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

[RockBell]

Actually, I don't have any plans to pass on my Bitcoin to anyone. It might sound selfish, because I have a family and children who are actually ready to inherit it. But I just don't want it to become a problem later on, where they fight over it or even fail to manage it properly, like how I have taken good care of it. I didn't know that maybe in the future I might change my mind and decide to inherit it. But for now, what is certain is that I have no plans for it and will just leave it as it is.

  That was harsh, and I think that everyone should have someone to turn things over to. There are better ways to deal with situations like this, and you can even start by talking to a lawyer, who will give you better advice on how to handle a situation like this. Without proper coordination, they will undoubtedly fight over it because that is how it will end. Because at least they can even split the money among them self just for peace.

One of the reasons parents work is to provide the best for their children, so I simply hope you alter your opinion in the future. I don't only agree with your decision; I think it would have been better if you just gave it another thought. There is every chance after all this we might be able to change your mind.

[macson]

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

I'm immortal and my Bitcoin will stay with me forever. lol just kidding.

The decision to inherit Bitcoin is a personal one. Right now, I don't have any serious plans to inherit it, as I'm not in a serious relationship and don't have anyone I trust to pass it on to. However, if I find the right person, I should be confident enough to pass it on to them. But before that, I would teach them about Bitcoin, how to secure it, and other important things. At the very least, that person should know what they're inheriting and how to manage it responsibly.

[Hyphen(-)]

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".

Making a decision on who to guide and give access to your wallets so as to be assessed when you are no more is really tough because you can have children and you can’t tell what they can do and what they cannot regardless of how you did your best to train them really well and to also take them to school; environment changed them sometimes, but some still don’t follow what the society teaches them.

Nevertheless, we can’t still give up, we have to make a step to teach them first by introduce them to Bitcoin when they are growing older so as to build the love for privacy and decentralized systems in them; when you noticed they are good, you then make your decision by giving one of them some hint on how they can have access to your Bitcoin when you are no more; or you can also get a wallet for them and send some money in their wallets; keep the seed phrase in the same place you saved your seed and indicate theirs so that there will be no drama after you left.

[Patikno]

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

Yes, I have prepared everything to inherit my cryptocurrencies, including my Bitcoin. I have explained this on several occasions, namely; In short, I have prepared my wallet offline, and it is securely stored. I have told my family about my savings, but I won't give them access while I am still alive. Because, I am confident I can handle everything while I am still breathing. I did it consciously because I can't live forever. So, I have voted for the top pick, and that is my answer.

[RGBTC]

No, I don’t think it’s dangerous. First of all, we agreed not to tell anyone about our investments or savings. No one knows how much we have or where we keep our savings. We never share any financial details, even with our families.

I’m planning to explain more to him about seed phrases and security in about a year, once I’ve learned more and can explain everything better.

At least consider the worst-case scenario, even if you're morally compelled to trust your partner despite their opposing views. Well, only you can assess the risks in your environment. But I think you'd be better off not telling him about the piece of paper in the first place.

[Tamaperdana]

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?

Yes,, your idea might be good, but for me personally, securing my Bitcoin with a third party feels a bit unsavory. I'm the type of person who really doesn't want people to know that I own Bitcoin. That would be vulnerable to crime or robbery. So,, right now, I'm more concerned with how to secure my Bitcoin wallet phrase. That's the most important thing. To keep my wallet phrase safe, I bought a self-laminating tool to laminate the paper with the wallet phrase on it to protect it from termites and water.

Otherwise, the paper is obviously vulnerable to damage. I also memorize my wallet phrase,, which is also important to me. If something happens to the Bitcoin wallet phrase, I'll still have it in my head. But that might be quite risky. So,, I wrote my wallet phrase on several pieces of paper and kept them in different places. After that, I told my wife. So, basically, I won't use a lawyer or any other outsider to handle things like this.

[MusaPk]

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

Nobody is immortal in this world, sooner or later we all will die some day and irony is that we don't know the date and time of our death. Death is not limited to old people but young people with good health also die on daily basis due to different reasons. We must take this aspect of Bitcoin seriously and must pass on our Bitcoin details to people who can use that in case we are no more in this world. If we don't do that exercise then our Bitcoins will be lost forever and no one can use it. I have prepared the details and will hand over them very soon to people I care.   

[Kelward]

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

Yes, I have prepared everything to inherit my cryptocurrencies, including my Bitcoin. I have explained this on several occasions, namely; In short, I have prepared my wallet offline, and it is securely stored. I have told my family about my savings, but I won't give them access while I am still alive. Because, I am confident I can handle everything while I am still breathing. I did it consciously because I can't live forever. So, I have voted for the top pick, and that is my answer.

Nobody knows tomorrow and death can come knocking anyday so we should always prepare for the inevitable, in that case we should atleast let one or few trusted people to know that we have Bitcoin but it is not necessary to tell them what we are worth. Inasmuch as our Bitcoin should be private we cannot afford to keep the information to ourselves alone unless a holder plans for their Bitcoin to become a donation to the Bitcoin network after they pass on but it doesn't make sense if the holder has loved ones that can inherit their assets.

Although telling somebody about your Bitcoin and where you hide your seed phrase comes with it's risks because the moment you do that you have given them access to your Bitcoin and if the person is an irresponsible person they can move your coins without your concent while you're still alive. So it's important that you should know the character of who you share your personal details with, you can also give them clues instead of spilling everything to them.

[Synchronice]

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 wasn't thinking about this before but after reading your post, I actually realized it's interesting to know how will Bitcoin survive over time in terms of the quantity of active Bitcoins in regular circulation. There is a big chance that over time, more and more people will make mistakes and more and more Bitcoin will be lost. I know that exchanges take security of cold wallets very seriously but just imagine if any of the exchange loses access to 100Ks of Bitcoin, that will be quite a hit.

By the way, I think that when someone in family holds Bitcoins and wants to keep it as an inheritance for the next generation, it's also their duty to teach their kids about Bitcoin and how to keep it securely.

[angrybirdy]

No, I don’t think it’s dangerous. First of all, we agreed not to tell anyone about our investments or savings. No one knows how much we have or where we keep our savings. We never share any financial details, even with our families.

I’m planning to explain more to him about seed phrases and security in about a year, once I’ve learned more and can explain everything better.

At least consider the worst-case scenario, even if you're morally compelled to trust your partner despite their opposing views. Well, only you can assess the risks in your environment. But I think you'd be better off not telling him about the piece of paper in the first place.

I think the best thing to do especially if you're thinking a worst case scenarios is to make sure that your partner knows atleast a little idea about yoir investmenr. You don’t have to elaborate or explain everything in details but at least give them a small hint so they know that you have investments or savings, regardless of the total amount.
You can also guide them on how your investments work so they can become interested in the things you do. It’s possible that they may develop the same interests in yours, which can help the both of you to grow together and build a more comfortable future... It’s true that we don’t need to share any financial matters with everyone, even with family members. However, it’s important to choose the most trusted person in your life and let them know that you have these kinds of assets or investments.

[Sticky Bomb]

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.

You know buddy, women can be a lot of things these days and since she is a cosigner, she can team up with your lawyer and deal with you if she is done with you while you're still alive. I don't also want to trust my lawyer as I see him as an outsider. I made my major holdings as simple as ever to access, For now, I'm unmarried, so only my last sister has all the instructions to recover my wallet and distribute for the family in my demise, we stay in different states and she doesn't have access to my house, but knows how to locate my seed phrases and passphrase if anything happens. When I marry, I would still devise a formula that would eliminate an outsider from having any form of involvement in my finances.

[knuckey]

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 am very confident that Bitcoin will survive in the next generation, even with extraordinary progress as far as we can imagine today, personally I do not save Bitcoin to inherit because there are no heirs who are ready to receive it, I still use it for myself, because financial limitations make it difficult to save in the long term.

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

Nobody is immortal in this world, sooner or later we all will die some day and irony is that we don't know the date and time of our death. Death is not limited to old people but young people with good health also die on daily basis due to different reasons. We must take this aspect of Bitcoin seriously and must pass on our Bitcoin details to people who can use that in case we are no more in this world. If we don't do that exercise then our Bitcoins will be lost forever and no one can use it. I have prepared the details and will hand over them very soon to people I care.   

The hardest part that you will experience is, the right time to give access, it is not good to be too fast & too late unless you are sincere with the bitcoin that you have saved with a feeling of no regret when it is used by someone other than ourselves.

[Marvelockg]

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".

You have to know that there are a large percentage of users that are at their early phase of their lives and at such phase, it does not sit down well that they start looking for who will inherited an asset they are pretty new to. though making such decision is necessary, at certain age it rarely comes to ones mind the need for such a thing.

I understand the important of planning for easy transfer of inheritance from me to my offspring but that being said, if you are still at the early phase of your bitcoin accumulation journey, it is rather safer not to expose what you are holding to people you don't trust as such.

[rbynxx]

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".

Nah, I don't have bitcoin but if I do I'm still processing on what's the best way to do it. Maybe a treasure hunt for the deserving heirs that will embrace crypto fully and it will not be an easy hunt though. Just an idea that comes to my mind in regards to this considering it will be interesting for the heirs and will be full of excitement. This is really an interesting topic but I think only a few people do this to pass it on their heirs, even the poll only consist a few though understandable considering this is a new topic.

I think it would be nice to know if this has a lot of reach more than this forum. Even having the data here wouldn't tell much more to the actual percentage. Probably a known individual in crypto then make a poll or a survey about this will be the best way to gather the data.

[YellowSwap]

Those of you saying that you are in the process of getting something done you better do that fast, I have no one to give my Bitcoin to for now and I am not afraid of losing it, because even if I do lose it, no one is going to spend it.

This is way better than working my ass off for someone who start enjoying all my sweat because I am no longer alive, but if you already have someone do not wait.

You are not the master of your life, make haste now, death doesn't care if you are young or not, it takes anyone who's time has run out, I pray we don't die young but we got to prepare.

[BitBrainers]

My strategy is a hardware wallet with the seed phrase location known to two people I trust. We made sure of that two years ago. A kid does not need to know how to transact yet. Knowing there is a wallet, knowing what a seed phrase is, and knowing where it is kept is already more than most of the people would know. A 15 year old who knows that is a better inheritance plan than any lawyer or third party service.

[MusaMohamed]

Nobody knows tomorrow and death can come knocking anyday so we should always prepare for the inevitable, in that case we should atleast let one or few trusted people to know that we have Bitcoin but it is not necessary to tell them what we are worth.

No one knows about the future and we can die immediately so it's worth to have our inheritance plans to our heirs, who we love and want to leave our bitcoins to them after our deaths. It's like our emergency plan, like with investment it is emergency fund, and with our investment portfolio it is inheritance plan, just in case.

It's unrealistic to think that we still have enough time like hours or days to do that, as some times deaths come suddenly with some people.

Nah, I don't have bitcoin but if I do I'm still processing on what's the best way to do it. Maybe a treasure hunt for the deserving heirs that will embrace crypto fully and it will not be an easy hunt though.

"It's my key, it's my bitcoin", and if I pass the key to my heirs, they will inherit my bitcoins.

I don't trust any third party from lawyers to banks and their bank vaults. Our heirs if we love them, and trust them, deserved to be teach about our wallets, how to use, how to recover from wallet backups and also risk of losing private keys to strangers.

They must know that losing private keys to strangers means losing bitcoin. It's one of most important point to teach our heirs as if we don't do that, when we pass away, maybe they will bring the private key to someone and ask what to do.

[arwin100]

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".

You have to know that there are a large percentage of users that are at their early phase of their lives and at such phase, it does not sit down well that they start looking for who will inherited an asset they are pretty new to. though making such decision is necessary, at certain age it rarely comes to ones mind the need for such a thing.

I understand the important of planning for easy transfer of inheritance from me to my offspring but that being said, if you are still at the early phase of your bitcoin accumulation journey, it is rather safer not to expose what you are holding to people you don't trust as such.

Well I think its not really important for now to plan those inheritance thing, especially if you are young. But this is different story if you are old.

But let's assume that you are young. I think much better to pay attention or focus with their accumulation.

Because its much safer to use that we didn't expose our portfolio to other people. Better to learn self custody matters to protect those assets we bought, then if the time came we already accumulate lots of Bitcoin then this is the best time to plan those inheritance matter and think about who are those people deserve to receive the Bitcoins we saved for long time.

[Jaycoinz]

I chose the 4th option in the poll of answers because I have a different view of life. Most people would think I am selfish, but I simply believe that everyone has their role to play in this life, and everyone has their own journey ahead, even your kids and wife, so whatever struggle and hustling I do is strictly my toil on this earth and not for anyone. For now, I have just one child, and I always do my best to make things easier, but she will be responsible for the greater portion of her life, and the same goes for anyone around me. Life is a personal race and no matter any Bitcoin I will gather up during my time here on this earth will be used and spent up before I go 😉😎.

[Fiasem20]

If the question is directed to me then I’m smart enough to take care of the bitcoin my parents would pass to me,if only they have bitcoin in their investment portfolio.I think my parents don’t have bitcoin in my portfolio so that question has been cleared.Now,the question I would be asking myself is;would bitcoin still be in existence in the next generation so that my children would inherit it from me?I think nobody has a correct answer to that question because nobody actually knows what the future holds.But we’re positively rooting for a better future and longevity for bitcoin as enthusiasts,and for sure I would pass my wealth to my children,what would I gain if I possess a huge amount of bitcoin and don’t pass it to my heirs before my dismissal? absolutely nothing.