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

[moneystery]

I plan to do that, but I'm not focusing too much on it right now because I'm confident I'll be healthy and fit for the next few years.
But for now, I've been teaching my partner about Bitcoin and related topics. She already understands some things, but because she's not tech-savvy, it's been harder for her to grasp the full picture. But she's shown good progress, and perhaps in the future, if she studies it more, she'll understand it.

[M47AK16]

Try not to get sick, health is wealth, it won't matter how much money you have and since you said you don't have kids just make sure that you don't get sick, it is very important because at such time you will feel it the most..

I know someone who live all his life without no kids and he failed to remarry, now you he is 70years old, he tried to raise four children that were never his own, thinking they will stay, none of them are close to him today.

I understand where you are coming from, even those who have kids can be disappointed at times, but if this is truly how you want it to go it's better to always check up on your health, so that you won't be down when you should be up, hope you get what I am talking about.

Working is important for individuals, families and societies and we all need to work if we can but I agree with you that health is very important for us. It's in fact a most valuable thing we need to take care of, if we have good health, we have almost everything we need. While if we have bad health, no matter how much money we have, it's non sense.

It's not comfortable and happy to wake up in pains, so health is important. yahoo62278 talked about that too My story and where it is now ...

Back to inheritance, it's important for having our inheritance plans with usable methods because we never know when we pass away. It can come very suddenly or gradually but we can not decide how we end our life journey.

I think working is overrated. I think it is more important to do what you love, and spend time doing exactly what you want. If you have enough money, would you still do your job? Many people would say no, so it is not "we should" that keeps us working, it is "we have to", and that is sad. Also, remember that stress is causing you to lose a lot of your health as well, people working really hard usually do not last long unless they are just genetically lucky.

Most people who work 8+ hours a day end up dying younger than people who work less. That 40 hour a week thing in almost every country? That is the limit that health officials decided; it's not some arbitrary number that was created. If you work 40+ hours a week, the higher that number goes, the lower your expected death age goes down. It's not guaranteed science for an individual; it's average, so yeah you can work 80 hours and still live ot 90, but most likely, you won't.

[goldphysicalbitcoin]

I encrypted my Bitcoin private key using BIP-38, engraved it onto a steel plate, and stored it at home. I set up a scheduled email—containing the decryption password—to be sent to my child in a year's time; while I am alive, I keep postponing the delivery annually. Eventually, when I can no longer delay it, my child will receive the email with the password and instructions for accessing my Bitcoin.

[snowpega]

...
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".

Mate, the first concern should be security because we are more likely to get preyed upon by scammers in this space. More especially the recent incident of Coldcard in which more than 500 bitcoins were hacked. The point of saying this is that if our bitcoin stays safe for the long term, only then we will be able to provide it to our child in the form of inheritance. Getting the point or not?

I also think there are many users who don't think the way I am thinking about one thing; actually, I have a theory that can be wrong or right, which is that we should not check our major fund's wallet on the explorer, as that can also compromise our security. How? In two ways, the first is you are providing your wallet address to the explorer, and secondly, when you are using the explorer site, you are also revealing your IP to that site. So you are feeding your wallet and location to that site at the same time. So we should be more concerned about security first if we want to shift this asset in the form of inheritance. CMIIW!

[Rockstarguy]

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.

This is where the challenge lies. It is not like other investments; even if your heirs are still young, they can still access your investment, but with Bitcoin, it is not like that. There must be preparation, and you must wait for the right time and the right person to pass it on. If it is not done this way, one may end up making mistakes that can even affect the security of one's investment portfolio. Investors shouldn't be so worried about the inheritance of Bitcoin. If the right time for this has not come and if the right person is not there, it is better to just relax and avoid making moves or decisions that won't be profitable at the end of the day.

[Muba20]

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.

The plan you are making is not unreasonable since your children are still little and your wife do not know anything about Bitcoin. At this time, if they are told about the seed phrase or Bitcoin, they will not understand anything. Again, trusting others is definitely not the right decision. However, it is important to remember that accidents can happen at any time. We wish for longevity but if that does not happen, then if Bitcoin is saved in this situation, then it will be lost. No heir will get it. That is why I must find a way in the current situation.

One has to make a plan so that family members can get that Bitcoin in your absence and plan must be made so that they cannot access it during you are alive. If this can be done, then the plan you are making will be considered correct because there is no guarantee that you will be alive tomorrow.

In my opinion, you can keep your seed phrases offline and you can also write down the details in a place that no one can access with your presence. Where there will be instructions to completely withdraw your assets. You must inform them so that they can find it in your absence.

[Floxynice]

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.

This is where the challenge lies. It is not like other investments; even if your heirs are still young, they can still access your investment, but with Bitcoin, it is not like that. There must be preparation, and you must wait for the right time and the right person to pass it on. If it is not done this way, one may end up making mistakes that can even affect the security of one's investment portfolio. Investors shouldn't be so worried about the inheritance of Bitcoin. If the right time for this has not come and if the right person is not there, it is better to just relax and avoid making moves or decisions that won't be profitable at the end of the day.

There are many things to worry about in this world. Someone like me will not add worrying about who inherits my bitcoins to the list of my worries. I will simply let life go naturally without worrying about things I do not have control over.

I am not married, and I do not have children now. The worst financial decision I will make right now is to plan towards involving my siblings in my Bitcoin journey. Not because they will steal from me, but because they are not the type who are interested in Bitcoin. My bitcoins may be lost within less than a year of the transfer of ownership.

I will wait until I have kids of my own, study their behaviour towards finances, and know which one is capable enough to manage my bitcoins and protect the seed phrase. When the time is right, I will make such moves.

[Chinesebaby]

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".

Knowing fully well that as humans we are not immortal, but mortals that will someday leave this world, I'm currently planning on organizing my Bitcoin inheritance for my kids and wife when I'm no longer available. And the best way to go about it now is to ensure that my wife and kids all have knowledge about Bitcoin, knows how to use it and likewise trade it to fiat when the need arises. However, I'm not going to tell them the password, but rather store it in my personal savings box with its wallet seed phrase, phone password and everything needed to have access to all my investment assets. Because it is obvious that a lot of people have died with nobody knowing how much Bitcoin they had and the Bitcoin remains lost forever.

[POPOLUV]

It is good not to trust anyone when you have Bitcoin because we live in a world where people can no longer be trusted, but for me, as a person with children who will inherit his bitcoin, he should trust his family, even if it is his own wife, partner, or someone very close to you, because no one knows what will happen, a minute is a long time to see someone and then hear that they are no longer alive, but we pray to live a long life. As of now, I don't have anyone to inherit my bitcoin if anything happens to me besides my family, and there is one person in my life who knows about my bitcoin because I trust him, but the person doesn't know much about bitcoin. Although not everyone can trust their family because some families are very wicked but there are people we can still tell about our bitcoin because if anything happens to us, they should be able to inform the people who will inherit it.

Anything that is involved money none can be trusted not only the Bitcoin. The only people that are important to be trusted is family’s members, and even them not everyone in the family you will allow them to know all your secrets, because you don’t know who’s truly loved you with full heart you can see some be smiling doing well with you by the time your together, but they’ve something difference in their mind.

The only thing is that not matter how some of your family’s hate you they will be somes that will be good to you they will never be the same all, so among of those good ones you will select the one that you trust most which you know can able to handle your Bitcoin even when your not more again.

+1 to what you said.
We have heard about husbands killing wives, and wives killing husbands, while some divorce their husbands after they learn he's a millionaire or billionaire so that the jury could give them the portion of the man's hard-earned money. If people who divorce their husbands after knowing his net worth have the privilege of knowing the person's BTC private information, they can kill him if they have the chance.

Based on the question asked by the OP, this discussion is something that has to do with forward-thinking, so we can't give someone among our relatives the private information of our BTC without testing them with something that will show their true inner self, or else our plan in making the BTC an inheritance for kids/family will be a wasted effort, and the Bitcoiner can die untimely.

Your point is very understandable because i have heard so many cases where wives divorced a husband because the husband is rich and this particular discussion have made me to bring up scenario were by wives always persuade the husband to do a court marriage without the husband knowing her intentions, so that she can come with a divorce idea at any time and we knows how court do there things, once there is a divorce in court marriage, all the properties owned by the husband will be shared equally, so i will only advice base on the purpose of someone to inherit your BTC when you are not there, you can tell your first son or a lawyer about your BTC private information because i don't trust family members up to 100% to be given the private information to.

[abel1337]

I don't have enough bitcoin to called it good for inheritance but I had devised a plan for someone to get the ownership of my bitcoin if somehow I died unexpectedly.

What I did is just like a treasure hunt. I have different wallets and all of the keys are divided into three different hand written notes that is stored on three different places. It is hidden in those places.

The first part of the keys are hidden at my house that is accessible by my family members and would most likely get my keys if I'm gone. Along side the first part of the keys are the physical wallets, my final note to them if they somehow get the keys and the clue for the second and third part of the keys.

I like it for them to earn the keys if I somehow passed away. I want them to learn how to access it by themselves by engaging them in the "treasure hunt" activity which will reward them with my bitcoins.

[Sandra_hakeem]

Do I have enough sense? I hope so, and I hope my loved ones are smart enough too. My family knows where the seed phrase is. I don't consider them to be someone who would betray me, so I don't have any Monte Cristo cyphers, but only a place.

I was scared to death when I leaned the hard way that humans can change (although that was in a friend group) most families are no exception. If the family wasn't raised in love, the inheritance would only tear them more apart if that makes sense.

... Obviously, I guess there's so much LOVE in your familis (pun intended)

"Yes, man is mortal, but that would be only half the trouble. The trouble is that he is sometimes suddenly mortal, that's the trick!"
M.Bulgakov. The Master and Margarita

🤷‍♀️🤷‍♀️🤷‍♀️🤷‍♀️

I swear to god, young lady/man, this one went over my heard.

[lovesmayfamilis]

Do I have enough sense? I hope so, and I hope my loved ones are smart enough too. My family knows where the seed phrase is. I don't consider them to be someone who would betray me, so I don't have any Monte Cristo cyphers, but only a place.

I was scared to death when I leaned the hard way that humans can change (although that was in a friend group) most families are no exception. If the family wasn't raised in love, the inheritance would only tear them more apart if that makes sense.

... Obviously, I guess there's so much LOVE in your familis (pun intended)

That's right, people show up (show their true colors) when an inheritance appears. But I'm talking about the children, the parents, and yes, the spouse I've been married to for a very long time.
To say that someone is confident or not, you need to go through trials that could show what people are capable of for the sake of others. Speaking of my family, I am confident in them. Perhaps this is the environment in which children grow up and are brought up, an environment that has developed certain customs over time.

Similarly, in my country, it is more convenient for people to live in large families together than to tear themselves a piece of inheritance, which may turn out to be tiny compared to the number of heirs.

But returning to the topic, I agree that important data should be stored correctly, and naturally, there are people who are the "heads" of the family, who will be able to properly manage the inheritance in the event of unforeseen circumstances.

[OcTradism]

That's right, people show up (show their true colors) when an inheritance appears. But I'm talking about the children, the parents, and yes, the spouse I've been married to for a very long time.
To say that someone is confident or not, you need to go through trials that could show what people are capable of for the sake of others. Speaking of my family, I am confident in them. Perhaps this is the environment in which children grow up and are brought up, an environment that has developed certain customs over time.

With parents, it's better if they have their testament for their children because even they love all their children, it will turn to chaos when parents pass away. Letting all assets to children self-handle with each other has a possibility of destroying a family because as said, one of children will show up, and act greedily, then the family will no longer be peaceful and they will no longer get on with each other.

Making a will, having a testament is a good preparation for parent's deaths, and it will at least maintain a family bond. It's considerable better than betting that all your children will leave with each other peacefully and treat each other fair and well.

[Bigjoe33]

Making a will, having a testament is a good preparation for parent's deaths, and it will at least maintain a family bond. It's considerable better than betting that all your children will leave with each other peacefully and treat each other fair and well.

Perhaps, it's a better option I may think of. 'A will'. No one knows when death may come knocking, hence, having everything well documented is a cool way for me. If we try to let them know about it before demise, you may not know when it will be, plus there might be some sought of greediness from some persons who may want to act fast to undeuly others or possibly swing the coins to his own personal safety. Somehow, leaving them in the dark about your total assets and the keys is a cool way of maintaining decorum and peace at home. But I must ensure that the total and also the sharing formula must have been documented in the WILL, so that if I leave suddenly, they could hear for themselves from the testament.

[DiMarxist]

I believe that similar threads concerning Bitcoin and inheritance plans has been discussed. And one thing that was common among the comments section is that for anyone who is holding Bitcoin in successfully pass it to the next generation is that, they should enculcate knowledge and make sure that the next generation of people who they are planning on passing their Bitcoin to should have interest and and get enlightened about Bitcoin.


Because one thing am afraid when it comes to Bitcoin inheritance plans, is that it's not about making plans about inheritance plans but are the next generation of people truly interested in Bitcoin. This is very critical and important for anyone to passing their Bitcoin because when someone gets what he doesn't value the importance of such a thing will not be there.

But personal speaking I tries as much as possible to talk to my children about Bitcoin and how it works, and when I see that they have come to the point of understanding how Bitcoin is, most especially the security aspect which is critical to the safety of your bitcoin that is the only time I can tell them things like seed phrase.

[Issa56]

I plan to do that, but I'm not focusing too much on it right now because I'm confident I'll be healthy and fit for the next few years.

People that fall sick believe anything is not going to happen to them, and some of them are always thinking they are healthy, but at the end they will discover that they are not healthy. Anything can happen at any moment, so we should always be prepared, don’t be so confident in your yourself. So to avoid regretting at the end, or losing your bitcoin forever when your family members are going to be in need of money, then make sure you proper back up your wallet seed phrase.

People don’t pray for death, but it do come unannounced, so it’s better you store your seed phrase in a place where any of your family member will be able to access  it Incase if anything happens, or make sure you tell your partner your seed phrase, or anyone you trust.

But make sure you properly back up your seed phrase, because it won’t make sense that anyone won’t be able to access your bitcoin Incase if anything happens, then your investment isn’t useful because your bitcoin is just going to be lost forever.