What actually happens to your coins when you die?

[Ruttoshi]

It's good that you teach your family members Bitcoin and how to make use of a wallet. Let them know the important aspect of wallet which are seed phrase passphrase and how to transfer funds from one wallet to another. You can set up a wallet for them to be conversant with and send them little amount of bitcoin in practices.

Store your seed phrase somewhere safe and let the trusted ones know where it is. Write a will and give to your lawyer so that, if you are gone, your family members can access your bitcoin.

[Dr.Bitcoin_Strange]

Since you are a newbie rank, I assume you might not know how to use the forum search properly which could have helped you find previous discussion on this subject. There are different topics on this subject but I provided link to just two.

What happens to your crypto if something happens to you?

What happens to your Bitcoin when you Die?

Bitcoin has become so valuable today such that any investor who actually has a heir will make sure they keep a trace of how their heir can be able to access their Bitcoin when they are gone. Although life can happen, where someone could just die without making provisions for how their coins can be access but I guess it's rare for someone who actually wants their Bitcoin to be inherited by their heir to not keep a trace.

[Livingleged]

We all know that death is inevitable, no one prays to die now and no one know when they will die, so it is also good to prepare for the future because anything can happen.
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.

I look at it as a one way trip, it’s either you have some trusted person that you can share your thoughts, and your keys to your holdings with or you pay the biggest price when you die and nobody is able to claim those coin and it will just be there forever untouched.
So it’s left to you to choose if you want your hard earned funds be lock on the network or you risk sharing your keys to you family or even spouse, it’s just like the ATM card pin we share with our family member, we trust them to extend to give them our pin and our card to make some transactions, then why can’t we also trust them with our bitcoin keys? For me I have few documentation about my keys and someone I trust knows about it so in the case of of death everything will be fully recovered.

[Faisal2202]

- Does anyone in your life even know your Bitcoin exists?
- If you died tonight, could they recover it?
- Timelock, multisig, sealed instructions, dead man switch, or nothing?
- Anyone here actually inherited coins? How did it go?

Thanks

It is a great call to everyone to start thinking about it, and I think the only reason we all are not thinking because we are so focused and optimistic in our life that we don't see death as anything, we know it will come but we also know we don't have to just keep saying we are going to die because it can make us lazy and less efficient.

Therefore we all continue our work, like accumulating but we fail to understand that we need to make a plan for its distribution or access once we won't be here, I have seen people going from this world with incomplete plans, where everyone was doing their chores, they will remember you for few days and then they will also start doing their chores again, so use your funds for good, do some good for others.

Now if I die tonight my funds are gone, I have not told anyone about the holdings, because I don't find it a good option because of the situation. Timelock is a bad option, I only trust multisig as a better option if I ever tell someone about it and give them the key. But if I am gone they need to access my device, and to unlock it they need a password so we have to tell them that as well, but until we are alive we have to secure it, that's how we can achieve this!

[ZAINmalik75]

Well, there is no doubt that it is important for people who are saving significant amounts of money in Bitcoin to at least educate their direct family about how they can use Bitcoin, how to import a seed phrase in a wallet and access the funds, and then how to sell those coins if they need to, because this is all the information they need if they try to access the bitcoins that has been left behind from someone for them.

However, when it comes to passing the wallet or seed phrase on to them, one doesn't need to write everything in the will and allow a lawyer to have access to that information, because, of course, you can't trust anyone with such confidential information. The only right way to do it is to keep the seed phrase somewhere very safe, where only you can access it while you are around, and then write the information about how they can access it once you are not around. It should preferably be somewhere where only the direct family can gain access to it to avoid any sort of problems.

[Ambatman]

Well Then it won't be a me problem  
And also I believe a passphrase would likely be one with a relatively small entropy.
Or if not don't trust your brain as your only means of back up.

Anyone here actually inherited coins? How did it go?

I believe I'm quite curious about this too.

[Sammye3]

The purpose varies with people, but at some point anyone investing in bitcoin should make a physical or computed recovery system in cases of emergencies or worse case scenario, death. This should be for cases where one holds a significant amount of coin in their possession, as it could threatening when people find out anything about their holdings.

You cannot carry your coins to your grave, so its important to have an alternative which could be wife or family, depending on the nature of their relationship.

[Jewan420]

Just as Bitcoin security is essential, so is a succession plan. No one wants to see their Bitcoins become worthless after their death. There is not much to say about the plan, you can build this plan around a trusted person. It depends on trust, who you trust and how much you trust.
In any case, reveal how to use Bitcoin and recover your coins. You need to find that strategy, whether you write it down or disclose it to a lawyer or tell your family. It is best not to talk to lawyers about this unless they are someone close to you or trustworthy.

[Floxynice]

We spend years making our coins impossible for anyone else to touch. Cold storage, passphrase in the head, wallet nobody knows about. Then one day we're gone and it works exactly as designed. Nobody can touch them, including our family.

"My wife knows where the seed is" is not a plan if she doesn't know what a seed is. "It's in my will" is not a plan if a lawyer reads it in court. Every step that makes your coins safer while you're alive makes recovery harder after.

So, honestly:

- Does anyone in your life even know your Bitcoin exists?
- If you died tonight, could they recover it?
- Timelock, multisig, sealed instructions, dead man switch, or nothing?
- Anyone here actually inherited coins? How did it go?

Thanks

Honestly, some investors need to reflect on this question. On one hand, they don't want their bitcoins to die with them; on the other hand, they also can't take the risk of exposing details about their bitcoin ownership and wallets because they don't trust anyone. If they don't mind letting their bitcoins get lost forever after death, they can go ahead and be very secretive about the details of their bitcoin investment. Life is a risk on its own. Sometimes, being too careful can turn out to be foolishness. Just do the right thing.

I am not bothered about any of this, though. I am a Bitcoin investor, and my fiance is also very knowledgeable about Bitcoin. We both can access each other's bitcoins in times of emergencies and in the event of death. The most important thing is that we trust each other. Yea, we've had this conversation.

[ColdLava40]

Then one day we're gone and it works exactly as designed. Nobody can touch them, including our family.

If the plan is to keep it safe, then it comes at a cost.

Same way self custody comes at a cost,

Privacy comes at a cost. Anything that is worth doing well, comes with sacrifices but you could as well make good plans ahead just in case.

When we die? Nobody knows what happens next. Your family might not even remember you own bitcoins if it's not stated somewhere in your will( except they had been waiting for your passing so they immediately inherit it) . But make at least one person aware so your efforts won't be wasted.

[Cityhunter34]

Since death is inevitable, we don't need to be told before we do the needful things and secure our Bitcoin investment for our family. It is very important to always put this into consideration when investing in Bitcoin. In fact, not only Bitcoin investment, because it's obvious that many of us have other savings out there.

That's why we need to start planning for ourselves while we're still alive, because once death comes and you haven't done the needful, everything about your savings is gone forever. There's nothing much to it, because all our struggling in this life is for the betterment of our families.

[Zlantann]

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

A family member knows almost everything concerning all my assets. Thankfully, that individual has learned so much about Bitcoin. With the level of knowledge, I believe they would know what to do when I am gone.

- If you died tonight, could they recover it?

I guess they can without many problems since I have already exposed Bitcoin to them.

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

Written instructions and practical lessons with multisignature wallets.

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

Nobody in my family knows about Bitcoin before me. I might be the first in my lineage to keep Bitcoin for my descendants.

[tabas]

So, honestly:

- Does anyone in your life even know your Bitcoin exists?
- If you died tonight, could they recover it?
- Timelock, multisig, sealed instructions, dead man switch, or nothing?
- Anyone here actually inherited coins? How did it go?

Thanks

- They know it, I've told them already about it.
- Not yet, they have no interest even if I've already said that they have no. I'm pushing them but to no avail.
- A couple of instructions that I have to write for them to follow.
- Nope, it's actually luck and that guy is very fortunate if they have inherited bitcoins. I only know Hal's family has inherited his stash.

[Obim34]

So, honestly:

- Does anyone in your life even know your Bitcoin exists?
- If you died tonight, could they recover it?
- Timelock, multisig, sealed instructions, dead man switch, or nothing?
- Anyone here actually inherited coins? How did it go?

Thanks

Yes, I have someone who knows about Bitcoin and my investment.

Yes, they know how to recover my coin, where to access it, and how to access the wallet.

They know how to use a wallet, I don't think they will need instructions on how to access the asset.

No. If the unfortunate happens, maybe someone will inherit my Bitcoin, if I don't sell before then.

[RockBell]

That is one of the most important questions that holders should be very concerned about because there is no way that you will live forever. It would be better if we already had a plan because anything can happen, so at least there should be a plan. Sometimes, I believe that a lawyer should be consulted when it comes to issues like this, and the current problem is that we need to be careful with the kind of wife because she can be a treat simply by knowing your holdings, so it is better to know what to do.

In the end, we should find a means to ensure that our assets don't go to waste, but we must be very careful about who truly deserves what we have fought for because many individuals don't deserve shit from us. because everyone is going to die.

[M47AK16]

Since you are a newbie rank, I assume you might not know how to use the forum search properly which could have helped you find previous discussion on this subject. There are different topics on this subject but I provided link to just two.

What happens to your crypto if something happens to you?

What happens to your Bitcoin when you Die?

Bitcoin has become so valuable today such that any investor who actually has a heir will make sure they keep a trace of how their heir can be able to access their Bitcoin when they are gone. Although life can happen, where someone could just die without making provisions for how their coins can be access but I guess it's rare for someone who actually wants their Bitcoin to be inherited by their heir to not keep a trace.

Let him be; at least he is not shilling something. Newbies who are actual newbies and actually asking questions are great; let them do it. I mean, if we were to remove every single topic that is similar to another topic, we would not have any new topics. Most of the original ideas are gone; only repeats are left. Very few things are original these days; only the news that happens is new. Other than that, all of the questions were asked and answered.

Going back to the question, you just need to make sure that you leave them a way to get it, so that they could. If you do that, then you are going to have them find a way to make sure that they could get it back; otherwise, they are not going to actually end up with anything good. What I mean is, you should hide it, of course, but hide it in a way where they can eventually find it; let them know not just how, but let them know how much too.

[AYOBA]

Death is inevitable and we don’t actually have the idea of when we might end up leaving this world so at least unfortunately if we leave this world our holdings would be of a good help to our family and loved ones so let always make it possible for them to have access to it so Incase when we leave this world they would get something valuable and helpful.
  policies.

That’s the facts about life nobody leave because dead come without alert. So the best is for anyone who is holding Bitcoin should let his family members knows about his holding so that when he die his family’s member can able to get access to his wallet, but not everyone want their people to know about their savings those kind people do lose  all their assets once they leave this world.

[taufik123]

This is a question that continues to arise from the beginning I am in this forum to date.
There are many different options depending on how everyone to do what they want when they are not in this world and want to pass on the coins or assets they have to the people they trust.

The most important thing is that “EDUCATION” I started teaching my wife to know what I was doing and anywhere the assets I had even though it wasn’t much.
But most importantly the people we believe know how to unlock each key with OTP and use the Wallet properly, especially the Hardware Wallet that I have.

Security is indeed important and the main access to a security must be owned by people who are very trusted and the asset will be directed at who.

If you ask is the one who has inherited the coin, the answer is certainly not and has not happened.
That will happen when someone who inherits the coin is dead, then those who become heirs need to give clarification.

[Maslate]

No matter how valuable bitcoin is, it becomes totally useless if you die and your family know nothing about it. That is why if you can educate your wife or your children about bitcoin, and share your private keys to them, I think this way is safer than being secretive all along. At least, even if you end up in a sudden or tragic death, you won't be worried of your hard-earned bitcoins because your family are already aware how to retrieve it, or continue your legacy if they really want to.

As a family man, you don't invest for yourself alone, but definitely for your family's future. So make it a point that you include your family in your bitcoin plans so that if one day you're gone, at least they know already how to manage your coins.

[mirakal]

Most of us here will chose to entrust the lawyer first and include it in the last will. But in my own opinion, wouldn't it be more risky to entrust your bitcoin to someone who's not really part of your family, yet he knows everything how to access your coins. He could betray you without your family knowing, and try to access your coins on his own. And worst is, your family has no idea that you're into bitcoin, so it will be easier for your lawyer to plan it out.

However, if you can trust your wife or one of your kids, then let them be a part of your bitcoin journey. You don't have to risk your coins to the lawyer, but prioritize your own family first and foremost. Teach them the basics about bitcoin privacy and security, if you can trust them on that part, then they also deserved to access your bitcoin in the future.