Are you smart enough to take care of the inheritance of bitcoins?

[m2017]

This poll was inspired by the discussion in this thread Will Bitcoin Last Beyond This Generation and The Next?, and more specifically, this post.

So I think those who are smart have already taken the right steps that how their next generation will get their bitcoins when they die.

So, I've rephrased this as a question:

Are you smart (forward-thinking) enough to ensure a safe and secure way to inherit your bitcoins? Or are you invulnerable and immortal?

I was curious to know what percentage of users on this forum had prepared their crypto assets for pass to heirs, and what percentage of them would create "lost access wallets".

[Orpichukwu]

With the help of this forum I know of a few smart ways to make my Bitcoin accessible if I hold any, at least means by which it will be nearly impossible for someone to access it behind my back; my family will have the idea of what it’s about, but full access will only come in cases of emergency. I can also go with the time lock option, by which I can make the Bitcoin unspendable for a certain duration of time.

I will HODL forever and I would rather have my bitcoins lost than pass to anyone else

And to what purpose is the fortune acquired if it is not to be spent or redeemed by anyone? Even if the person has cut ties with his entire relation, there are still people in the world who will need those, especially charity homes, so why would someone even think of such an option?

[Outhue]

Unfortunately for now my heirs are still so young to even understand what Bitcoin is called, all I can pray for is a longer life enough for me to teach them the needful before passing over my Bitcoin stash to them, nothing must happen to me right now or else all my effort will waste because I don't have anyone that I trust anymore than my own spouse and kids, it's just too early to discuss about inheritance of Bitcoin in my life right now, my Bitcoin is saved in a airgapped hardware wallet which I believe is the best way to store Bitcoin right now.

[m2017]

With the help of this forum I know of a few smart ways to make my Bitcoin accessible if I hold any, at least means by which it will be nearly impossible for someone to access it behind my back; my family will have the idea of what it’s about, but full access will only come in cases of emergency. I can also go with the time lock option, by which I can make the Bitcoin unspendable for a certain duration of time.

It would be interesting to know (at least in a few words) how this can be implemented technically?
"to access it behind my back" and "unspendable for a certain duration of time".

I will HODL forever and I would rather have my bitcoins lost than pass to anyone else

And to what purpose is the fortune acquired if it is not to be spent or redeemed by anyone? Even if the person has cut ties with his entire relation, there are still people in the world who will need those, especially charity homes, so why would someone even think of such an option?

I believe we can get an answer from those who adhere to this strategy. If they'd like to comment here, I'm sure. Why did I add such a polling option? Because on the forum, you often hear "Hodl, hodl" discussions, right up until the very end, and the whole point of owning bitcoin boils down to endless accumulation (reminds me of those people who endlessly accumulate all sorts of junk in their homes). I don't advocate this, because bitcoin, like any resource, should be used for some purpose (individual or collective).

In this world, someone always needs something (resources, especially those in demand, like bitcoin). I have a counter-question: why would anyone give away their resources (bitcoins) to some (outsiders) people or organizations (charities)? Because everyone has the right to manage "theirs" as they see fit. I don't think everyone would want to leave their bitcoin as an inheritance to their children, as these children might be useless (or have an addiction, such as alcoholism, substance abuse, or gambling addiction). Would you leave your bitcoins to such a son \ daughter? Let alone give them to strangers. People's morals can vary, and not everyone is capable of true, selfless charity for others. Some might prefer to see their bitcoin "lost" forever than to have them given to someone else. Well, I'm ending the rather not positive discussion in this post.

Let's wait and see who comes up with this option.

[Crypto Library]

Unfortunately for now my heirs are still so young to even understand what Bitcoin is called, all I can pray for is a longer life enough for me to teach them the needful before passing over my Bitcoin stash to them, nothing must happen to me right now or else all my effort will waste because I don't have anyone that I trust anymore than my own spouse and kids, it's just too early to discuss about inheritance of Bitcoin in my life right now, my Bitcoin is saved in a airgapped hardware wallet which I believe is the best way to store Bitcoin right now.

I understand that your answer is that your children are children at the moment, so you cannot explain to them how you will get your acquired bitcoin or others fund in the future in your absence, despite your desire.
But can you at least provide the minimum knowledge to your wife for recover your wallet, because you already said that you don't trust anyone more than your wife and kids. Because in your absence, maybe your wife can deliver the assets you left to them?

In my own case, I have given my wife at least this knowledge about where the private keys of my wallet are and how to import them and at the same time I have saved my wife's number in the emergency contact of the centralized exchanger (Binance). So that even in my absence, my wife can use the resources in the centralized exchanger.

[davis196]

This poll was inspired by the discussion in this thread Will Bitcoin Last Beyond This Generation and The Next?, and more specifically, this post.

So I think those who are smart have already taken the right steps that how their next generation will get their bitcoins when they die.

So, I've rephrased this as a question:

Are you smart (forward-thinking) enough to ensure a safe and secure way to inherit your bitcoins? Or are you invulnerable and immortal?

I was curious to know what percentage of users on this forum had prepared their crypto assets for pass to heirs, and what percentage of them would create "lost access wallets".

I don't have kids and I don't plan having kids in the future. My BTC would most likely remain untouched by anyone after I die. Or maybe I will sell all my BTC and spend the money for medical treatment, if I get sick or something. Are you suggesting, that the people, who won't give their crypto to their children after they die are stupid? I find it weird that you are speaking from the fake pedestal of intellectual and moral superiority. Do you think that you are a better person(and a smarter person) just because you will let your kids inherit your BTC? What if your kids totally don't dive a damn about Bitcoin and crypto?

[dzungmobile]

Are you smart (forward-thinking) enough to ensure a safe and secure way to inherit your bitcoins? Or are you invulnerable and immortal?

I was curious to know what percentage of users on this forum had prepared their crypto assets for pass to heirs, and what percentage of them would create "lost access wallets".

People only need to be knowledgeable, experienced and careful so that they are able to leave their bitcoins as inheritance to their family, if they want to do that.

Using Locktime for inheritance planning, backups or gifts.
Cryptoasset inheritance planning.

If Hal Finney could do that, so we can do that.

Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.

[AprilioMP]

I've prepared everything, and the person who will succeed me is ready with everything related to the assets I'll bequeath, as in the first option of this pool. They've been informed and are ready to accept the inheritance, which will be allocated for truly necessary purposes in specific areas.

I trust my heirs, and their attitude has made me even more enthusiastic about working.
As I'm nearing the end of my studies, Bitcoin has completed all the processes, even though I'm only a few steps away from earning my law degree.
As I get closer, I'm becoming more prepared with everything I need to look forward.

[Zaguru12]

If Hal Finney could do that, so we can do that.

Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.

Yes there is a great possibility that if Hal Finney can do it then we all can do it, but the clear difference is that can we all do it the same way he did it? If you look at the quote post of Hal Finney you would see the place where he he thinks the bitcoin is save not only because his children knows where it is stored in but also because they are tech savvy which means he has confidence that they can spend it later been it even a lock time wallet. And this brings me to my actually question does your children who would inherit this bitcoin knows it’s storage place and do they have the knowledge to spend the bitcoin?

This questions are necessary because if you actually consider some posts on this forum you would see things like, don’t tell anyone about your bitcoin holdings keep it safe and all sort of that, so you might be saving up for inheritance whereas it will be lost because you didn’t discuss it with those to inherit it, some people will say it should be secret until it’s right time to discuss it with them but when is the right time?

Take Hal Finney live for example again, he was hale and healthy then the next day got diagnosed with a serious disease which paralyzed him, for him we can call him lucky again because he didn’t die instantly and he could have actually passed the inheritance message on his sick bed if he hadn’t done that before. But what if life doesn’t make us so lucky as him and a sudden death comes with anyone knowing the place for the bitcoin storage that’s how it will be lost for ever which is similar to the last option by m2017.

So personally I think setting up inheritance is one thing passing the information is key also

[cryptoaddictchie]

Are you smart (forward-thinking) enough to ensure a safe and secure way to inherit your bitcoins? Or are you invulnerable and immortal?

I was curious to know what percentage of users on this forum had prepared their crypto assets for pass to heirs, and what percentage of them would create "lost access wallets".

Since I dont have a family of my own yet and Im not sure if I will be having a huge asset for inheritance on crypto I likely might do a full liquidation of it to fiat before my remaining time here expired^{(Before I die to be clear).} No one sure what will happened in the future but thats my safest move for this specific topic.

But Im not closing any doors who knows I might have fortune of assets like btc and when the time comes will decide about this.

[aoluain]

Yup I have plans in place to have my Bitcoin passed down when I vacate. There are no legalities,
no middle men involved, everyone knows what and how to do the necessary and technically
speaking they dont necessarily need to do anything other than take control of the keys.

And if it doesnt work out for them the Bitcoin will be lost and will become a gift to the community
by making the remaining coins slightly more rare and valuable.

[Frankolala]

What I'm doing currently is depositing little amount of bitcoin monthly into my kids sperate bitcoin wallet. Which I used one seed phrase for but with different passphrase. Their mom knows how wallet works and she has the seed phrase excluding the passphrase which I kept safe somewhere. As for my inheritance, I will use 2-3 multisig wallet for that. My lawyer and wife will be the co-signer.

[JoyceBTC]

Unfortunately for now my heirs are still so young to even understand what Bitcoin is called, all I can pray for is a longer life enough for me to teach them the needful before passing over my Bitcoin stash to them, nothing must happen to me right now or else all my effort will waste because I don't have anyone that I trust anymore than my own spouse and kids, it's just too early to discuss about inheritance of Bitcoin in my life right now, my Bitcoin is saved in a airgapped hardware wallet which I believe is the best way to store Bitcoin right now.

Well understood, but since you have a spouse you can trust, why not tell her about it. I’m not praying for anything to happen to you but must times life can be unpredictable and since you say your spouse and kids are the only people you trust, your kids are still very young to know anything concerning bitcoin, then I think your wife is the right person for you to tell now. Let her know about your private keys and everything necessary just Incase of the future.

[purple_sparkles]

My heirs are still too young for this kind of information. To be honest, I'm even a little afraid to tell them about it right now because children can easily mention things in conversations, and the information could reach the wrong people, which might lead to unnecessary problems.At the same time, my husband knows everything about where my bitcoin is stored.To be honest, I'm not really planning to leave my bitcoin to my children as an inheritance. I would feel more comfortable if I could create the right opportunities for them so they can take care of their own financial well-being independently.

[Exitoral]

Inheritance is not by how smart you are. But by whether that plan of inheritance is carried out successfully. You can still be smart and still flop. And another thing, inheritance is not mainly by leaving behind Bitcoin but a clear instruction to be carried out when things goes south. Let's be honest, it's very uncomfortable thinking or even talking about death that is why people delay inheritance.

Even as it is uncomfortable one still has to do it. Before we dive further if one has already done his or her inheritance plan, it is best it is reviewed periodically as what works now will not work ten years into the future. Even at that, the plan should be made simple as overcomplicated plan can ruin everything one has worked so hard to plan. Still on this, I think trust shouldn't be left out of the equation. The plan has to be carried out by someone. And that person must be a very trustworthy person. As we all know now that trust is hard to come by, but one should start building trustworthy friend circles on time. There's a proverb that says a man greatest enemy is in his household.

[Knight Hider]

I am the only living person who can access my fraction of a bitcoin.

[Popkon6]

I have left my Bitcoin wallet private key to my wife, I know where it is and how to use it. Because I trust her a lot, my child is young, so if my child becomes an adult before my death, I will show her the private key of my Bitcoin wallet, how to use it and help her learn more about Bitcoin.
Because I will not let the Bitcoin stored in my wallet be lost, maybe if I cannot enjoy it, my children can take care of the Bitcoin.

[Tamaperdana]

Snip.

So, I've rephrased this as a question:

Are you smart (forward-thinking) enough to ensure a safe and secure way to inherit your bitcoins? Or are you invulnerable and immortal?

I was curious to know what percentage of users on this forum had prepared their crypto assets for pass to heirs, and what percentage of them would create "lost access wallets".

Speaking of this, I personally haven't addressed these matters significantly yet. My children aren't old enough to understand what Bitcoin is yet. But in the future, I will definitely introduce this to them, as it's clearly very important. It wouldn't be funny if my Bitcoin assets disappeared and no one could access them if something happened to me. So, the steps to inherit Bitcoin are clearly necessary.

It's not difficult. We only need to teach our children about Bitcoin and how to enter the wallet's password. Understanding these two things is enough to ensure our Bitcoin can be passed on to the next generation. But for now, I'll definitely only tell my wife about this, because, as I mentioned above, my children are too young to be informed about my Bitcoin investment.

[Aanuoluwatofunmi]

Are you smart (forward-thinking) enough to ensure a safe and secure way to inherit your bitcoins? Or are you invulnerable and immortal?

Even if any of us have an honest answer to this question being asked, we may not want to come to the public like this and give the actual intention we have in mind over it, because this is a public domain. Still, I will definitely go in support of what we intended to do or have a mind towards our assets, it does not speak well that we don't have a plan over it, also, we can only Grant those we wanted to know about our bitcoin or crypto lifestyle a full access to our assets has been desire or to even restrict them as long as we cannot confide any trust with people around us, the decision lies in our hands on what to do or not as regards inheritance.

[Rustam Meraj]

This is likely the least talked about issue in crypto. Billions of dollars in Bitcoin are already lost forever, with many of the owners having passed away without providing their seed phrases, according to guesses from Chainalysis, who guessed that around 20% of all Bitcoin may be lost forever.

​Problem is not only to store seed phrase but also to do so in manner that is both safe against theft today and easily reachable to family in the future. These two requirements are almost opposite, and that is why most people simply avoid the issue.

​Probably the most useful solution at the moment is multi signature systems, where trusted lawyer holds one key. Has someone here actually done something like that?