Plan now, you could die suddenly as an investor.

[alastantiger]

As your investments begin to mature into a considerable amount, while you consider the security and safety of it, it is also important that you consider the situation where you die suddenly and your Bitcoin gets lost; no investor would want that except they have no family and friends worthy enough for it.

We not having family or friends shouldn't stop us from passing down our wealth because there are charity organisations that need help financially hence passing your inheritance to them is a good gesture that'll do well for the people in need than to allow your money to waste as nobody gets access to it when you're gone. Planning is a good habit to have because it'll help you stay organised and avoid some unnecessary things like people fighting over your wealth and causing betrayal among family members. It'll also give you peace of mind that when you're gone, your estate will be distributed well among people you loved while you were on earth. Rest in peace to your friend, I hope you're drafting your own will soon too because telling us to make preparations while you aren't doing the same is wrong.

[m2017]

I lost a friend this week; he was meant to be 30 years old today, but he died a few days before his birthday today and was actually buried today. It is terrible news, and it got me thinking that death can be untimely, and it is not only the old or terminally ill that are close to death but also anyone; most investors in bitcoin will not get to old age to actually enjoy their investment. Thinking about that, it has to be said that planning for who to own your bitcoin after your death does not have to be when you are old but when you have accumulated bitcoins to a sufficient amount.

That's why an eternal hold is impossible. Also, I don't think your investments will help you much when you become. Yes, it will be a "safety cushion" for an emergency health improvement, but will you want to travel in old age, for example? Unlikely. Therefore, you should maintain a balance between simply accumulating and holding bitcoin, and current use and spending of bitcoin in the present moment.

Well, and don't forget about the case with your friend. The dead don't need bitcoin. Live in the present moment (partially spending btc), planning your future (partial accumulation of btc).

As your investments begin to mature into a considerable amount, while you consider the security and safety of it, it is also important that you consider the situation where you die suddenly and your Bitcoin gets lost; no investor would want that except they have no family and friends worthy enough for it.

While investors are alive, they don't think about premature death. And when this moment comes, it is already too late to think about it. Your message is clear. While there is an opportunity, it is necessary to prepare a plan B just in case: to whom to bequeath bitcoin. Whereas plan A should consist of managing to use bitcoin for your own benefit as much as possible (it can also be for the benefit of family and relatives), so that less is left for plan B. Otherwise, what was the point of all these efforts to accumulate?

[Iranus]

It's always good to let our family know about the seed phrase and what's in our posession.
Some people like to be discreet, that's definitely their right to do so but it'll help a lot of the asset can also be accessible for the family.

Sharing seed phrases or what we own with loved ones also carries certain risks because there is no guarantee that they will never touch them even without our permission. But I think that risk is acceptable and also worth it rather than not sharing it with anyone and letting it disappear with us like in OP's story.

I have witnessed the same thing as OP, I have seen many people I know suddenly pass away and leave a huge void in their family. So I thought a lot about this because I don't want my hard earned money to go to waste, and that's why I don't hesitate to share everything with my loved ones.

[satscraper]

Sharing seed phrases or what we own with loved ones also carries certain risks because there is no guarantee that they will never touch them even without our permission.

You can share the inheritance key ^{created by Liana}, which becomes automatically active after the specified period of inactivity of the primary key which itself remains active forever. This ensures you don't need to worry about they touch this key before the inactivity threshold has been reached. The key point here is to ensure that those you trust know how to use Liana wallet in case something unexpected happens to you.

[o48o]

I had similar experience. My friend cashed out and left all crypto markets. Soon after that he died. I thought it was via suicide as timing was so odd, but turned out it was a coincidence and he died from from a cardiac arrest.

I was happy that he got to use his money for his family while alive, but i checked some of his accounts, as i knew some his addresses. Turned out that those would have been eligible for more valuable airdrops.

I didn't know his family well, but i asked some of his friends to tell his family not to erase his hard drives, as those are valuable. I even offered my services to extract any crypto airdrops

I don't think anyone took me seriously as i haven't heard back from them, and i doubt they have skills to claim those airdrops. They either didn't trust me, or thought that it's some play money not worth looking. Some of those airdrops are already expired.

Personally i have my new crypto details in one safe place, and i am planning to send update via email to my kids. They are tech savvy with security, so it's secure, but i wouldn't trust them not losing usb stick or piece of paper, so this is defintely the safest way.

[qwertyup23]

Investing into cryptocurrencies are always considered niche by some people. Even with its widespread reputation that emerge during the pandemic, a lot of people still are skeptical into investing into BTC. Due to this skepticism, there are others who chose not to learn and know about cryptocurrencies and their effects economically.

OP, what happened to your friend is really unfortunate. I also agree with you that we have to be prepared in the event that something unexpected happens to our investment and cryptocurrencies. For normal investments, as a general rule, these will be passed into the estate and therefore to the heirs. But for cryptocurrencies, there must be instructions on how to liquidate them especially to family members who do not know anything about it at all.

As early as now, we should actually pick our most trusted member or friend in which they will receive our BTCs in the event of an unexpected death. Instructions should be made on how they could access it as they will be the ones to use it in the future.

[Ultegra134]

I'm sorry for your friend, it's really unfortunate to lose people in such young ages. As for what you've mentioned, holding eternally is impossible, and pointless, at some point, we'll have to sell. I've been holding and accumulating Bitcoin for approximately 4 years now, and I was thrilled to see my money more than triple in value within such a short time period. Although the $100,000 mark was a huge achievement, and it's a promising amount, I wouldn't just sell because life is simply unpredictable.

As other posters already mentioned, there are ways to prevent the loss of funds in case of death, by passing on the seed phrase or private key to a relative or a friend. On the other hand, if I'm dead, I couldn't care less about my coins, but on the other, I'd rather see someone I love using that money.

[GeorgeJohn]

It's really obvious that death is inevitable, death doesn't have a specific people that will be call to glory, so both new born babies, young adults and adults can die at any time, as I said before that death is inevitable, if death knock at your door you most answer death even though you're Elon Musk or bill gate and Donald Trump, you most submit to death

For the investment perception, if you're into investment, you have to let your love one's such as your wife, children to know almost 85% of the investment, so that when you're no more this people will have access to your investment, even though it's a bitcoin investment, at least you're supposed to let your wife to know the seed phrase knowing that death is inevitable, any investment you're doing as a human and your loves one's doesn't know the secret of the investment, I may say that it's a wrong investment, indecencies that nobody knows the outcome of tomorrow

Some people deliberately keeps their investment on secret so that people will not hate them unnecessarily, but for me it's good for few people around you, especially your siblings and your offsprings to know about what you're doing, should incase of premature death can occur unexpectedly.

[Asiska02]

As your investments begin to mature into a considerable amount, while you consider the security and safety of it, it is also important that you consider the situation where you die suddenly and your Bitcoin gets lost; no investor would want that except they have no family and friends worthy enough for it.

This should be a matter of urgency and not waiting till you’ve stack up some considerable amount of bitcoin. While working towards stacking that much, you can also have in place ready someone that can inherit from your bitcoin when you’re no more, I mean something like next of kin that’s banks usually do and make it mandatory while opening an account with them. While this is a crypto thing and requires all privacy to protect your funds when you’re alive, they could still be a clue or something that can tell how your next of kin can get to benefit from your investment when you’re no more. No one envisions to die now, but time waits for no one and we can’t tell when it’ll be the end for us. It is better to act quickly than to be sorry.

[Smoketoomuch285]

When speaking about a friend and first thoughts is seed or crypto.Typically these discussions are handled in private. This train of thought from a friend typically leads to a bad choice. . Your friend made a mistake by telling that friend. “Worthy enough” that’s a second red flag. Blood is blood it’s a have to. If you’re concerned about their choices it’s not our business. What we do for free is what matters most. We need to increase our focus on making this world a better place. It’s just me I would donate it all to a place they enjoyed. If he was in crypto. How about our developers? Maybe a local library. A shelter or a little research and see where it would have the greatest positive impact. Someone out there definitely needs it more than us. Good subject to touch on. Thank you.

[xzone]

I am sorry you lost your friend, he passed away at such a young age. It is normal for a person to have deep thoughts at such times.
No one knows when they will die, maybe you are investing in vain throughout your life. We can never know, so we should realize as much as possible, put aside investments and do something to live the life we ​​dream of.

Investments made after death have no meaning. Of course, it is important to support your family, we have to teach them this job

[SuperBitMan]

Sorry for your lost Rruchi man, you are right it is not only the old that die the young people die too, I have a close friend of mine he died when he was just 23 back then, it was a very sad day for me so I know what you must have gone through.
This is a lesson to me and to everyone I think we have friends we trust very well in our family you can tell them your password to your wallet however this is not safe as they can use through that means of having access into your account to withdraw all your crypto coin and then run away, I know someone that he brother went to his phone open his wallet input his brother password to his wallet and withdraw everything so please if we are to give any of our family members our wallet we should give it to someone that is very discipline and that has a fear of God in him or you can decide to go to a lawyer and write it as part of your will, I think this way will be much better.

[TheUltraElite]

Death is never predictable so it is better to know what to invest in and leave it to the kin in a manner that they will recover the money before they lose it.

But truly witnessing a death is a tearful experience and I think every bitcoin investor should take this seriously to set up some method so that their known people get acceas to their bitcoin.

Even then some might consider not giving their coins, which I dont see as a problem to be.

[Eternad]

Even then some might consider not giving their coins, which I dont see as a problem to be.

Not everyone has the same situation. Some people might not have some close friends or family which they trust and is worth it to leave their belongings if they die. There are even some that would wish you bad things if they know that they will benefit once you died. I don't know if someone will believe me but there are people that will really wish you dead.

I'd rather choose my bitcoin lock in my wallet forever or donate it to a charity when I die.

[Kagaru]

Not everyone has the same situation. Some people might not have some close friends or family which they trust and is worth it to leave their belongings if they die. There are even some that would wish you bad things if they know that they will benefit once you died. I don't know if someone will believe me but there are people that will really wish you dead.

I'd rather choose my bitcoin lock in my wallet forever or donate it to a charity when I die.

That’s a very real perspective. Not every person can find persons whom he/she can trust in something as important as the bitcoin, and sometimes even close people or relatives can have bad intentions. No wonder that a person would prefer to retain the control over his coins even when he is dead or rather allocate them to some good cause in which he believes. Leaving your assets to family and friends that do not even deserve it or on contrary, even want to do you harm sounds bad. It all comes down to personal preference, and it is every person who ultimately decides what he/she found to be the safest and the most value-adding.

[uneng]

Money shouldn't be held forever or just accumulated until you reach an old age. Money exists and it's here to serve us, not the opposite. At same time, we have to take into consideration each person has different needs and goals. Some will need less, while others will need more funds to meet their objectives. And in my opinion, it's better to die trying, than not trying at all...

What happened to your friend was very unfortunate and unexpected, so it's different from a situation of an elder individual who has been saving money for decades without any goals and purposes in mind. Maybe your friend had plans and was trying to make them come true. If that is the case, he did what he could have done with the time available for him on this world, therefore, there is nothing to regret or lament about it.

[blockman]

Money shouldn't be held forever or just accumulated until you reach an old age. Money exists and it's here to serve us, not the opposite. At same time, we have to take into consideration each person has different needs and goals. Some will need less, while others will need more funds to meet their objectives. And in my opinion, it's better to die trying, than not trying at all...

It's a different story for someone who owns Bitcoins and have plans of holding forever. It's totally okay if someone has that plan to hold forever but that means long term and not literally forever. A point will come at a time that they'll start selling when they're at the peak of their satisfaction and that's very normal. We hold for a better future and to enjoy it, not for the others to just enjoy it. Well, no problem if they are from us, children, wife/husband, parents and immediate family members. But just remember, we're here to live that moment and from being patient for a very long time, you deserve to treat yourself and spend them somehow but not everything.

[BITCOIN4X]

Since I really focused on building investment, I never forget to make a inheritance plan. I have prepared it in detail where only certain people can access the storage wallet, of course they are my trusted people. This does not only apply to specific investments such as bitcoin, but also to other investments that you have and it is important to make plans especially for inheritance.

Money shouldn't be held forever or just accumulated until you reach an old age.

It depends on what you are planning. If your investment plan is to have a pension fund, inheritance, or financial independence in old age, then you need to consider not selling it now. You can certainly sell some of your assets when it is profitable and you enjoy it, but the investment you plan for old age still needs to be maintained.

[Smartvirus]

As your investments begin to mature into a considerable amount, while you consider the security and safety of it, it is also important that you consider the situation where you die suddenly and your Bitcoin gets lost; no investor would want that except they have no family and friends worthy enough for it.

It’s a very sensitive topic and consideration I must say, given the fact that one don’t get to see themselves at the mercy of death when they are still have age on their side. It doesn’t matter how much you have in your possession most of all, death doesn’t come to mind and when it has to do with Bitcoin with how private/secure you should keep it, it’s always difficult to try and maintain protocol while staying private. When it’s necessary though, it’s wise to consider it but, it’s an individual opinion.

[Popkon6]

As your investments begin to mature into a considerable amount, while you consider the security and safety of it, it is also important that you consider the situation where you die suddenly and your Bitcoin gets lost; no investor would want that except they have no family and friends worthy enough for it.

In the future, people will definitely hold Bitcoin for that, just like when you open a bank account, you must have a nominee because if the owner of the first bank account dies, his nominee or the second person will own that account. In the same way, in the case of Bitcoin holding, the family should be informed, maybe the father is holding Bitcoin for his future and to protect the future of the child, he is holding this Bitcoin. Of course, the wallet password should be left with trusted members of his family, so that if the father or Bitcoin holder dies, his family members can retrieve his Bitcoin.
Or if a young man is holding Bitcoin, then his father or any member of his family should be informed about this and the private should be left with him. The private can keep two to three copies of it on paper, it is better for the Bitcoin holder to keep this private only with him.  Then the chances of losing Bitcoin holdings are very low because people's death is very close.