What happens to your crypto if something happens to you?

[Tungbulu]

~~~~

✂️✂️✂️✂️

You didn't even talk about the possibility of any of the child losing their life or falling into sickness that could possibly mess with their mental health then, looking for the same funds stored in the seed phrase for treatment but could not because  the sick child for one reason or the other can not be able to provide his own part of the seed phrase. It just does not make much sense to me unless again if the dad has hide another copy of the seed phrase somewhere else and is just doing this for the purpose of uniting them and not necessarily to store it with them.

It’s always logical to have alternative backups, and by the way, this method, I mean distributing the seed phrases amongst his children is a form of a plan B, just incase something happens to the man and he happens to be the only person who knows the location of his seed phrases (just as the topic says). It doesn’t matter how safe those phrases are secured, if anything happens to the man, or he dies, his Bitcoin dies with him, and his family gets nothing. But when his children has a piece of the puzzle each, it will not only give them access to the funds but it’ll prevent one party from accessing the funds without the knowledge of the others.

[Numeral]

If you have a large amount of money saved in cryptocurrency, you should take care of these funds just as you would any other material asset. Everything must be thought out down to the smallest detail, otherwise, if you don't take care of this, your relatives will never be able to access it, and your crypto assets will simply remain in the blockchain. It is best to leave access to the person you trust the most, whether it be your spouse, child, parents, or even a close friend. It is quite possible that the inheritance of digital assets can be legally formalized in some way. You just need to consult with lawyers who will advise you on the most rational solution, as such situations have certainly arisen many times before. 

[B-BossMan]

Having Bitcoin left or having funds in cryptocurrency investment without anyone getting access to it because of the security tightening or because no one knows your seed phrase is never a new thing, although it has been in existence since before me, there are many investors that died and left their investments behind, and there are some that died either through some brief illness or through accident.

But it's better to let your family know more about your assets or investments, particularly your spouse, especially when you know that your family may go through a few challenges after your death, so it's better you do the needful. Moreover, my family will still enjoy my cryptocurrency investment even after I leave them in the world.

[sunsilk]

It is heavily reliant on the situation in question..Life indeed may sometimes be unpredictable and bad to us, when we least expect it too, just like in a game of sorts

That's why don't be so boastful if you have a lot of crypto holdings, you'll never know what may unfold by tomorrow.

So, stay humble and just plan things on your own so that you'll protect yourself, your portfolio and your family.

Others are already planning on how their next generation in the family to enjoy the wealth that they have built through crypto.

[Fiasem20]

Nobody ever pray for the unexpected to happen but it's crucial to tell a trusted person about your investment lifestyle.Aside investment, I've heard a lot of stories where a rich man died leaving huge amount of money in he's account and he's family aren't aware that their father had a secret account.That is absolutely wickedness, though most humans are inhumane.It's not all about creating awareness to the person you trust so much concerning your bitcoin investment but it would be wise to educate the person on the basic knowledge of Bitcoin.That is why it's very crucial to have an emergency fund just in case of an emergency case your investment wouldn't be tampered prematurely.

[Fakhrulenclix]

Nobody ever pray for the unexpected to happen but it's crucial to tell a trusted person about your investment lifestyle.Aside investment, I've heard a lot of stories where a rich man died leaving huge amount of money in he's account and he's family aren't aware that their father had a secret account.That is absolutely wickedness, though most humans are inhumane.It's not all about creating awareness to the person you trust so much concerning your bitcoin investment but it would be wise to educate the person on the basic knowledge of Bitcoin.That is why it's very crucial to have an emergency fund just in case of an emergency case your investment wouldn't be tampered prematurely.

I separate emergency funds and investments.
I don't think emergency funds have anything to do with other people, they're just a portion of our money that we use for unforeseen circumstances.
Meanwhile when investing in Bitcoin for the future, someone we trust or love should know about it, We never know what bad things might happen. Therefore I believe it's important to have someone we trust know about all our investments and have access to them so that one day, those investments will continue to be useful for our loved ones even after we're gone.

[Alonso_]

~~~~

✂️✂️✂️✂️

You didn't even talk about the possibility of any of the child losing their life or falling into sickness that could possibly mess with their mental health then, looking for the same funds stored in the seed phrase for treatment but could not because  the sick child for one reason or the other can not be able to provide his own part of the seed phrase. It just does not make much sense to me unless again if the dad has hide another copy of the seed phrase somewhere else and is just doing this for the purpose of uniting them and not necessarily to store it with them.

It’s always logical to have alternative backups, and by the way, this method, I mean distributing the seed phrases amongst his children is a form of a plan B, just incase something happens to the man and he happens to be the only person who knows the location of his seed phrases (just as the topic says). It doesn’t matter how safe those phrases are secured, if anything happens to the man, or he dies, his Bitcoin dies with him, and his family gets nothing. But when his children has a piece of the puzzle each, it will not only give them access to the funds but it’ll prevent one party from accessing the funds without the knowledge of the others.

You seems to make a lot of sense, it’s always good to have different alternatives, you can always distribute your seed phrase and password or write them and keep somewhere safe as a will or something like a legal document that can be protected by the lawyer should in case something bad happens or something like loose of life, so whatever bitcoin that we have in our disposal or our bitcoin wouldn’t be lost forever so that our family members can have access to them, something like a puzzle somewhere hidden and written in the legal will would also help the individual involved like family members.

[Tungbulu]

You seems to make a lot of sense, it’s always good to have different alternatives, you can always distribute your seed phrase and password or write them and keep somewhere safe as a will or something like a legal document that can be protected by the lawyer should in case something bad happens or something like loose of life, so whatever bitcoin that we have in our disposal or our bitcoin wouldn’t be lost forever so that our family members can have access to them, something like a puzzle somewhere hidden and written in the legal will would also help the individual involved like family members.

Leaving your phrase with your lawyer wouldn’t be such a bad idea, but the lawyer in question has to be one that is trusted beyond all reasonable and even unreasonable doubts, because you’ll be entrusting your future into his hands and trusting he’ll do as you’ve said if and when you’re no more, and it’ll also be good that your family also have a clue that there’s actually something like that too, even if they’re not in custody of the seed phrases, it’s important for them to know you’ve got such a possession.

[Fiasem20]

Nobody ever pray for the unexpected to happen but it's crucial to tell a trusted person about your investment lifestyle.Aside investment, I've heard a lot of stories where a rich man died leaving huge amount of money in he's account and he's family aren't aware that their father had a secret account.That is absolutely wickedness, though most humans are inhumane.It's not all about creating awareness to the person you trust so much concerning your bitcoin investment but it would be wise to educate the person on the basic knowledge of Bitcoin.That is why it's very crucial to have an emergency fund just in case of an emergency case your investment wouldn't be tampered prematurely.

I separate emergency funds and investments.
I don't think emergency funds have anything to do with other people, they're just a portion of our money that we use for unforeseen circumstances.

I don't think any investor combines both emergency funds and investment together.Emergency fund wouldn't have been in my context but I added it because most investors fall ill and if the illness isn't treated properly may lead to death, so in this scenario if there's no emergency fund at the moment it would cause the investor to tamper on he's holdings.So all I'm saying in essence is that most persons death can be addressed and they'll be fine after proper medication has been given to them while others die natural death even if they were given proper medication.Emergency fund is important to an investor that knows the benefits of having it.

[livingfree]

Leaving your phrase with your lawyer wouldn’t be such a bad idea, but the lawyer in question has to be one that is trusted beyond all reasonable and even unreasonable doubts, because you’ll be entrusting your future into his hands and trusting he’ll do as you’ve said if and when you’re no more, and it’ll also be good that your family also have a clue that there’s actually something like that too, even if they’re not in custody of the seed phrases, it’s important for them to know you’ve got such a possession.

I won't do this.

While lawyers can be trusted and they'll have to adhere with the last will testament that's given to them. It's better if we can teach our immediate family about importing wallets.

Because you'll never know if a lawyer is enticed to do something with the keys that are left to them if the amount is quite huge.

There is no other people to entrust your keys aside from yourself and immediate family.

[I_Anime]

Well this is something that’s is inevitable, but still you have to prioritize your privacy . Though you can choose to tell some trust worthy folk . Like someone you really trust , because if you don’t tell anyone and you endup losing your seed phrase (we are not even taking about death None coma ) you are still going to lose your assets . So better for someone you trust to know about your seed phrase location. Doesn’t mean you will start telling everyone when making such decision, you just have to take your time .

[Fuso.hp]

Since I invest for the long term, I have informed a trusted member of my family about my investment. There is no guarantee in human life, so I think it is necessary to inform someone trustworthy about my investment. The purpose of investing in a long-term plan is so that we can get some good profits from this investment in the future and our next life should be beautiful. By investing consistently thinking about the future, if I die before enjoying the results of this investment and if I cannot inform any member of my family about my investment, then this investment is completely useless because in my absence, no one will be able to access my wallet, as a result of which this investment will remain useless, investors should think about these things in advance.

[Pi-network314159]

The fact is that most people Will lost their asset forever because they lack sincerity with their spouse, relative and children. What I mostly understand is that people mostly get afraid of revealing their seed knowing how unsafe it is to them or the threat involved in revealing their secret expecialy anything asset. And the reason this happens is that if someone has access to your wallet and assets, might be stolen as well even while you are alive. The risk is Very high, and as a matter of fact this is the reason that led to people not entrusting their btc phrase while they are still alive, but people can still figure out how to keep them safe where there wife and children can benefit from it when they are no more. Most time it's lack of trust from wife and children that will make a father to hide his seed from his wife and children but when the trust is there there will be no need of hiding. when the trust is there you can educate your children and wife about cryptocurrency and how to use it Incase you are no more, or even if you are sick and have no access to withdraw your fund for medical bills, they can use it and save themselves of taking loans.

[MarjorieZimmermanGinger]

I actually know someone this happened to — a guy I met a while back died unexpectedly in an accident. He had a cold wallet with a decent chunk of BTC, and to this day, his wife still hasn’t been able to recover any of it. He didn’t use any kind of inheritance system or trusted setup. It’s just... gone.

That's a risk anyone should avoid going forward, because not using an inheritance system or other setup that can recover assets upon death is a poor choice, as the heirs left behind will be unable to do anything to regain access to the wallet. Several people on this forum have written a guide on this issue, and perhaps you can refer to it for insights into your assets after death. But in your friend's case, there may be no way to recover the assets if his wife can't find the seed, as the assets die with the person if the heirs don't have the seed to recover the wallet.

[harapan]

This topic is fire, it points that we should care about our physical security as much as we do about our digital security. Too many bitcoin holders has become victims.

If you have a clear plans laid down, with your spouse, your lawyers and if possible one of your educate and enlightened Children who you think can handle these keys. They should also be added to your will but this can be optional. Lawyers can have assess to your will but your keys should not be given to them as they can use them fir their own selfish use. Updating the people you trust the most about your keys and wallet has to be the best thing of them all.

[Rustam Meraj]

Since I invest for the long term, I have informed a trusted member of my family about my investment. There is no guarantee in human life, so I think it is necessary to inform someone trustworthy about my investment. The purpose of investing in a long-term plan is so that we can get some good profits from this investment in the future and our next life should be beautiful. By investing consistently thinking about the future, if I die before enjoying the results of this investment and if I cannot inform any member of my family about my investment, then this investment is completely useless because in my absence, no one will be able to access my wallet, as a result of which this investment will remain useless, investors should think about these things in advance.

The fact that you have chosen to tell trusted family member your long term investment is very smart idea, as it will deal with enormous issue of digital inheritance, since being in self custody with your own crypto keys will make your money useless and locked away for good in case your family cannot access your wallet when you die. When you tell someone you trust and give them place of your keys, you change your investment from risk which will not work in your absence to safe plan which will make sure money can still do its purpose of supporting your family in future.

[KiaKia]

Every lost Bitcoin is a blessing for the world, scarcity strikes even  more than before, many people have lost their lives and they took their Bitcoin with them, since no one can access it even while the owners are dead.

Everyone has families but not everyone has people that they can trust with their money, sometimes keeping your money away from everyone buys you spare time to stay alive, you tell the world you get yourself killed, simple as that.

Lawyers can't be trusted either, not after many victims played into the hands of those lawyers who are dirty, if they want your possessions they will have it, I fear lawyers even more.

It is fine if you don't have anyone you can trust, keep holding and if death do strikes then know that your missing Bitcoin did the world a favour too, it is not really lost since death is what happened, you only help increase the scarcity of Bitcoin.

[hero_the_bossman]

^ I would say that it's still better for such coins to get rolling anyways.. Scarcity is good, but it's better if the coins are truly in motion and are used, not just left out because the person is not in this world anymore.

[Chinesebaby]

What happens to your crypto if something happens to you?  Have you really prepared for that?
This is something that’s been on my mind lately ,and I think it’s something many of us in the crypto space avoid talking about.

We go to great lengths to protect our private keys and seed phrases. Cold wallets, metal backups, multi-sig setups... we lock everything down so no one but us has access. That’s great for security — but what if you suddenly die or fall into a coma? Would your spouse, kids, or family be able to access your crypto?

As a married man who has a wife and kids, it is important to let your spouse know how much you had in Bitcoin or your seed phrase. But that should only happen when you truly trust your wife and knows she loves you and can't harm you, so as to run away with your money. Because I have seen many scenarios whereby a wife fired for a divorce and went away with almost half of the man's property, including Bitcoin assets, simply because she knew of it. Which is why some people might be skeptical of reviewing how much they own in Bitcoin to their parties.

[nemesis_incarnate]

As a married man who has a wife and kids, it is important to let your spouse know how much you had in Bitcoin or your seed phrase. But that should only happen when you truly trust your wife and knows she loves you and can't harm you, so as to run away with your money. Because I have seen many scenarios whereby a wife fired for a divorce and went away with almost half of the man's property, including Bitcoin assets, simply because she knew of it. Which is why some people might be skeptical of reviewing how much they own in Bitcoin to their parties.

It's about the trust, I agree.

If you do believe the person close to you - you do share everything with this person. If not - then it's a no.