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

[justdimin]

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.

Different people will have different ideas about how they can give access to their heirs once they are gone, and everyone should know what can work best for them. I always think about this topic when I'm alone and doing nothing, we get a lot of thoughts about the future, what we are going to do, what can give our loved ones a better future and all those things, and if you are someone who has something that the heirs can inherit when you pass away, then you will surely also think about how you should do it. If it has to be distributed among multiple heirs, how that can be done successfully because we often see people fighting over such things, people even kill each other for inheritance.

So, in my opinion, what I believe can be the best practice is to have a safe in your house. It should be a safe that only you and your direct family knows about, and it should be at a place where it can't be found easily unless someone already knows about it so that in cases of robberies and thieves breaking into the house, they shouldn't be able to find it, but you should tell your family about it. The safe should have Two-Step verification where one step is to use the key, and then it should ask for a pin or a password. The seed phrase should be kept inside the safe, key should be with you, and then you should write the pin or the password in the will and also mention the percentages each person should get.

[puloweh555]

So far, I don't have anyone I trust to bequeath all my Bitcoin to me because I'm still young and single, and my parents have long since passed away. However, in the future when I get married, I will still prepare and plan for my inheritance as this is also an important part of preserving assets for future generations.

Certainly, when you own Bitcoin it's crucial to pass it on to someone you trust. Unlike other assets like property, gold, and land they can access it even if you die. However, if you don't plan for Bitcoin when you die or for other reasons, no one can access it. Ultimately, the Bitcoin you've accumulated will be wasted because it won't benefit your family. Therefore, it's best if you have family members to educate them about Bitcoin so you can pass it on smoothly. There are many cases of Bitcoin being lost due to inaccessibility, so we should do our best to avoid becoming part of that inaccessible Bitcoin family.

[BitBakerr1]

I have told some people in my family about by bitcoin investment and given them my seed phrase and I trust them so much that was why I did what I did, if I should die today they will have access to all my bitcoin and the people in my family that I have told about my bitcoin investment and given my secret phrase are the most honest and trustworthy people in my family and I believe everything will go smoothly.
They have knowledge about bitcoin investment and they are even investing in bitcoin too and the interest part is that they trust me too and gave me there secret phrase.

[B-BossMan]

So far, I don't have anyone I trust to bequeath all my Bitcoin to me because I'm still young and single, and my parents have long since passed away. However, in the future when I get married, I will still prepare and plan for my inheritance as this is also an important part of preserving assets for future generations.

Certainly, when you own Bitcoin it's crucial to pass it on to someone you trust. Unlike other assets like property, gold, and land they can access it even if you die. However, if you don't plan for Bitcoin when you die or for other reasons, no one can access it. Ultimately, the Bitcoin you've accumulated will be wasted because it won't benefit your family. Therefore, it's best if you have family members to educate them about Bitcoin so you can pass it on smoothly. There are many cases of Bitcoin being lost due to inaccessibility, so we should do our best to avoid becoming part of that inaccessible Bitcoin family.

Yes there are many Friends and relatives around us but the trust is what would actually be the main issues. There some Friends you mingle with but to share your secrets wealth with them might harm me, I have seen a scenario of some that told his friends about his lands properties without disclosing it to his spouse. So as death picked him within a short period of time after his death, the friend hijack everything and the spouse didn't not even awear of him owning the lands properties. Well I can share or disclose to my friend about my bitcoin and same as my spouse and relatives so the children can inherite it even after I have gone. As such I am confident in them due to trust.

[tbct_mt2]

Yes there are many Friends and relatives around us but the trust is what would actually be the main issues. There some Friends you mingle with but to share your secrets wealth with them might harm me, I have seen a scenario of some that told his friends about his lands properties without disclosing it to his spouse. So as death picked him within a short period of time after his death, the friend hijack everything and the spouse didn't not even awear of him owning the lands properties. Well I can share or disclose to my friend about my bitcoin and same as my spouse and relatives so the children can inherite it even after I have gone. As such I am confident in them due to trust.

Between friends and my family members, I trust my family members more than my friends. Inheritance of my bitcoins will be for my family members as top priorities, not my friends. Certainly either family members or friends, there are risks that they betray you and your belief in them but if I have to assess who I can trust more, it's my family members.

I don't know about the other family but with me, I would like to teach them how to use my wallets, how to recover my wallets from backups if the initial wallets were broken or lost. I also warn them about "losing wallet files, losing wallet backups mean losing my bitcoins" so that in the future, if they want to recover my wallets, they must do it only by themselves.

This one is my favorite document to let them know because it is helpful for making wallet backups as well as recovering a wallet.
How to back up a seed phrase?

[sunsilk]

I voted that I am still in the process of organizing it.

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

I am neither invulnerable nor immortal and even others are looking to wish and want to become immortal, I don't want to be the loneliness person by being that.

As for securing my way to inherit the few holdings that I have. I've already told my immediate family about it.

They have no idea about bitcoin but, they're in the process of learning a little by little. No urge for them to be pressured and just take their time until they know the basics about wallet importing.

[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.

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.

Honestly, I am not worried about telling my family where I keep my seedphrase. After all, my family is the only person I trust most with anything. However, I do have one concern: my family might accidentally leak it to someone else. Even so, I have told my family to keep it a secret, and not to share anything related to finances with anyone else. Because, it would be very dangerous, and could even encourage people to do bad things.

Well, I completely agree with you about not telling anyone (including family) about storing the seedphrase, but I don't think there is any other way to pass it on (other than family). So, do you have a more effective way to do it safely ?

By the way, I mostly store my data digitally and encrypt it using an archiver. So, I think that makes it even more secure. I write it down on paper too, but I always carry it with me everywhere (neatly hidden). I would also like to know your opinion on these.

[Franklyn-wood]

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.

Trust becomes an assets when it comes to who can handle ones investment like Bitcoin. This alone brings in many thoughts and question to the mind, because even if you say you trust your partner , siblings, parents and friends, there is no assurance that they would betray when power is in there hands and this is a questingi ask my self. At the end of savingand investing in Bitcoin it obvious that keeping what one has spent time, resources on then become treats to people who have invests to secure

[IceLincoln]

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".

Hahahaha No one can say he’s immortal. Some people may not have people who they can trust in their life especially wealthy people but it’s important you don’t let your wealth go to waste by losing it forever. They can make plans to give it off to charity.
I’m in the process of setting up plans for the inheritance of my bitcoin to my family, I’ve already introduced my brother to bitcoin and we both know the particular places where our seedphrases are hidden.

[JiiBs]

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

I suppose I’m invulnerable and immortal because, I haven’t made any arrangements for inheritance, I don’t see myself in any incident where I would be rendered incapacitated to not do the needful before I give up on life or life gives up on me.

Inheritance is a good topic but mainly for those that have invested a lot and yeah, I do think Bitcoin would see another generation of especially with it yet to go mainstream and the last Bitcoin is yet to be mined.

It’s left for investors to weigh in on where the security issues lies, keeping to yourself still or making arrangements for transfer in any untimely eventuality.

[alastantiger]

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.

Entrusting that knowledge to a teenager is kind of risky but can be seen as a good strategy as the 15 years old is someone from your family hence they would not betray you instead they will be interested in keeping the hardware wallet safe so they can inherit the money that you left for them when you are deceased. The 15 years old should also know that there are others that knows about the inheritance so he does not have an evil plan of killing you and taking the inheritance without anybody knowing because kids of these days are so attracted to money that they can do anything just to have money that they will waste and not invest wisely since they did not work for the money.

[rbynxx]

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.

Me either, I do agree with this. Educating the heirs directly is the only way to trust and way to handle this inheritance, no lawyers, no banks, no other custodians do I trust for them to know what in their possessions.

I think the education stuff is getting overlooked nowadays and I don't think it's enough to just hand over to heirs these seed phrases. They need to understand the following:
* What is a private key actually is and why secrecy or privacy matters.
* How to restore a wallet from a seed phrase.
* Anyone who sees these private key or seed phrases can take the funds.
* Never to photograph or digitally store the key. I've learned an expensive lesson on this.
* Having a cold wallet is great.

I think a guide alongside this key, and stored somewhere secure, can go a long way.

[Slow death]

In my case, I prefer to hold coins until they reach an ideal price for me and then sell them to buy real-world properties. This way I leave an inheritance that can easily be passed on to my future heirs. Why wouldn't I leave Bitcoin to them?

1 - I would have to give my private key to several people, something that could lead to theft. If I gave it to one person, there's no guarantee they would share the coins with other heirs. It would also be pointless for other heirs to go to court to gain access to the coins, because the person with the private key could easily remain silent and never say anything about the coins.

2 - There's no guarantee that my future heirs would understand Bitcoin, so they could ask for help from others and be robbed.

That's why the safest option is to buy properties in my country, because with inflation, they will always appreciate in value in the long term, and it's legally protected and easily inherited by whomever I want to inherit them.

[AuchanX]

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".

Unfortunately, I have not yet thought about transferring my Bitcoin to the next generation. Because apart from my parents, there is no one to whom I can safely transfer it. For now, I am in the savings stage and praying to God to keep me alive for a few more days. I have plans to transfer it to the next generation but I have not thought about when. But for now, it seems better for me to continue saving. Eventually, I may spend all the Bitcoin on my medical expenses, family responsibilities, or building a good house.