How to make sure your bitcoin reaches the next generation

[hd49728]

Every informed lawyers understands Bitcoin and seed phrase, if there is any clues to access your seed phrase it will be known by them, they are smart and if the lawyer is crooked they can scam your inheritors and steal your Bitcoin. I don't think that we should share our Bitcoin details with a lawyer, they are third parties, any clues about your seed phrase should be directly to the beneficiaries. If  the beneficiaries are young you can share with a trusted person not necessarily a lawyer. We should take advantage of privacy of Bitcoin and keep our Bitcoin life as private as much as we can.

Working with lawyers will have contracts with them, and you can be protected by existing laws as well as the contract, but it's risky to believe that the lawyer will not do anything greedy and bad against you and your family members. I would like to do all things by myself, and inform my family members who I want to inherit my bitcoins knowing about that gift as well as teach them very basic steps to accces a Bitcoin wallet, recover a wallet from backup, and how to send bitcoins to another address.

With Bitcoin, non-custodial wallets, I have private keys and have my bitcoin banks, so that I can give it to my beloved family members with a well-planed process.

[henry_of_skalitz]

Third, do not put sensitive information like private keys on your will. But rather put instructions how to access those sensitive information with your lawyer and in the will. The private keys should be stored somewhere safe and secured.

This is what I found interesting. What if the lawyer goes rogue and steals your bitcoins? What are the checks you've got to implement to make sure that that doesn't happen? If the lawyer could gain access to the private keys the coins may not reach your heir. Are there no better ways of doing this?

Every informed lawyers understands Bitcoin and seed phrase, if there is any clues to access your seed phrase it will be known by them, they are smart and if the lawyer is crooked they can scam your inheritors and steal your Bitcoin. I don't think that we should share our Bitcoin details with a lawyer, they are third parties, any clues about your seed phrase should be directly to the beneficiaries. If  the beneficiaries are young you can share with a trusted person not necessarily a lawyer. We should take advantage of privacy of Bitcoin and keep our Bitcoin life as private as much as we can.

Shouldn't the lawyers in question be obliged by the law to not do such a thing?

Never heard of such cases on practice, but I do think there are measures to prevent such cases.

[Scarlett_23]

People earn income for themselves and their next generation shares this money. Therefore, there is a need for proper and fair distribution of their hard-earned money. This is why people make wills. However, since Bitcoin is decentralized, citizens of any country in the world can trade it or invest in it. However, there are some countries in the world that have not yet legally accepted Bitcoin.

If citizens of these countries go to make a will without a seed phrase about Bitcoin, then they may be questioned. Therefore, the best option is to inform a trusted family member about his seed phrase so that his money is properly distributed to his family members in his absence.

In that case, the family member must be very trustworthy and must be given the right knowledge of how to use it.

[iamsange]

Every informed lawyers understands Bitcoin and seed phrase, if there is any clues to access your seed phrase it will be known by them, they are smart and if the lawyer is crooked they can scam your inheritors and steal your Bitcoin. I don't think that we should share our Bitcoin details with a lawyer, they are third parties, any clues about your seed phrase should be directly to the beneficiaries. If  the beneficiaries are young you can share with a trusted person not necessarily a lawyer. We should take advantage of privacy of Bitcoin and keep our Bitcoin life as private as much as we can.

Your idea is brilliant and deserves to be understood correctly, as the lawyer is essentially another person who can clearly misuse it when they're no longer in good standing. So in a situation like this, it's certainly reasonable not to give the seed phrase to any lawyer, as long as there are heirs who can directly and correctly receive it. And if the recipient of the password doesn't yet know about Bitcoin or is still very young, then we can impart some knowledge to them and entrust it to someone we trust, such as their older sibling or someone who has always cared for them in their life. The key is not to hand it over directly to someone else, such as a lawyer or someone similar, who isn't related to us.

[₿itcoin]

Third, do not put sensitive information like private keys on your will. But rather put instructions how to access those sensitive information with your lawyer and in the will. The private keys should be stored somewhere safe and secured.

This is what I found interesting. What if the lawyer goes rogue and steals your bitcoins? What are the checks you've got to implement to make sure that that doesn't happen? If the lawyer could gain access to the private keys the coins may not reach your heir. Are there no better ways of doing this?

Every informed lawyers understands Bitcoin and seed phrase, if there is any clues to access your seed phrase it will be known by them, they are smart and if the lawyer is crooked they can scam your inheritors and steal your Bitcoin. I don't think that we should share our Bitcoin details with a lawyer, they are third parties, any clues about your seed phrase should be directly to the beneficiaries. If  the beneficiaries are young you can share with a trusted person not necessarily a lawyer. We should take advantage of privacy of Bitcoin and keep our Bitcoin life as private as much as we can.

Bitcoin is fundamentally different from traditional assets. If someone knows the seed phrase, they have complete control over our assets. Therefore, sharing it with a lawyer or any third party is unsafe, and there is no guarantee that our children or grandchildren will receive the bitcoin after we pass away.

When it comes to Bitcoin inheritance, sharing information with trusted family members is far more reliable than with lawyers or even banks. Although this isn't perfect and still carries risks,  but overall, family members are more trustworthy than strangers and third parties.

[TastyChillySauce00]

Encrypting seed phrase handing it to your descendant and writing the key to decrypt might be the way to go to make sure your bitcoin reaches your descendant.

I think it's the safest way because the inheritance will be unlocked in the right time and the seed phrase to access it is on the right hand.
I couldn't think of any better alternative beside this that truly decentralized and don't depend too much on an entity.

[coinlary]

Encrypting seed phrase handing it to your descendant and writing the key to decrypt might be the way to go to make sure your bitcoin reaches your descendant.

I think it's the safest way because the inheritance will be unlocked in the right time

With encryption, you make things even more complicated for whoever is going to inherit it.

Firstly, you would be needing an extra  storage device to back up the encrypted files, but this comes with a trade-off of losing access to the device itself due to it becoming faulty in the near future, unless you keep on upgrading and hope both don't stop working at the same time. This looks a little bit complicated already.

Check this thread: https://bitcointalk.org/index.php?topic=5567641.0

Secondly, you need to keep the encryption key safe, as well as perhaps multiple backups.

Thirdly, if you give both the drive and the key to any next of kin that you would like to inherit your Bitcoin, they can still withdraw it anytime they want. So you still have to hold it until the right time and hope they get it right.

Too much complication already just for inheritance.

[Joy- maker]

To past your Bitcoin to the next generation may look simple, but for me it's not Because is the matter of trust. and if you don't have someone whom you can trust with the information concerning your Bitcoin holding, and how to access it when you are no more, then can you be able to past your Bitcoin to the next generation? No.  have seen some person's saying that when they get to the age 40 or 50 they will write their Wills, How are they sure that they will get to 40 or 50 before they die. Death is something that can come at anytime, and I think the question should be, if you die now who can access your Bitcoin? Because as for me if I die now my Bitcoin is lost and gone, because no one can access it, I'm the only one who know my seed phrase and I have not said it to any one, not even my family members.

[Nothingtodo]

I’m a supporter of the idea that it’s better to pass on knowledge and practical skills to children, which will allow them to earn their own wealth, so that any inheritance becomes a pleasant surprise rather than a necessity. When a person has skills, they can achieve great results on their own, but having money without knowledge often leads to losing it easily.

An important way to pass on your Bitcoin to the next generation is to let your next generation members learn about Bitcoin. If your children learn about Bitcoin, they will certainly be able to access the Bitcoin you left behind. Of course, a Bitcoin holder should pass on the security password of their Bitcoin wallet to their next generation so that if the holder dies for any reason, the next generation can access the Bitcoin left behind.

[Smartvirus]

Encrypting seed phrase handing it to your descendant and writing the key to decrypt might be the way to go to make sure your bitcoin reaches your descendant.

I think it's the safest way because the inheritance will be unlocked in the right time and the seed phrase to access it is on the right hand.
I couldn't think of any better alternative beside this that truly decentralized and don't depend too much on an entity.

We’ve had several of these discussions over the years and it’s only normal it keeps coming back over and over.

One of the purpose while we invest or try to build a fortune is so that we don’t get to better just our lives but, the lives of those that would come after us, those that we make all these efforts really for.

The most recommend has always being using multisig wallets and some others even recommend using time locks to put that out of reach until a defined time. I think the multisig is the most efficient and how you choose to safeguard these keys and pass it down through generations is entirely up to you.

[DanWalker]

I’m a supporter of the idea that it’s better to pass on knowledge and practical skills to children, which will allow them to earn their own wealth, so that any inheritance becomes a pleasant surprise rather than a necessity. When a person has skills, they can achieve great results on their own, but having money without knowledge often leads to losing it easily.

Does having knowledge and skills guarantee that we will definitely achieve success?
I believe many of us are well-educated, with deep knowledge and extensive experience and skills. But many people are still struggling to get through each day, let alone get rich. Meanwhile, look at children our age, those fortunate enough to be born into wealthy families and inherit assets. They are on their way to becoming the next generation of the rich, and getting even richer.

Inheritance plays a crucial role in building wealth for future generations, as it provides children better starting line, easing the difficulties many face when starting from scratch. So if you have children, think carefully about this, don't naively assume that simply having knowledge and skills will make you rich easily.

[Hanadawa]

Encrypting seed phrase handing it to your descendant and writing the key to decrypt might be the way to go to make sure your bitcoin reaches your descendant.
I think it's the safest way because the inheritance will be unlocked in the right time and the seed phrase to access it is on the right hand.
I couldn't think of any better alternative beside this that truly decentralized and don't depend too much on an entity.

As I recall, several reputable and technically savvy Bitcoin members have discussed this and how to give private keys to heirs. I think it's extremely difficult to give private keys to heirs and expect them to access them after we're gone. The risk of using them while we're still alive is significant, as owning the private key means having full control over the asset. Some experts suggest multi-signature and other things that I still don't understand. Unfortunately, I forgot the topic title so I couldn't find it. This has been discussed in many other topics. Essentially, giving a private key means giving them full access and the right to use your Bitcoin at any time.

[CryptoYar]

[...]

Your point about how popular idea that knowledge and skills are only way to become rich is usually wrong is very good, since being smart and skilled can help you make money, but inherited money is what gives you needed first push, safety net, and friends to become rich more quickly. As clear example, inherited money lets children take bigger chances and to start saving sooner. So, your real world advice to parents is right they have to give not only teaching to their children but also things of value like property or investments since knowledge is engine, but inherited money is long road that allows them to start easily.

[tread93]

You are advanced to think that you are going to die soon, and you want the next generation or someone in your family to receive inheritance from the wealth that you built.

Actually, mine—I already teach them how to import a wallet, and I have my backup in my vault. At least if I die, they already know how to retrieve the wallet and withdraw them once they need them.
I know we don't live long; we are not elves or vampires to live long, so having this backup that is easy to understand with a little guide on how to import and retrieve it once they need it someday.

I don't know about the time lock mentioned above, but it is way safer if you let your loved ones know your backup but keep it in a safety vault.

I think that's the only important there, getting your family aware with bitcoin and on how to use and secure the wallet 24/7 so that they can directly use the funds once there are sudden emergencies arise or they plan to diversify it and start with another investment. Once your family or your spouse knows it already, you will die at peace knowing your hard-earned investment will not go into waste.

I'm actually starting to teach my family about bitcoin, and hopefully they can also start buying and safekeeping bitcoin while I'm still wild alive and kicking.

I want to start to teach my kids about how to use the coins but they are still much too young. They are going to be some incredible generations the Alpha's and the Betas! I can't wait to see them all grown up and see how they turn out. I have predicted that there will be a major rise in gambling addicts over the year simply due to social media alone.

[bubilas]

This whole topic isn't as simple as it might seem.
It's one thing to think about how to approach your children and introduce them to Bitcoin.
But on the other hand, it's all about money, and the child already needs to get an education at school. The burden is enormous, and because of this, they bear a great deal of responsibility. Furthermore, you need to be very careful when introducing the importance of investing into conversations with them. It's possible to overexert a child, and that can discourage them from understanding investing and proper financial management.
Therefore, you need to be careful and slowly instill a love of money management.

[NovaCrest]

This whole topic isn't as simple as it might seem.
It's one thing to think about how to approach your children and introduce them to Bitcoin.
But on the other hand, it's all about money, and the child already needs to get an education at school. The burden is enormous, and because of this, they bear a great deal of responsibility. Furthermore, you need to be very careful when introducing the importance of investing into conversations with them. It's possible to overexert a child, and that can discourage them from understanding investing and proper financial management.
Therefore, you need to be careful and slowly instill a love of money management.

This whole topic isn't as simple as it might seem.
Totally agree. You don't wanna turn "money talk" into homework. That's how you make a kid hate the topic forever.
Keep it simple and fun.
Start with the basics: an allowance, a piggy bank, saving up for a toy. That's Bitcoin 101 delayed gratification.
When they're a little older and get phones, try a simple Lightning wallet. Let grandma send $5 for their birthday through it, then let them spend it online. Makes it real and cool.
The goal isn't to make them read whitepapers. It's just to show them that money doesn't have to be a boring bill or a bank's app. It can be something they control.
If they get curious, great. If not, at least they saw a different way. No pressure.

[Antona]

I want to keep the Bitcoins that I want to leave for my next generation in a safe. Because it has given me freedom and I also want it to give my next generation financial freedom as well. In that case, your biggest question may be how will my heirs find my Bitcoins after my death? In that case, I want to tell the most honest person in my family about the key to my wallet and I will keep it for as long as I live and I will distribute it among my successors after my death. It may be difficult to understand but I have found this method to be the most effective for dealing with various problems.

Relying on one person is risky, imo. People can forget, have a change of heart, or be coerced. Consider splitting the seed phrase using a shamir's secret sharing scheme or a multi-sig setup with other trusted family members. That way, no single person holds all the power, and it requires cooperation. It's more complex but much more secure.