it? You should always leave some instructions if you don't want to tell your family what you own while you're alive. Prepare a document, a will, whatever you want, explaining what you own and how to retrieve it without being scammed.

[Benedictare]

   There is no how, you must have one or two trusted persons that is secretive which you can rely on for your Bitcoin WILL people you know can never disappoint you,but stand firm by you and your family when you are no more.

[arhipova]

   There is no how, you must have one or two trusted persons that is secretive which you can rely on for your Bitcoin WILL people you know can never disappoint you,but stand firm by you and your family when you are no more.

Do not trust anyone accept parents and spouse. In some cases , even spouse betrays trust after death so still that is not 100% full proof.

[davis196]

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 nobody knows your wallet password and private keys, the Bitcoins in your wallet will stay there forever(unless someone hacks the wallet, which is highly unlikely to happen). I don't recommend sharing your wallet info with your relatives. They might reveal this information to somebody, who has bad intentions. Perhaps the best option would be to sell a part of those BTC for fiat money and buy life insurance for yourself.
The bank manager story seems weird to me. A bank manager cannot have access to the bank accounts of anyone. I hope that the relatives and heirs of those dead account owners will sue the bank manager for a hefty amount of money.

[Essential10]

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?

In the case of the deceased in the country where I live, the banks in that country are regulated and as per the government law - if the account holder has a nominee in the account of a bank or financial institution, then that nominee can withdraw the money from the bank and the nominated nominee of the deceased will own the money. But according to the current law the heirs of the deceased will get the money equally.
 Many of us who work with Bitcoin are worried about what will happen to their Bitcoin. I think the closest family members are your parents, wife and children. Yes it is true that we can die at any moment, so to protect your Bitcoins must give proper knowledge about Bitcoin matters to someone in your family. If you die, later family members can use  your bitcoins. I don't think it would be a bad decision to tell your family about Bitcoin.

[bobbybkk]

I would say open a safety box with a reputable bank in your name, best the same bank where you have your bank account. Create a folder with detailed instructions about Bitcoin and the details needed to access your Bitcoins and place it in the safety box.

So in case of your demise whoeever will inherit your stuff will likely get access to this safety box too and has all information to use the Bitcoins.

In case your "family" decides to go to war about who gets how much of your Bitcoins that will not bother you in your grave. At least your Bitcoins are not completely lost and you don"t need to tell anyone about them before your die....

[zabzob]

Cypherock is about to launch an "Estate Recovery" feature for their X1 hardware wallet that they claim solves the problem of non-custodial inheritance. It uses Shamir backup to split the key backup into 5 parts kept on 5 separate cards, any 2 of which can sign transactions.  You give 1 of those cards to the beneficiary (or 1 each to the beneficiaries--you can distribute separate wallets to multiple people) and use the wallet desktop client to create an encrypted message that includes the location of one (or more) of the other 4 cards, then upload the encrypted message to the cypherock server. Then Cypherock begins emailing you at regular intervals (you can choose the frequency), and if you don't respond to an email for 30 days they email the encrypted message to the beneficiary, which they're able to decrypt with their card. That gives them the location of the second card, which they can retrieve, then use with the first card to access the crypto.

That summary leaves out some details, but there's a description of how it works on their blog at https://www.cypherock.com/blogs/cypherock-cover

Of course no system is ever 100% secure/private, but this one could be effective in some cases, at least for as long as the company stays in business. If their servers shut down before you die, hopefully there will be more options by then!

[CryptSafe]

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?

OP, your assets are  transferable to your next of kin if you wish to.  As a smart investor, wisdom demands that you have a particular person that you are confident in to take control of your assets. Just like the traditional pattern or method where a will is written for a transfer of inheritance, the same is applicable here if you want it so. You can save your keys somewhere accessible after you are no more, but they should be kept confidential so as not to raise an alarm for a man hunt by your children or loved ones.

With respect to a manager taking over your assets when you are no more, it depends if he or she has an idea what is inside the safe where you have kept it, but you should let your lawyer know what you did if you can trust and confine in your lawyer to help protect such sensitive information  for yourself.

[TheUltraElite]

Not going into the trust/dont trust the spouse debate, but I feel LoyceV's system is pretty good or you can just teach your family members how to access and use a bitcoin wallet right away so by the time you are old enough, you can easily pass on your money to their wallets and rest easy.

I dont see much issue here, just that we have to do most of this on our own unlike in banks where there are nominees.

And please stop with the "I dont trust my wife" debate, its offtopic.

[peter0425]

   There is no how, you must have one or two trusted persons that is secretive which you can rely on for your Bitcoin WILL people you know can never disappoint you,but stand firm by you and your family when you are no more.

Do not trust anyone accept parents and spouse. In some cases , even spouse betrays trust after death so still that is not 100% full proof.

If you die and you already have given your assets to your spouse then how can they betray you? You are dead and truthfully there is no saying if you would still be able to see what they are doing with your money unless you believe in being a ghost or watching over them.

You can just get a lawyer or someone who has the legal authority to give the control of your assets to your entrusted family members. What you will leave behind for your family will no longer be yours as it is theirs to do with.

[Rockstarguy]

One should share his financial matters with someone in family as it is necessary that if he forget about his investment and keys then another person will help him to memorise personal information.

If someone is not sharing about bitcoin investment with others then it means that he Don't want to talk about his wealth with others so there is no right of others to get access to bitcoin after the holder's death.

If bitcoin holder dies without sharing keys and information with others then nobody will be able to take benefit from such investment and that bitcoin will be lost and will never recover back.

Sometimes you don't blame people for not opening up to anyone arround them about their financial investment, the reason for this decision sometimes could be because the people around them can't be trusted. It is not everyone one that has people that are trusted and people who are good in managing finance  that is why they would prefer to keep their investment to themselves because it can be risky telling family members about it which can lead to something bad.

I think it is important while people are alive investing they should find away which somebody can get access to their assets just incase anything happens to them because you can never predict what live has for you in the future. Life is all about planning, when one is life their are plans that can be made if anything happens in the future family members will get to know.

[batang_bitcoin]

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

[rodskee]

~

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.

if you are capable of renting deposit box and will tell this to your lawyer? then the chance of your
lawyer will be the one to take your bitcoin from you   if there are someone that you can trust in? that
 is your immediate family because at least if they are the one who took your bitcoin from you? at least
those people is what deserves your funds in long term.

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

that is also my point in the first place , because if there are someone that has the rights to
benefits from our funds those are our family.

[Yukyzu]

Entrust it to someone whom you love and whom you trust. You know if realizing that we're all just passersby in this world and nothing is permanent, you've got to enjoy your money before unforeseen events happen. Set some price targets when you're going to sell and do the things that you love. In case that you're foreseeing that your day is about to pass and you'll leave this world, leave it as an inheritance so that your family and kids will enjoy your hardwork.

When we have invested in Bitcoin, of course we have to tell the people closest to us or our partners about the investment we are making, because we never know the life we live and when death will happen to us and enjoy the results of what we invest. of course this is very important after we try hard to collect Bitcoin if we stop ourselves and don't enjoy the results of the hard work we have done of course this is very stupid, yes we must be able to set a target price if we want to sell some of the assets we have have and when the target is achieved then we will be able to enjoy the results of the hard work we have done.

When we make the assets we own as an inheritance to the family, we must be able to give them knowledge about Bitcoin so that they can use these assets and it would be even better if they could continue the investment that we have carried out previously, of course this will be very beneficial for them in the future.

[Fara Chan]

If you die and you already have given your assets to your spouse then how can they betray you? You are dead and truthfully there is no saying if you would still be able to see what they are doing with your money unless you believe in being a ghost or watching over them.

You can just get a lawyer or someone who has the legal authority to give the control of your assets to your entrusted family members. What you will leave behind for your family will no longer be yours as it is theirs to do with.

In simple terms, when someone dies, it means that all worldly affairs have been terminated with people who are still alive in this world, including their own family. So that's why it's important to always be open with our partners in the family and with family members who we consider important so that they can take and use what we have saved and worked for all this time in the world so that there is no need for lawyers or the like to take care of all the assets we have. get it while we are still alive in this world, mate.

[YOSHIE]

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?

Many users tell about their Bitcoin assets, especially to their families, for example: wife/husband/children for those who are married and have children or their parents for those who are not married.

You can write things related to your Bitcoin assets on paper, such as passwords, emails, 2FA codes, exchanges, wallets and so on, you can store them in a box or put them in a cupboard/safe, That way, if you die, of course your family can access your Bitcoin assets.

Note: teach them first how Bitcoin, wallets, exchanges work, so that they don't experience problems in moving your Bitcoin assets, don't forget to register your family on one of the crypto exchanges you trust that operates locally.

With the methods I said above, I'm sure you no longer need to worry about the bitcoin assets you have, if you die, they will empty them all.