What actually happens to your coins when you die?

[Odogwu-Blockchain]

Except you decide to share the private key to your family when you are alive but they not going to start making use of it untill gone, to avoid problems between your children for them to start fighting, for who ever holds the biggest quantity. Such behavior may even cause death..

It's always seems easier but many parents had always find it difficult to handle such chaos when and if proper arrangements in done.

[Miles2006]

Save yourself the stress of inviting a lawyer or writing a will, the easiest thing to do is informing your family about bitcoin investment. Bitcoin investment is not a secret investment, I mean keeping private informations as secret is valid but, keeping such informations from family members is not the right thing to do well, it depends. As a matter of fact couples nowadays do a joint bitcoin investment and I get surprised when people say such as scam, oh definitely anyone can be brilliant enough to sense a negative type of energy towards their asset but, trusting someone to an extend clearly shows they’ll not flip on you.

- Does anyone in your life even know your Bitcoin exists?

Yes, it’s not a big deal especially when there’s trust, family members knowing informations like such is an alternative as stated above we might never know what’s next.

[kawetsriyanto]

- Does anyone in your life even know your Bitcoin exists?

My wife knows it.

- If you died tonight, could they recover it?

My wife probably can recover it because she knows well crypto.

- Timelock, multisig, sealed instructions, dead man switch, or nothing?

Of course, there is a set of security for the wallet data. I never makes it too easy to anyone to access it. Even for my wife, she won't easily recover it. This is needed to avoid the wrong person finding our the wallet data.

- Anyone here actually inherited coins? How did it go?

I got my crypto assets myself. I never inherited any coins. My parents don't know crypto, my sisters are also not familiar with crypto.

[Felicity_Tide]

I know it is not that easy to just give anyone access to our coins but all our years of patience can’t just go to waste when death comes, so it okay to give login access to someone trusted enough, wife, child, brother or sister, that’s if you can trust them.

It's much easier for those who have someone they can trust, but again, when finances are involved, trust can turn into betrayal because they won't hesitate to screw you over. It might not necessarily be the same for everyone, but there will always be a chance of someone getting screwed by the people they trust the most... even if it's just 1 out of 100 people who choose to take this route.

I personally don't encourage the sharing of sensitive information like seed phrases. It's best to keep these things to oneself, but there should be a need to inform your most trusted party/ies and also teach them how it works. They don't need to lay their hands on the original hardware wallet, nor do they need to see the actual seed phrase before the can learn. They just need to know that you have something of such in your possession, and also need to learn how to use it.

[Questat]

Once the owner dies, it does not mean that his coins are lost as well, but they remain inaccessible unless someone knows the private keys. But bitcoin remains safe in the blockchain even if no one access it.

But as a bitcoin owner, I don't want to end up my bitcoin this way. As much as possible, I always share to my wife about my bitcoin accumulation and how many bitcoin I have been saving in my wallet. So that in the future, they won't face the struggles on how to retrieve my bitcoin. My wife knows it and I even plan to let my eldest child aware of it once she has reached her age where she can be responsible enough in managing my bitcoin.

[boyptc]

- Does anyone in your life even know your Bitcoin exists?
- If you died tonight, could they recover it?

No, and none of them will know how to recover and import it.

I've given my reminder to them for years but I guess the right time hasn't come yet for them to do what's necessary to learn it on their own.

- Anyone here actually inherited coins? How did it go?

It is not me.

But my family is the one to inherit it and no other people could take it unless they know the basics of it. After giving them some time to educate, I can only hope for that they'll get serious with it when I'm near to my time or when I am already gone.

[Sterlino]

Since we keep on earning our financial progress or wealth for the financial security of our family. Therefore, our normal wealth is enjoyed by the rest of our family members after death. Similarly,  case of bitcoin wallet, a situation should be created in which someone trusted by the family can access the wallet. So that after death, the wealth in that person's wallet can be used by the rest of the family members. Or, the place where the owner of the wallet is storing the seed phrase should be told to someone trusted so that they can find out and use it after death.

[Uhwuchukwu53]

The question often times I comes across things of this nature, it tells me about human life on earth, the worsening situation is that most people don't even know the day and time to which the death will come. If one is investing on Bitcoin as an asset if one have children, one should be able to teach and draw a trusted child to what he or she invested on, while on earth also if one have invested so much where one can take some profit while holding it's also a better option to eat the fruit of your labour, if this two things is not properly consider,you as investor introducing trusted person to your investment and you eating little if your investment all efforts will become waste because it will be lost as no body have access to your key phrase or you pass phrase where you store your Bitcoin mostly those using selfcustodian wallet.

[BluebloodCXVI]

OP this topic you created is irrelevant.

There are already two threads that i know of that are already discussing about this same topic you created

What happens to your Bitcoin when you Die?

What happens to your crypto if something happens to you?

you should lock this thread now  or else it will encourage spamming, just saying.