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Topic: Willing my bitcoin to my children (Read 401 times)

Onyeeze (OP)

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Willing my bitcoin to my children

May 16, 2023, 08:13:59 AM

Merited by Nwada001 (3)

Investment with bitcoin is good but it have a disadvantages when death occur, bitcoin is not a property which your children can inherits like other properties that is mark able, I notice that with all the I have being investing in bitcoin if mistakenly I return to my maker without by children knowing my bitcoin wallet security password, that means that my bitcoin will remain in my wallet till eternity, this gives me a nightmare, my kids are three and I want to have different wallet of bitcoin and WILL my bitcoin to them with the password of each of the wallet. Because my investment in bitcoin I will make sure that they have know bitcoin because of the wallets I will issue to them, because if they are not willing to learn bitcoin I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin, but I'm not planning to die now, but we don't what tomorrow will result out in the future.

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Re: Willing my bitcoin to my children

May 16, 2023, 08:20:59 AM

I don't see bitcoin not being inheritable as a problem. On the contrary, I see the fact they can be transferred, avoiding taxes, absolutely directly to whomever you want as a great advantage. Your kids may not want to understand Bitcoin as much as you do, but you can teach them how to use a wallet and how to sell Bitcoin when they need to cash it out. It is not difficult and can be assimilated very quickly.

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Re: Willing my bitcoin to my children

May 16, 2023, 08:48:41 AM

If you are willing your bitcoin to your kids,you need to teach start teaching them about bitcoin and why it is important for them to know about bitcoin. If they have picked interest,that is when you should start teaching them about wallets and which wallets is the best to keep funds, and that is easy to understand in terms of transferring funds from one wallet to another.

Then you can create three wallets for them and start saving their bitcoin for them. They should also have their own personal wallets apart from the ones you that you created. My suggestion is that after this,you can also teach them how to import keys from one wallet to another so that when it is time for you to hand over their bitcoin to them,you can give each of them the seed phrase to their wallets and tell them to keep it safe,so that when you pass on they can import the seed phrase to their own personal wallet.

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Re: Willing my bitcoin to my children

May 16, 2023, 08:56:30 AM

Merited by _BlackStar (1)

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

bitcoin is not a property which your children can inherits like other properties that is mark able,

Bitcoins can be inherited by several technical means ^[1][2], get an attorney as is common inheritance, or combine the two methods if certain conditions aren't possible.

Quote

I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin, but I'm not planning to die now, but we don't what tomorrow will result out in the future.

In some financial situations one day it can make them learn the basics of bitcoin, like it or not. Apart from that, inheriting bitcoins also includes inheriting wealth when considering its current value.

1. https://bt.irlbtc.com/view/5180850.0
2. https://bt.irlbtc.com/view/5377228.0

bitcub

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Re: Willing my bitcoin to my children

May 16, 2023, 09:23:21 AM

I am bullish with crypto... but dont put all your eggs in one basket. We do not know what will happened next. Maybe crypto is very secure as of today. Maybe in the future when we are dead someone could created a super computer that can alter and crack all the blockchain security even break the seed phrases. And this scenario is possible. If this happened there will be a free fall to all cryptos. Your inheritance to your family will be wasted!

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

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Re: Willing my bitcoin to my children

May 16, 2023, 09:31:07 AM

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

To make all of this not complicated on the side of your children, much better if you expose them so early on this industry si that they would know what you are doing into. And they may have an idea that you have a investment on bitcoin, if there's something bad happen they would know where to locate your keys and they could use your hodl balances without any problem. This topic needs to be properly executed very well so that there's no risk for all of the parties to lose totally your money if you suddenly die in unfortunate way.

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Re: Willing my bitcoin to my children

May 16, 2023, 10:05:16 AM

Willing your bitcoin assets to your children is not a big deal. Your children should possibly be your next of kin as you wish but forcing them might just spoil the whole process of them learning and having knowledge about bitcoin.

I think you should just start by gradually getting them involved in bitcoin at first. Then gradually they would pick interest in it on their own. That saves you some stress of forcing them to learn about bitcoin.

Putting all assets in bitcoin as a will to be passed on to your children is not bad but be mentality prepared for the unforseen because it is not advisable to do so. What if there is a possible threat and hack what would you say to your children. It is wise you diversify so as not to put all inheritance on bitcoin for your children.

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Re: Willing my bitcoin to my children

May 16, 2023, 10:32:29 AM

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

This is easy, just make a last will testament that includes all of the instructions and etc. But the harder part is to whom you're gonna let them guide if they don't want to learn what Bitcoin is.

Yes, we don't want to die now so why think of this as you're stressing yourself out with this. This could even put you more into a stressful day that shall take some emotions for you that can trigger your mental health.

Honestly, there's such a lot of ways to do this like hiring a reputable lawyer so that it's sure that it will be given to your kids.

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Re: Willing my bitcoin to my children

May 16, 2023, 10:53:26 AM

Willing your Bitcoin to your children is not the problem, how you would will it and keep the wallet and the plan safe are the problem. And for the record, it's not as easy as you merely stated it, the different passwords with different accounts should be the least of your confirm here.

Your main concerns should be:

1. Who has the private key to these wallets.
2. The reliability of the wallet to be used (hacking and wallet company outdated).
3. Age of the children and when and how to entrust it to them. And how sure your children will be discrete about this without telling anyone out of childishness.
4. If a lawyer or bank is involved in the safekeeping of vital access information, won't they comprise?

This depends largely on the money involved, it might be wise for you to think this thoroughly and make your plan as secret as possible.

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Re: Willing my bitcoin to my children

May 16, 2023, 11:37:41 AM

#10

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

If you're a bitcoiner abd still interested in making an inheritance for your children then you're considerable enough in planning for the future because the children you don't plan for will not takecare of you in old age, this begins with you teaching them to know about bitcoin, investing a little amount of money into bitcoin for each one of them individually on a decentralized wallet and leaving behind for them a means through which they can acess your wallet later in life.

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

because if they are not willing to learn bitcoin I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin, but I'm not planning to die now, but we don't what tomorrow will result out in the future.

If they are not willing to learn bitcoin now you cant force them to, but you can leave a gap between now till they grow older to discover how the world is evolving round about the bitcoin digital technology, they may be the oes to decide by themselves to learn about bitcoin when seing those around them already into bitcoin.

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Re: Willing my bitcoin to my children

May 16, 2023, 11:39:38 AM

#11

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

Investment with bitcoin is good but it have a disadvantages when death occur, bitcoin is not a property which your children can inherits like other properties that is mark able.

That's not true Bitcoin has no qualification for anyone to hold it, it is private keys based so those who own the private keys have access to Bitcoin, all you have to do is to will your passphrase and your private keys to your children, with all the explanation attached to it and everything is good.

Quote

Because my investment in bitcoin I will make sure that they have know bitcoin because of the wallets I will issue to them, because if they are not willing to learn bitcoin I can't force them to learn and understand bitcoin, but when I'm no more the will know the important of knowing the basic of bitcoin.

By that time Bitcoin could be worth ten or a hundred times its value now, why would your children disregard Bitcoin at that time, they will even thank you for saving Bitcoin for them.

Quote

but I'm not planning to die now, but we don't what tomorrow will result out in the future.

We don't know what's going to happen to us or even the future, but it's better to prepare for every eventuality, and willing Bitcoin to your children is such a great idea.

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Re: Willing my bitcoin to my children

May 16, 2023, 12:16:44 PM

#12

Proceed, no one will say it's a bad idea, we all want to leave something behind for our children isn't it? First make sure they have knowledge about what you plan to give up to them, after that you can buy few set of hardware wallets and move the amount of assets you want for each of your children then after you are sure they can handle the wallets themselves they you can start giving them the wallet one after the other..

I will advice you to keep each amount you plan sending to each wallet private, some kids feels less loves than others and they are the type that easily get jealous, this depends on how you trained your children, if it's equal love then you are free, you know your kids better than anyone.

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Re: Willing my bitcoin to my children

May 16, 2023, 12:37:44 PM

#13

That's actually a good, you think of the future in case of death occurs which I hope it doesn't happen OP. If you planning to give them what you left in this world which is the Bitcoin, then you'll have to start teaching them the knowledge you have in Bitcoin as well the do and don'ts since crypto industry is too complicated especially if you have no idea or basic background about it. If this the case you could also divide your funds some into fiat as well so in case they haven't figured out yet the crypto then they would have an alternative choice to have some funds.

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Re: Willing my bitcoin to my children

May 16, 2023, 12:39:24 PM

#14

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

Don't worry, your bitcoin will not stay in your wallet eternally if you don't want it to. The goal of saving is to have a comfortable life with your family. If you truly want them to be able to spend your wealth after your death, you'll inform them about your bitcoin savings and how to leverage on it when you're no longer alive.

Quote

You don't have to convince your children to learn about bitcoin; if you tell them about the benefits of having a bitcoin savings account in their lives, they'll eventually learn about it on their own. The world is changing, and digital currency is taking over the financial realm. I'm sure they'll eventually learn about bitcoin in their scope of study or outside of life, as it will become a topic of debate everywhere that everyone will want to learn about and participate in.

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Re: Willing my bitcoin to my children

May 16, 2023, 12:46:41 PM

#15

If this is a concern for you then you need to diversify so it will be safer than hiring a lawyer it will still be a problem later too, especially if your child is only 3 years old of course it will wait a long time to grow up and understand about bitcoin so you have to wait a long time again while no one knows when the masti will be.

But I say your goal is indeed good where to choose bitcoin as a future asset for your children but I hope it will last a long time so that you can give it yourself without being represented by anyone when you want to give assets to your children when they grow up and understand understanding they.

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Re: Willing my bitcoin to my children

May 16, 2023, 12:49:36 PM

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#16

Quote from: Etranger on May 16, 2023, 08:20:59 AM

This suggestion depends on the age of the kids. Also educating them about Bitcoin is still not enough for them to recover their father's Bitcoin unless the father gives access to his private key which is dangerous since kids are still kids. In the end, You will still need a reliable guardian to whom you can entrust the private key until they are on a proper that can understand well how Bitcoin works.

Hiring an attorney is one of the possible solutions regarding this if the OP doesn't have any trusted relatives or partners. I personally won't give access to my private key to my children even if they are already grown up while I'm still alive because they might waste it due to their youth greediness. I'd rather convert my Bitcoin into cash and put it on their time deposit rather than sharing a private key when I'm still alive.

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Re: Willing my bitcoin to my children

May 16, 2023, 12:54:46 PM

#17

There's no problem if the Bitcoin is non-inheritable because it's more better than property. You can able to earn more money when the times goes by in investing property but also in Bitcoin, the only difference is that the earning potential of Bitcoin is higher. That's why Bitcoin is the best thing you can give to your children for their future. I suggest to not to give them the private key at their very young age, just keep it on your computer and never let anyone who can touch your computer. But let them know they have a Bitcoin in your computer so that if ever when your time comes they can possibly get their Bitcoin. That's only my suggestion since I have a heard story from my friends that there's Japanese miner of Bitcoin who passed away and their relatives searching for a Bitcoin in his computer and they found it.

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Re: Willing my bitcoin to my children

May 16, 2023, 01:25:45 PM

#18

If you not willing to share your private key to your children, you can create a time locked transaction this will make your coins automatically moved to your children address depends on exact date you created before. This will make you able to move all of your coins in the next 30 years without need to access it in the next 30 years.

Another choice is using a custodial wallet where your private key are controlled by the site, although this is a bad idea, but I've read some site offer such kind service.

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Re: Willing my bitcoin to my children

May 16, 2023, 01:40:16 PM

#19

Now is the best time to start lecturing your kids about Bitcoin and crypto wallets, it's going to be challenging if they are still very young and I wont like you forcing them to learn it, make sure they are up to 14 years old because some kids have passion for other things and it wont be right to bring Bitcoin to their attention at that very young age which can influence them into letting go on something they have build so much passion for, hope you get my message.

It's not a must to settle them with Bitcoin, make sure they have interest in Bitcoin first, imagine after buying hardware and sending them Bitcoin and they decide to sell and never buy back? So why the stress in the first place? Let them be the pathfinder.

Some kids will prefer Fiat instead no matter how much you want them to get involved with Bitcoin and there is nothing you can do to change their minds, make sure the kids develop an interest in Bitcoin first.

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Re: Willing my bitcoin to my children

May 16, 2023, 01:52:37 PM

#20

Quote from: Onyeeze on May 16, 2023, 08:13:59 AM

The question is how old are your children? Did you teach them how to create an account like Electrum, or maybe Hardware wallet, Ledger nano, and Trezor. Though, I believe that Bitcoin can be inherited in reality talk.
Then, you want to do it's like a will of testament and in this industrt it's a Bitcoin will of testament, it's pretty good. That's why only your children should know the password, private key or seed phrase so they know.

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