Showing your seed phrase or wallet password to your next of kin while your alive

[reagansimms]

I was thinking about all those ideas and I came up with a thought that leads to questions.
1. Is it good to give our seed phrase or wallet password to our next of kin while we are alive since death is inevitable?

2. If the answer to the first question is Yes, what then happens to us if the next of kin defraud us of our hard earn wealth while we're alive?

Betrayal between relatives has been happening long before Bitcoin appeared, when it comes to money, the eyes of greedy people will be closed and cannot distinguish who will be cheated. Giving your seed phrase or wallet password to a close relative while you're still alive can be a good option, rather than dying without anyone having access to your assets, but you need to carefully consider which relatives to choose as heirs. You should look for a relative who is trustworthy and respects your every wish (not misusing the assets stored in the wallet), then it will be a good choice.
However, if the worst case scenario happens, and a relative abuses your trust by taking all the assets you have stored in your wallet, it will be a big problem. In my opinion, the solution to overcome problems like this is to consider having other plans, such as making a will or designating a trusted heir.

[suzanne5223]

I have been reading a lot of post and replies where people debates on the safest way to store up Bitcoin seed phrase, some folks said writing it on paper and storing the paper in a secret places is the safest means there by preventing Cyber attacks while other folks said storing the seed phrase in a special hard ware device is the best way.

What people said about the best way to store private wallet information is just an opinion, and it is not everything said is always correct so you need to do your own research.
Having said that, the writing of wallet seeds on paper was advised to practise airgap storage, and it is not considered the safest means for storing a seed phrase. However, one of the safest means is still the use of an austenitic stainless steel with grade 316L, which has the potential to resist different stress or disasters.
Nevertheless, you'll still need a safe location to keep the metal plate.

1. Is it good to give our seed phrase or wallet password to our next of kin while we are alive since death is inevitable?

Do this if you're looking for a quick die.
Why not get a bank safe deposit box?

2. If the answer to the first question is Yes, what then happens to us if the next of kin defraud us of our hard earn wealth while we're alive?

You should have will happen which is bankruptcy.

[Antona]

I was thinking about all those ideas and I came up with a thought that leads to questions.
1. Is it good to give our seed phrase or wallet password to our next of kin while we are alive since death is inevitable?

2. If the answer to the first question is Yes, what then happens to us if the next of kin defraud us of our hard earn wealth while we're alive?

Betrayal between relatives has been happening long before Bitcoin appeared, when it comes to money, the eyes of greedy people will be closed and cannot distinguish who will be cheated. Giving your seed phrase or wallet password to a close relative while you're still alive can be a good option, rather than dying without anyone having access to your assets, but you need to carefully consider which relatives to choose as heirs. You should look for a relative who is trustworthy and respects your every wish (not misusing the assets stored in the wallet), then it will be a good choice.
However, if the worst case scenario happens, and a relative abuses your trust by taking all the assets you have stored in your wallet, it will be a big problem. In my opinion, the solution to overcome problems like this is to consider having other plans, such as making a will or designating a trusted heir.

True but the "carefully consider" part is a minefield a trust or a timed transaction via a service might be better. That way they only get access after a confirmed event (like your death) not the second you give them the seed it removes the temptation while you're alive

[Achalugo BTC]

This is something that comes to my mind anytime I hear people talking about time lock in these kind of threads.. What matters the most isn't even passing on the coins to your next of kin but passing on your knowledge of bitcoin to them.

That's because even if you have successfully planned everything while you are alive and it seems all is fine, if they don't have sound knowledge on what to do with the locked coins, they might end up losing it to scammers or don't even bother much about it since it seems impossible to get the coins out..

But yet again knowledge of bitcoin has to be the first thing to cross your mind so we don't waste efforts while trying to pass on these coins to our loved ones..

You are right, this has become some issues for people because of lack of planning, no matter how rich one is, its important for people to always has a will and teach them what they know, so that even if they are not alive again, there will not be a problem again between their relatives.
Because, life can at times take one unaware that you might not straighten up things before one will die, and teaching or passing the knowledge one has about Bitcoin by letting them the pros and the cons of it, will make them to know and have the understanding of it, so that even though they are not around again, they can still hold onto it and make sure it doesn't crashing.

[Miles2006]

1. Is it good to give our seed phrase or wallet password to our next of kin while we are alive since death is inevitable?

2. If the answer to the first question is Yes, what then happens to us if the next of kin defraud us of our hard earn wealth while we're alive?

Firstly you must be careful choosing a next of kin, bitcoin seed phrase is not a joke as a matter of fact a greedy person can intentionally kill or harm you after finding out the amount store in bitcoin. Informing the next of kin is actually a personal choice yet stories relating with seed phrase tells a lot why privacy is important, I will advice you don’t disclose this personal information to any one except the person in question is trusted and will not harm you.

[Distinctin]

What's the purpose? Just to let them know that you are currently investing in bitcoin and when time comes you'll no longer around, they'll take charge of your investment?

You are just putting your own investment at risk of losing through stealing or scamming, when you shouldn't be doing that. Just give them a sign that you're into bitcoin, that's it. They will understand then that they will take charge of it someday, but its up to them if they will sell all  of it or continue what you have started.

But showing your seed phrase is such a wrong move, you could have contacted your lawyer or just resort into a time-locked machine and they can make use of it when its the right time.

[tread93]

First of all I use this medium to acknowledge the organisers and programmers of this forum/site, indeed they have done immensely great job by uniting individuals of various countries in the globe to share their respective ideas.

I have been reading a lot of post and replies where people debates on the safest way to store up Bitcoin seed phrase, some folks said writing it on paper and storing the paper in a secret places is the safest means there by preventing Cyber attacks while other folks said storing the seed phrase in a special hard ware device is the best way.

I was thinking about all those ideas and I came up with a thought that leads to questions.
1. Is it good to give our seed phrase or wallet password to our next of kin while we are alive since death is inevitable?

2. If the answer to the first question is Yes, what then happens to us if the next of kin defraud us of our hard earn wealth while we're alive?

Hmm you know what would be interesting is if we did sort of like a test seed ya know put a certain amount on a wallet give them the keys and just monitor it to see what they do with jt. Something small like 200-500 dollars . Could be good to make sure you check but also could be bad and cojld lose trust lol

[bounceback]

I was thinking about all those ideas and I came up with a thought that leads to questions.
1. Is it good to give our seed phrase or wallet password to our next of kin while we are alive since death is inevitable?

2. If the answer to the first question is Yes, what then happens to us if the next of kin defraud us of our hard earn wealth while we're alive?

Giving a key phrase to a relative is not the right solution, maybe you really trust your relative but maybe he will betray you so don't completely trust humans because they can sometimes make mistakes that ultimately make you lose your bitcoin, if you want to inherit assets maybe using a Smart Contract that is programmed automatically under certain conditions is a good solution because with this method your assets will automatically be transferred if your wallet is no longer accessed or there is no activity for a period that you have determined.

[Judith87403]

These concerns are really valid ones, and a lot of users of Bitcoin wrestle with them.

True, making plans for inheritance is a wise decision. Yet that do not imply that you should hand over your complete seed phrase while you are living. The seed phrase provides full control, and as soon as it is shared, there is no more guaranteed ownership.

When a next of kin has access to the seed phrase, nothing can stop them from transferring the funds. Bitcoin do not have reversals, there's no appeal, and equally no protection against people from the inside.

Approach that is considered safe is delayed or conditional access. This may be through wallets of multi signature, division of seeds to parts, or making use of legal instructions, where access is just possible ones the original user is dead. Such way, your Bitcoin is secured when you are yet living and yet accessable by people who are trusted when you are no more.

With Bitcoin, protection and inheritance has to be planned with carefulness, rather than emotionally.

[Hypnosis00]

Why do you have to? That will only increase the risk of danger not just for your investment alone, but even yourself. And you can lose easily your bitcoin because you dare to share the seed phrase to others, when you should be the only one holding it alone. It's like you are giving permission to the other person to control and steal your bitcoin without you knowing.

Instead, if you want them to be aware about bitcoin as their future inheritance, you can just tell them verbally inside the room, but its never wise to share your seed phrase when you are still widely alive and kicking.

[Johnlomape]

Why do you have to? That will only increase the risk of danger not just for your investment alone, but even yourself. And you can lose easily your bitcoin because you dare to share the seed phrase to others, when you should be the only one holding it alone. It's like you are giving permission to the other person to control and steal your bitcoin without you knowing.

Instead, if you want them to be aware about bitcoin as their future inheritance, you can just tell them verbally inside the room, but its never wise to share your seed phrase when you are still widely alive and kicking.

I don't really know why anyone will want to share there seed phrase with there children because they are afraid that anything can happen to them or is it for them to teach their children to learn how to keep Bitcoin seed phrase. This is not really necessary and can cause financial loses. It can be very wrong to behave like this except there is no fund in the wallet. Where there is except to this is where the child has grown up to a stage when they can make financial decision to keep the wallet safe from people that can dubiously have access to the wallet which can lead to financial losses.

[Asiska02]

I was thinking about all those ideas and I came up with a thought that leads to questions.
1. Is it good to give our seed phrase or wallet password to our next of kin while we are alive since death is inevitable?

2. If the answer to the first question is Yes, what then happens to us if the next of kin defraud us of our hard earn wealth while we're alive?

This is a very important question because in arguments like this here in the past, many have been of the opinion of allowing your kids (next of kin) to know or have access to the seed phrase. But this question has thrown another challenge on the consequences of doing that and how implicative it can also be.

As a parent, who knows their child well than any other person, if given your child that access to the seed phrase when you’re still alive can risk into losing your funds, then it’s better you don’t do it. But naturally when you come to think of it, the money you’re saving up was for them, if they’d misused it while you’re still alive, then it shows how not financially disciplined they’re not and the kind of lifestyle they tend to live when it comes to having access to a lot of wealth.

You will always be the one to have the final say and how to manage your wealth better, if given them access to the seed phrase pose a potential risk, you should not give them access and limit their access to it until they’re more disciplined or separate the money you wish to give them separately to handle a portion of it and taste how financially disciplined they can be about it. If you have many kids, if one child can’t handle it better another one can do, so you can always select the one to best handle the next of kin role for the rest of them.

[Sammye3]

Giving out your private key can be very risky because that is what controls your assets, as anyone who holds your private keys has complete access to your assets and more. If there should be a situation like this, do not just casually give out your seed phrase or private key, there should be backups and legal documentation by an external or legal practitioner to regulate the use of the assets.

For other purposes, it's best to further educate the next of kin in order to know how best to keep the assets safe and free from external attacks. If possible, for safety purposes it's best to create a multi signature wallet that requires authorized signatures so before any transaction is done it should be approved by all parties involved. If this is a thing, it could also help to keep the assets in check.

[Rgram]

I don't really know why anyone will want to share there seed phrase with there children because they are afraid that anything can happen to them or is it for them to teach their children to learn how to keep Bitcoin seed phrase.

That’s the point of it all, so your coins don’t end up as burnt coins in the event of an untimely or unanticipated death. There are some individuals that would get the chance to make certain provisions once they feel their health failing them and there are those that are taken suddenly and swiftly.

It wouldn’t make much sense teaching them how to keep Bitcoin wallet’s seed phrase if you aren’t going to give them the seed phrase. You would need to give them what needs to be kept and practically show them just how dangerous it would be should it come to the knowledge of someone else.