BITCOIN INHERITANCE PLAN IN NIGERIA

[briggswillis4real]

What Happens to Your Bitcoin When You Die in Nigeria? No One Talks About It Why?

I need to share something that has been bothering me since last month. My friend's elder brother died in March. 42 years. He was into crypto since 2019 family was crying, but after burial, someone mentioned he had some Bitcoin somewhere. No one knows where it is, Phone is locked. Laptop is with wife but she doesn't know the password. As far as we know, that Bitcoin is gone forever.

It got me thinking about myself. I'm just 45, small business owner in PH. I have some BTC, not much but it's my savings. God forbid If anything happens to me , my family will get my bank money because bank has BVN, next of kin. But my Bitcoin? My mother doesn't even know what a seed phrase is. If I tell her 12 words, she will think it's Yahoo.

Problem in Nigeria is, We don't have crypto-aware lawyers. If I go to a lawyer in Port Harcourt and say please write my Bitcoin will, he will look at me like I'm doing fraud.
If I give my seed phrase to my brother now, what if we quarrel tomorrow?  What I am thinking of doing now is write seed phrase on paper, split into 3 parts.
Part 1 with my mother
Part 2 with my younger brother (he understands small crypto)
Part 3 inside my Bible in the house.

So you need all 3 parts to get full phrase. And I will tell them only open it if I die. Is this stupid? Has anyone here in Nigeria or in Africa actually done a proper Bitcoin inheritance plan that works?
How do you pass your Bitcoin without trusting one person too much while alive? Curious how others are handling this because we talk about HODL for 10 years but we don't talk about death.
Im just curious.

[Don Saga]

Firstly, I think this topic belongs to the LB. There have being many cases of death where the families of the bitcoiners have no access to the bitcoin and that cannot be changed when the right procedures are not put in place against cases like this. Also, it is not entirely a good idea to separate your seed phrase between three persons, because losing one would mean losing everything. It would be better to give your seed phrase to a trusted person (wife, brother or mother) with explicit explanation on how to use it.

This is a general problem and not just for Nigerians. Security is important, whether against scam attacks or loss from lost seed phrase and access.

[Fivestar4everMVP]

What Happens to Your Bitcoin When You Die in Nigeria? No One Talks About It Why?

This is your first mistake, issue of how to successfully leave Bitcoin as an inheritance is not a Nigerian-only problem, its a global problem but if you wanted the discussion to be about Nigerians only, then you should have posted this thread in the Nigerian local board instead of posting it in the global bitcoin discussion board.

Problem in Nigeria is, We don't have crypto-aware lawyers. If I go to a lawyer in Port Harcourt and say please write my Bitcoin will, he will look at me like I'm doing fraud.
If I give my seed phrase to my brother now, what if we quarrel tomorrow?  What I am thinking of doing now is write seed phrase on paper, split into 3 parts.
Part 1 with my mother
Part 2 with my younger brother (he understands small crypto)
Part 3 inside my Bible in the house.

Then your second mistake is saying Nigeria doesn't have crypto-aware lawyers, you should have simply said that you personally don't know any crypto-aware lawyer to approach and maybe some of us will be happy to share contacts with you if you are serious.. over the years, several crypto related cases have happened in Nigeria that were taken to court, some or most of those cases were won by the lawyers that handled the case, how do you think a lawyer won a crypto-related case if he or she is not crypto-aware?

And now to the main discussion, this is a topic that's been treated on this board a lot of times, and to be honest and as long as Bitcoin and crypto is concerned, I personally think this should be one of the most important topics, for what is the essence of gathering all this crypto wealth if the family of the person cant access the wealth if the person dies suddenly?

Your idea of writing down your seed phrase in three parts and leaving two with family members and one to yourself is a good idea, but myself as a married man would rather leave the first part with my wife, the second part goes to a trusted lawyer, and the third part remains with me, though I will leave clues with my son or daughter on how to find it incase I die suddenly.

[dzungmobile]

What Happens to Your Bitcoin When You Die in Nigeria? No One Talks About It Why?

Bitcoin inheritance is a big problem in all nations for people who have bitcoins, not only in Nigeria. Inheritance and plans for it are very complicated and were already discussed many times.

You can read and learn something and take something helpful for you individually from following threads and article.
[DISCUSSION] Bitcoin Inheritance Planning.
HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION.
Thoughts on inheritance planning for crypto asset owners.

[Basels]

I notice there are folks who post for posting sake, even when what they're posting is irrelevant to the general community. Why don't you post this in your local board? Should everyone start posting about inheritance in their own countries? Anyway, I think the onus rests on the moderator to move it to the appropriate section, though I think giving unnecessary work to moderators is uncalled for. Please note that if someone wants to know how Bitcoin inheritance works in your country, they should have to go to your local board, not in the general forum.

[adultcrypto]

The problem with most Nigerians is that if you tell them to write their will, they will think that you wish them death, they will rebuke you and reject that idea siting that they are not planning to die any time soon. If we take these things seriously, then planning the transfer of our bitcoin would not have been too complicated because we know that they will be inherited by the people that would inherit our other assets. One way of doing this is to save the bitcoin into different wallets that reflect how we want our assets divided, then pass the seed phrase of each them separately to the people that we would have them over with the instruction of only to touch them when we are no more.