Make sure you have a contingency plan for your assets

[tread93]

I have spoken on this subject in the past but it feels more real than it ever has since my dad just had a major brain stroke on Friday. I can see my mom is very unsure of how to manage the financials and it’s a very tricky spot to navigate with my dad only being able to spit out a few words at a time, I am hopeful for a full recovery. My dad is getting better by the day which is good but it’s a long road to recovery. My family can tell that he is worried about his assets and he has made attempts to tell my mother and brothers what to do, we believe he was trading all his coins into a volatile crypto right now and want to help him stabilize that. I have my flight booked and I’ll be there in a few days to help with everything but now more so than ever if you haven’t taken the time to fill in your significant other or trusted family member what to do in the event of something like this happening then you need to make sure that is in place not only for all your crypto assets but physical and anything you can pass on. We are not promised tomorrow, I am thankful my dad is alright. I believe he will recover. If you can please send prayers for him and my family 🙏

Make sure you have a plan in place so your loved ones are set up for success and never be in this type of situation.

[Ever-young]

First, I wish your dad a quick recovery from his illness. 
 
If there is one thing that I have learnt and read about from o_e_l_e_o and some other forum members here, it is that we should have a trusted family member that we can trust with our holdings because we never can tell what will happen at any point in time and we don't have complete control of time. 
 
I have someone I trust, and all my wallet backup and holdings in times of emergency can be accessed by the person; it's just a matter of finding someone who they can trust and giving them the right information. 
 
If your dad's device is available, I believe it will be a little bit easier to track down activities and know which exchange he has holding in other for you to manage and reduce the risk. In such a case, a note book to write down our activities is really important as it can help anyone who is close to the person know what to do.

[Odohu]

I'm so sorry for the situation of your dad and I sincerelity hope he recover fully.  Many threads have been created on how to transfer Bitcoin wealth to heirs and I will encourage people to take those wonderful suggestions seriously because no one is immortal. Within one's family, there should be someone trusted that should know all we do even though you you will not grant them access to everything just yet. Any of the methods suggested on how to transfer assets to heirs can be used buy there should be someone that is aware of our business.

[MeGold666]

Sorry to hear that, I wish your dad a speedy recovery.

I don't trust even my own mother when it comes to money and I'm not leaving anything to anyone, if I die, crypto I hold will be gone forever. To each his own.
I'm a selfish bastard and I'm happy with that  

The most important thing I've learned in life is to trust no one, especially your family as they are the first to abuse the trust.
Seen too many people getting screwed by own family, not going to be one of them.

Ask yourself, what is more probable - dying today/tomorrow or getting screwed by some family member you thought you can trust with big money.
If you already have some deadly sickness then you may think to share your wealth, other than that I think you are just increasing the chances of getting robbed.

[348Judah]

Its not profession enough for us to have all our crypto asset in one place, we must draw a plan for how to hold them, some portion should be made available for other contingencies purpose while the other aspect of our investment should be a long time investment whereby we may not have to touch except for an inevitable reason that has to do with life, we may not be able to predict on what life may offers at any point in time, but we should always be prepared for such.

[Stablexcoin]

Your Dad will recover and be fine. But I have learned something from your story and I won't let something like that repeat without taking corrections today. Many things happen in life we do not expect and that is why we need an attorney. Right now I don't have anyone I can trust but I have written my private keys in a well-secured letter and have given it to an attorney well saved in the bank. If anything happens to me today that file will be given to my younger brother because I have no nuclear family. However, indirectly I have been preparing and teaching my younger brother how to manage funds and invest in Bitcoin. Now he is a good investor and knows how to manage his investment i am well satisfied with the fact that I have someone who even if am ill can manage my holdings.

Don't worry my attorney does not know what is in the file as it is safe in the bank vault.

[MeGold666]

... I have written my private keys in a well-secured letter and have given it to an attorney well saved in the bank.

You better pray this "attorney" guy is not addicted to gambling or drugs    and even without that, he is just a man like everyone else.

I would never trust any attorney nor bank as they both have been caught numerous times stealing and lying.

Don't worry my attorney does not know what is in the file as it is safe in the bank vault.

Bank safe ? LOL someone is still living in a dream land.
Don't you read the news ? how bank vaults are taken over by FBI and you can't do nothing about it ?
Plenty other cases were vaults proven to be far from safe, you should do better research.

You have basically traded your freedom of being your own bank for artificial safety.

[aoluain]

Hopefully tread93 that your Dad got medical attention quickly after the
stroke happened, time is key! the sooner a stroke victim gets attention the better.

Your advice is good, its good to have a plan in place should something like the
above or worse happen, I have such a plan in place but unfortunately not everyone
can afford trust to family or friends.

[Nwada001]

I disagree with you on this. I know it's risky for one to trust the next person when it comes to what has to do with money, but then again, if you don't trust anybody, do you even trust yourself? And if you are a married person, you, as the husband or wife of you, don't trust your spouse enough.
 
Why get married to them in the first place? To some extent, we need to take the risk of trusting one or two of our family members. Besides, all those wealths that you are indirectly making are supposed to be for the family, so what's the point of totally blacking them out?

[EL MOHA]

I have spoken on this subject in the past but it feels more real than it ever has since my dad just had a major brain stroke on Friday. I can see my mom is very unsure of how to manage the financials and it’s a very tricky spot to navigate with my dad only being able to spit out a few words at a time, I am hopeful for a full recovery. My dad is getting better by the day which is good but it’s a long road to recovery. My family can tell that he is worried about his assets and he has made attempts to tell my mother and brothers what to do, we believe he was trading all his coins into a volatile crypto right now and want to help him stabilize that. I have my flight booked and I’ll be there in a few days to help with everything but now more so than ever if you haven’t taken the time to fill in your significant other or trusted family member what to do in the event of something like this happening then you need to make sure that is in place not only for all your crypto assets but physical and anything you can pass on. We are not promised tomorrow, I am thankful my dad is alright. I believe he will recover. If you can please send prayers for him and my family 🙏

Firstly I wish your dad speedy recovery from this as it is a very frustrating situation. M

Now to the question of having your asset actually announced, i think we have emphasized on this topic enough most especially from the beginning of how or where you store your private key or seed phrase. There are people who disagree that this things need to be kept secret as not everyone can be trusted even family members. But for me I think we need to at least have that one person we know will be able to keep the secrets and uphold them, this is much safer than any backstabbing That will even Happen. It will be more painful to have your asset lost due to only you having access to it than it been misuse.

[MeGold666]

I disagree with you on this. I know it's risky for one to trust the next person when it comes to what has to do with money, but then again, if you don't trust anybody, do you even trust yourself? And if you are a married person, you, as the husband or wife of you, don't trust your spouse enough.
 
Why get married to them in the first place? To some extent, we need to take the risk of trusting one or two of our family members. Besides, all those wealths that you are indirectly making are supposed to be for the family, so what's the point of totally blacking them out?

No, I don't trust even myself. Wife ? you're talking about the most abused contract in history that destroyed so many men ?

Give me a break

[Marykeller]

Sorry to hear that, I wish your dad a speedy recovery.

I don't trust even my own mother when it comes to money and I'm not leaving anything to anyone, if I die, crypto I hold will be gone forever. To each his own.
I'm a selfish bastard and I'm happy with that  

The most important thing I've learned in life is to trust no one, especially your family as they are the first to abuse the trust.
Seen too many people getting screwed by own family, not going to be one of them.

Ask yourself, what is more probable - dying today/tomorrow or getting screwed by some family member you thought you can trust with big money.
If you already have some deadly sickness then you may think to share your wealth, other than that I think you are just increasing the chances of getting robbed.

I know how hard it is trust to someone in this present time when it relates to money, but you should at least have a special friend or relation you can highly trust with your crypto assets when the otherwise happens. Not everyone is wicked, heartless, or greedy regarding money.

That being said, I don't think, it's the best idea to have your crypto assets lost forever than your family member or close friend to have them. We are not praying for something bad to happen, but we should at least get ourselves prepared for the worst before it takes us by surprise that we don't have anything in store for families to take care of.

However, since you are having difficulties trusting anyone, why don't you try to find someone close to giving them your seed phrase; you will purposely remove the last word of your seed phrase only to give it to someone else. Like, Your mom will have the first to eleven words of your seed phrase, and a friend will have the 12th word. It will be revealed when the unexpected happens to you. That way you have saved yourself from the abuse of trust or being screwed up in the future.

[MeGold666]

I know how hard it is trust to someone when it relates to money, but you should at least have a special someone you can highly trust with your crypto assets when the otherwise happens.

I don't think, it's the best idea to have your crypto assets lost forever than your family member or close friend to have them. We are not praying for something bad to happen, but we should at least get ourselves prepared for the worst before it takes us by surprise that we don't have anything in store for families to take off.

However, since you are having difficulties trusting anyone, why don't you try to find someone close to giving them your seed phrase; you will purposely remove the last word of your seed phrase only to give it to someone else. Like, Your mom will have the first to eleven words of your seed phrase, and a friend will have the 12th word. It will be revealed when the unexpected happens to you. That way you have saved yourself from the abuse of trust or being screwed up in the future.

No.

People are NOT to be trusted, ever.

And they will be fine without my money, no one deserves free money.

Enough said.

Over & Out.

[Churchillvv]

I believe you can't joke with your family situations and I join faith with you and seek quick recovery for your dad.

BTW, it has always been an every day preaching that in whatever we do let's try as much as possible to let our love once know at least little to every assets we own in any way. And it's also not a new thing that we all should plan for our future and make plans for the unforeseen circumstances or the rainy days which we can predict, having an emergency funds, investments etc that can back us up at any time is a major advise that we should take for granted.

[Darker45]

My prayers for your dad!

Like him and like majority of us I guess, my crypto assets aren't organized as if today is my last. So in the event that I can't anymore wake up tomorrow, they will have to do some searching and breaking passwords and PINs.

My family and loved ones don't know how many BTC I have, how many wallets I maintain, where backups and devices are kept, and so on. But I guess it's enough for them to know that I'm into Bitcoin and crypto that they would take the searching and the puzzle-solving seriously. If they're steadfast, they will get every Satoshi I own. If not, then let those be among the lost coins that "only make everyone else's coins worth slightly more."

[icalical]

I'm so sorry to hear what's going on with your dad, but great that you're stepping in and helping your family. Currently, the crypto market has gotten very volatile, especially with big assets like Bitcoin last August, things really seemed to show high volatility. Experts suggest that investor caution is growing due to economic uncertainties like potential interest rate changes, which makes the crypto market unpredictable. Considering this, moving his investments into more stable options like stablecoins could help reduce risk.

It is important that there is a clear plan as to how the crypto and other assets are to be managed, especially when events catch one by surprise. In doing so, having a strategy for asset management may involve the creation of provisions for accessing such assets by close family members with you so as to avoid confusion and ensure long-term financial stability.

[Apocollapse]

Sorry to hear that, yeah we need to prepare for the worst.

We live in the present, not in the past, and no guarantee to live in the future. So enjoy what you're doing now.

No, I don't trust even myself. Wife ? you're talking about the most abused contract in history that destroyed so many men ?

Correct.

Why women fall in love? because men have money.
Why men fall in love? because women are physically attractive.
How to accumulate money? by working hard.
How to be physically attractive? by having money.

Many women nowadays are using men as their stepping stone.

If people want to inherit their assets, they should have prepared a last will and testament to give it to their child.

[mirakal]

Make sure you have a plan in place so your loved ones are set up for success and never be in this type of situation.

The plan was not just made like a part of the investment strategy but for us to seriously follow. A plan that is also quite achieving. Like what happens in your family, it needs the total participation of the members of the family to make fair decisions. Having a good relationship and proper communication could help a lot in the success of the plan, which I hope would happen to you, OP. 

What I was trying to convey is that investing in secrets can be extremely challenging. Many people died with some investments, but nobody from their family got the benefit of it because of no access. It is time to realize that we have to change this kind of strategy and make everyone in our family aware. 

[Majestic-milf]

 My prayers are with your dad and I hope he gets a speedy recovery. It's important to secure your assets Incase of unforseen events so you don't get caught stranded. The most important thing about situations like this is having trust because without it, there's the possibility of engaging in financial activities that no one knows about.
I'm seeing a particular user; I think @Megold666 being so adamant to trust anyone with his funds and he may have his reasons but if that's the best path then I don't see the need to make investments if you don't have anyone that you can trust because should something happen to you and you can't access those funds by yourself except you involve someone else, how then will you manage since you've decided to keep it all to yourself?

[davis196]

If someone had opened trading positions with volatile coins on a crypto exchange, maybe the best option is a stop-loss order(if the crypto exchange really offers such feature, most crypto exchanges do). Unfortunately, I don't think that your dad has used this feature.
This is the best way to preserve your capital, when the market gets hit by severe price drops. The stop-loss order will be launched automatically, when the prices drop below a certain level and the volatile crypto will be automatically sold for stablecoins.
The topic about crypto inheritance has been discussed multiple times in the forum, so I don't want to start it all over again.
I wish your dad a fast recovery.