Who Can Access Your Bitcoin If Something Happens to You?

[WatChe]

Have you made any inheritance plan for your Bitcoin?

Everyone of us must have such plan in order to make sure our Bitcoins are still in use after we are not in this world. This is issue we must not delay because there is no predefined time of death. I have a family and want them to take advantage of Bitcoins I have and thats why I have trained my wife on how to restore a wallet without my aid. I am also training my wife and kids on how to use Bitcoins because that will help my kids to excel in life as they grow up.

[Numan467]

Have you made any inheritance plan for your Bitcoin?

Everyone of us must have such plan in order to make sure our Bitcoins are still in use after we are not in this world. This is issue we must not delay because there is no predefined time of death. I have a family and want them to take advantage of Bitcoins I have and thats why I have trained my wife on how to restore a wallet without my aid. I am also training my wife and kids on how to use Bitcoins because that will help my kids to excel in life as they grow up.

It is good way of doing it. It is better to teach your family while you are still here, other than leave written instructions behind. They may have never brought back a wallet or handled a seed phrase before, and might make mistakes at most important moments.
I also think it is worth checking that plan again from time to time. Over the years, your wallet software, devices, and even how you store your money could all change, and your passing down plan should not be one that you set up and forget.

[CryptoBuds]

Snip

Have you made any inheritance plan for your Bitcoin?

This has actually been asked a lot on this forum, so maybe you just haven't read it. So next time,, try to take the time to find a thread that has the answer to your question. But yes, this time it's probably okay because you're still a beginner.

Then, speaking of inheriting Bitcoin, I've definitely done this. Basically, my wife and I both know the password for my Bitcoin wallet. So if something were to happen to me, my wife would definitely be the one to take care of the Bitcoin in it. So, while this does carry a slight risk, I don't think it's wrong at all. Because my wife is someone I trust. So I'm sure everything will be fine. Because right now,, I don't have anyone I can trust besides my wife, and my child is still small. And besides,, I don't want to be too paranoid about this. Because it definitely makes me dizzy if I keep thinking about it. So, I feel that what I'm doing right now is quite safe,, in my personal opinion. But yes, everyone has their own way of securing their bitcoins, so it's up to them.

To me, once you choose to get married and have children, there should be trust between both partner. It would be selfish to doubt the very person you choose to build a family and a future with.

I did the same as you and never doubted my decision. I believe that if something unexpected ever happen to me, or if my wife and I ever end up in conflict, bitcoin will ultimately be used to take care of my children. So I have no reason to worry about or regret that decision.

After all, bitcoin is just money. Its not everything, and there are many more important thing in life.

[SquirrelJulietGarden]

Any of this method you want to use to store this seedphrase for later use for the family, there will always be discrepancies attached to it. A lawyer is already a third party between yourself and your family, anything can happen and even the cost of keeping them can be very expensive. If you can’t trust your immediate family with your money, then you can just give the Will out before your death.

I know about that risk and not only lawyers but any entities as third party are not trusted in my opinion. I could be wrong, or I am too skeptical about third-party services but I only trust my family members. I know that are bad stories about things happen inside a family but with me, if I can not trust the people I love in my family, it's ok to let my bitcoin lost into the air and as donation to Bitcoin community.

They are your family and you know certain things that can make any method you use effective for them to access the seed phrase when you’re no more again.

I want them to inherit my Bitcoin and I will choose a right person to tell them about that, teach them about Bitcoin, wallets, how to use it (from creation, backup, recover, and transactions).

If I know how to do these things, I can teach them, just choose a right person and right time to do that.