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Topic: Bitcoin/alts in your will (?) (Read 515 times)

Crytptohack (OP)

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Bitcoin/alts in your will (?)

January 20, 2018, 06:55:53 PM

#1

I was thinking the other day that if something happened to me and I was unable to speak or was in a coma, some of my BTC and 'alts' may be locked up forever...?

My brother is into cryptos, so he may be able to get into my Ledger Nano S w/the 24 word private key (which he would need to find), but there are other wallets w/pass phrases and keys to get into. He would need to search around for them on my PC, laptop, external HD, thumbdrive.... And if I placed a password to access them in a file, he would never get in...

Do people here have a plan to 'will' their cryptos to their families? If your parents, brother, sister, etc.. are not technically inclined or do not know anything about BTC, are they even going to gain access to them? (If they even know you have them...)

Accidents happen and you really never know what is going to happen to you each and every day. (I'm >50 and can have a heart attack!) Well actually I'm in decent shape b/c I'm a cyclist. That being said, I can have a cycling related accident... (both road and mtb for those interested)

I'll probably end up producing a paper list to give to my brother. It's not really safe to have electronic copies of passwords/private keys lying around and on a PC that you connect on-line...

Ideas? Do others have access to your crypto stash?

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 07:13:34 PM
Last edit: January 20, 2018, 08:27:14 PM by Hazeey

#2

I've heard of many people writing out a step by step guide for their family members on how to cash out the crypto and where it is all located in case of death. You can store all this info in a bank vault or any secure place that can be transferred to a relative in the event of your death.

https://stakeunited.com/stixx

CryptoBitCoins

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 07:43:19 PM

#3

I'm younger than the author, but I thought about it myself. For this I did not invent anything too abstruse, but simply informed all my wallets and passwords to my beloved bride. So if, God forbid, something happens, she knows how to access my crypto accounts.

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:05:26 PM

#4

Quote from: Hazeey on January 20, 2018, 07:13:34 PM

I've heard of many people writing out a step by step guide for their family members on how to cash out the crypto and where is is all located in case of death. You can store all this info in a bank vault or any secure place that can be transferred to a relative in the event of your death.

That will work in most cases.

But O.P you can do a last willing testament if ever anything happens to you the inheritance of your cryptocurrency will be divided to the heir of your choice. You can also specify how much they will be having to eradicate misunderstanding about cyrptocurrency, alternatively the safe is located in your respective bank along with the hardware wallet, paper wallet, or anything with password to access the funds, you can also specify the bank in each heir respectively.

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:10:39 PM

#5

It is not a bad idea to have someone you trust like a spouse or responsible offspring have an idea where your crypto private keys, pass phrases and/or passwords exist. In my opinion, there is no point dying for example and rendering your crypto portfolio inaccessible and locked up forever, where it could have been put to good use instead.

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:11:30 PM

#6

Many people involved in cryptocurrencies are starting to think also what will happen with their coins in case of their death, is it good to put that in the last will or not, to reveal that fact to their relatives and friends or not. And those who get the coins will they know what to do with them.
Personaly I think this is something you should share with the closest people you trust, because it would be too bad to waste the coins in the case of death.

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:18:00 PM

#7

My girlfriend of 10 years knows my wallet password & knows where my wallet backups are. Im early 30s so ain't writing no will yet. If I die she will be able to sell them in an OTC trade or something.

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riskthebiscuit

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:19:09 PM

#8

I have considered it for sure but I haven't gotten around to doing it quite yet don't know why actually. There should be a detailed video explaining how to obtain access into all the different wallets, but then again this doesn't cross my mind because I don't think I am going to die. Of course this could happen to anybody at any moment and therefore we should do our due diligence to protect ourselves no matter how unlikely the scenario. Thanks for bringing this up, I am going to look into ways of securing my crypto for my family now.

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heureca

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:20:59 PM

#9

Quote from: Crytptohack on January 20, 2018, 06:55:53 PM

I was thinking the other day that if something happened to me and I was unable to speak or was in a coma, some of my BTC and 'alts' may be locked up forever...?

My brother is into cryptos, so he may be able to get into my Ledger Nano S w/the 24 word private key (which he would need to find), but there are other wallets w/pass phrases and keys to get into. He would need to search around for them on my PC, laptop, external HD, thumbdrive.... And if I placed a password to access them in a file, he would never get in...

Do people here have a plan to 'will' their cryptos to their families? If your parents, brother, sister, etc.. are not technically inclined or do not know anything about BTC, are they even going to gain access to them? (If they even know you have them...)

Accidents happen and you really never know what is going to happen to you each and every day. (I'm >50 and can have a heart attack!) Well actually I'm in decent shape b/c I'm a cyclist. That being said, I can have a cycling related accident... (both road and mtb for those interested)

I'll probably end up producing a paper list to give to my brother. It's not really safe to have electronic copies of passwords/private keys lying around and on a PC that you connect on-line...

Ideas? Do others have access to your crypto stash?

You can share your passwords and other necessary files with trusted family members. I think it is ok. In other case your criptocurrency could be lost

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NeuroticFish

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:25:39 PM

#10

Quote from: Crytptohack on January 20, 2018, 06:55:53 PM

Ideas?

With my wife not wanting to hear of any word about "what if...", it's even harder to find a way to do this.
You are lucky, you have somebody in the family that understands crypto. I don't have this luck.

Bitcoin is not even my biggest concern (I'm not rich yet). It's the altcoins, of which some may have a future.
And with so many types of wallets laying around, making a list of coins, files, websites, passwords, would be too big and highly unsafe.

I would be happy to find a very good solution. For now the only one I have in mind is a text file with all the details I can gather, password protect that file and keep it somewhere at hand (USB stick?).
Of course it'll make sense only when she'll accept to talk on the "what if" subject, so I can tell her about the file and password. And actually get to make it.

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Crytptohack (OP)

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:37:09 PM

#11

Quote from: bitbunnny on January 20, 2018, 08:11:30 PM

Many people involved in cryptocurrencies are starting to think also what will happen with their coins in case of their death, is it good to put that in the last will or not, to reveal that fact to their relatives and friends or not. And those who get the coins will they know what to do with them.
Personaly I think this is something you should share with the closest people you trust, because it would be too bad to waste the coins in the case of death.

The cryptosphere is relatively 'new', so many of the people who are into this market are probably in the middle years of their life. (My guess) But in a decade or two, I'm sure there will be cases where wallets, trezors, ledgers have crypto locked up forever b/c no one knows either about them or how to access them. I can see someone finding a Ledger Nano S and thinking that it is just a password protected USB thumb drive......toss it in the trash with the rest of the junk...

Guess it can be viewed as a death coin burn.... even if it is .01% or whatever amount.

Crytptohack (OP)

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:39:38 PM

#12

Quote from: Cobalt9317 on January 20, 2018, 08:05:26 PM

Quote from: Hazeey on January 20, 2018, 07:13:34 PM

I've heard of many people writing out a step by step guide for their family members on how to cash out the crypto and where is is all located in case of death. You can store all this info in a bank vault or any secure place that can be transferred to a relative in the event of your death.

That will work in most cases.

But O.P you can do a last willing testament if ever anything happens to you the inheritance of your cryptocurrency will be divided to the heir of your choice. You can also specify how much they will be having to eradicate misunderstanding about cyrptocurrency, alternatively the safe is located in your respective bank along with the hardware wallet, paper wallet, or anything with password to access the funds, you can also specify the bank in each heir respectively.

Hmm, I do not even have a safety deposit box. I hate banks with a passion...........

Crytptohack (OP)

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:43:13 PM

#13

Quote from: NeuroticFish on January 20, 2018, 08:25:39 PM

Quote from: Crytptohack on January 20, 2018, 06:55:53 PM

Ideas?

With my wife not wanting to hear of any word about "what if...", it's even harder to find a way to do this.
You are lucky, you have somebody in the family that understands crypto. I don't have this luck.

Bitcoin is not even my biggest concern (I'm not rich yet). It's the altcoins, of which some may have a future.
And with so many types of wallets laying around, making a list of coins, files, websites, passwords, would be too big and highly unsafe.

I would be happy to find a very good solution. For now the only one I have in mind is a text file with all the details I can gather, password protect that file and keep it somewhere at hand (USB stick?).
Of course it'll make sense only when she'll accept to talk on the "what if" subject, so I can tell her about the file and password. And actually get to make it.

Yeah, the alts and all of the individual wallets, especially if they are not ERC20. I think the text file that is password protected on a USB stick is good. Everything that is needed is written in the doc, maybe even instructions...)

No one really wants to talk about 'what if'........

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:48:17 PM

#14

Cryptocurrencies and cryptocurrency trading is a taxable event in many countries. Hence, it is already officially listed in your documents and should be also named in your will. As there are many security measures necessary to access your coins and tokens (if you have done it right), one can think of telling someone who you really trust how to access your coins. It is also possible to do a 2 or 3 step approach: E.g. one close person gets the information about the wallet or part of the password, one other person gets the other part of the password and your will will state, were the (hardware) wallet can be found etc. Then it might be even more secure.
Overall, we should think about it sooner or later.

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:50:36 PM

#15

Quote from: Crytptohack

No one really wants to talk about 'what if'........

Yep, dude ))) But few days ago, we all talk about "What if"
I was really scared

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:51:48 PM

#16

Just trust your family because they are going to keep your belongings and keep your private key safe. i guess we need to show them our private key and files and supporting phrase password. Write down on how to open a your wallet so that it will have an easy access.

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:54:37 PM

#17

Quote from: Crytptohack on January 20, 2018, 08:39:38 PM

Quote from: Cobalt9317 on January 20, 2018, 08:05:26 PM

Quote from: Hazeey on January 20, 2018, 07:13:34 PM

I've heard of many people writing out a step by step guide for their family members on how to cash out the crypto and where is is all located in case of death. You can store all this info in a bank vault or any secure place that can be transferred to a relative in the event of your death.

That will work in most cases.

But O.P you can do a last willing testament if ever anything happens to you the inheritance of your cryptocurrency will be divided to the heir of your choice. You can also specify how much they will be having to eradicate misunderstanding about cyrptocurrency, alternatively the safe is located in your respective bank along with the hardware wallet, paper wallet, or anything with password to access the funds, you can also specify the bank in each heir respectively.

Hmm, I do not even have a safety deposit box. I hate banks with a passion...........

Well the alternative could be in a safe in your own home or any other secure location that a relative can have access to. The issues with these is that it could be costly to purchase one and depending on the size of the safe, it could be stolen from your home.

https://stakeunited.com/stixx

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 08:58:40 PM

#18

Quote from: Crytptohack on January 20, 2018, 06:55:53 PM

I was thinking the other day that if something happened to me and I was unable to speak or was in a coma, some of my BTC and 'alts' may be locked up forever...?

My brother is into cryptos, so he may be able to get into my Ledger Nano S w/the 24 word private key (which he would need to find), but there are other wallets w/pass phrases and keys to get into. He would need to search around for them on my PC, laptop, external HD, thumbdrive.... And if I placed a password to access them in a file, he would never get in...

Do people here have a plan to 'will' their cryptos to their families? If your parents, brother, sister, etc.. are not technically inclined or do not know anything about BTC, are they even going to gain access to them? (If they even know you have them...)

Accidents happen and you really never know what is going to happen to you each and every day. (I'm >50 and can have a heart attack!) Well actually I'm in decent shape b/c I'm a cyclist. That being said, I can have a cycling related accident... (both road and mtb for those interested)

I'll probably end up producing a paper list to give to my brother. It's not really safe to have electronic copies of passwords/private keys lying around and on a PC that you connect on-line...

Ideas? Do others have access to your crypto stash?

I have already prepared everything so if something would happen to me, there would be a second person that would know how to access my wallets.

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 09:05:06 PM

#19

I did thought of this recently and started acquainting my wife of my wallet details and really teaching her the way round the Cryptocurrency in itself. So, should in case anything happens, she knows how to make the withdrawal with ease. And also investments are not wasted away. I have a book I also write down these details.

CherRic

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Re: Bitcoin/alts in your will (?)

January 20, 2018, 09:09:28 PM

#20

Quote from: Crytptohack on January 20, 2018, 06:55:53 PM

I was thinking the other day that if something happened to me and I was unable to speak or was in a coma, some of my BTC and 'alts' may be locked up forever...?

My brother is into cryptos, so he may be able to get into my Ledger Nano S w/the 24 word private key (which he would need to find), but there are other wallets w/pass phrases and keys to get into. He would need to search around for them on my PC, laptop, external HD, thumbdrive.... And if I placed a password to access them in a file, he would never get in...

Do people here have a plan to 'will' their cryptos to their families? If your parents, brother, sister, etc.. are not technically inclined or do not know anything about BTC, are they even going to gain access to them? (If they even know you have them...)

Accidents happen and you really never know what is going to happen to you each and every day. (I'm >50 and can have a heart attack!) Well actually I'm in decent shape b/c I'm a cyclist. That being said, I can have a cycling related accident... (both road and mtb for those interested)

I'll probably end up producing a paper list to give to my brother. It's not really safe to have electronic copies of passwords/private keys lying around and on a PC that you connect on-line...

Ideas? Do others have access to your crypto stash?

Go to the lawyer and ask about it. Also you must leave your password and username in your will so that they can accessed your account and encash your coins. Put everything in safe place with the person whom you trusted. Having a will will make your investements worthy when you die because your beneficiaries can use them.

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