I have been in Crypto for over 4 years and in that time I have accumulated quite a decent amount.
This amount would allow my family to survive a few years in case my wife and I would both lose our jobs and be without income.
Over those years I have dug deeper and deeper into the crypto world and have discovered cool and new exciting ways to make yield and make my crypto work for me and my family.
But last week my wife asked me to explain to her how to get to all that money if something happened to me.
And it dawned on me that I could not.
So how do you share your crypto "estate" with your loved ones without writing down all the keys on a piece of paper and sticking it to the fridge?
So I went about trying to solve this issue.
Steps in passing on my Digital inheritance
- Identifying the assets
- Create a digital inventory
- Save it in a secure Password manager
- find a trusted friend who likes crypto to help with the setup
I just think that thinking about this is a huge step...
I do not want my crypto to sit there while it could help my family if I should no longer be there...
I am now writing out my process further and might post a bit more but this was a post to at least force me to start thinking about this unpleasant but needed topic
Have you started looking into passing on your crypto?
How have you gone about it?
Any feedback is welcome
It might not be worht a lot at current valuations but might be a fortune in a few years...
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The only safe way is that you educate someone in the family.
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Agree, I started already with my daughter
even my parents hold some crypto and I guess my dad can get at that... but they are just holding it in celsius so that is not a big deal... its getting it out of the dens and the pools that might be harder
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I educated my brother ;-).
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thats really cool, is he into crypto now as well? you can be eachothers keymasters
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Exactly :-). Will learn him some tricks...
Indeed, but you still to tell them the way to retrieve your assets when time is due.
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True. I am teaching my younger brother how to navigate around this space. At least I can trust him to a certain degree...
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It's a good point you're making.
Another way is to save your keys and a manual on how to access the crypto in a safe and put the information to access this safe in your will.
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might be a better way then to leave the keys with the notary. good point
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Thankfully I've got no one!
Life's just easier that way!
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thats ok, I will gladly be your someone, you can leave all your crypto to my unborn child in your will :-)
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Although I wouldn't trust my keys with a notary!
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Yes. But I haven't got far with it yet.
I am still at the first phase of identifying what I have and where. It is a slow process but I am chipping away at it.
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yea, that alone took me a few days but I did get some nice surprises... found 0.2 BTC and 6k hive
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Very nice! I'm pretty sure I won't be finding anything like that sadly. 😊
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Very interesting topic and quite needed as the internet is full of stories of people who invested early in BTC (Under 100$) and died without giving their private keys to their family...
Feels crazy to think that their family could have millions now if something had been planned.
As I dont remember who said:
There are only 2 thing that are certain in life: Death and Taxes !
Tell us if you have any product / solutions, I would love to hear about it.
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I have some things in mind but am experimenting, will put the commentors as a mention in the next post
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Could you write down your private keys into a Will and leave it with a solicitor? That way the keys will be safe until such time as you pass away. The Will could include instructions on how to obtain the money (or the solicitors could help with the process).
Whilst you are alive you then have the security of knowing that your wife / daughter / son / etc will either not loose the keys, have them stolen, or just "use" the money for themselves.
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Well for my hive account I am constantly changing my keys for security reasons (might be a bad idea).
Most people don't trust other people with their crypto so the option of a solicitor is ruled out.
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if someone at the solicitor gets those keys the money is gone... that is the issue its like giving people cash...
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Definitely a good option to tell someone else. You can never know what can happen, and all too often small crypto assets boom to massive bucks, which are then just lost!
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the trick is to find a way to do it trustlessly
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No offense to your analogy my friend, which by the way is very good.
I in my case from now on I would teach my family how to make money with crypto, because if out of the blue they would receive 2 million in crypto they would probably squander it, instead if from now on they are taught to invest wisely and also taught to take losses and avoid risks, You or I can die with peace of mind knowing that our children will not suffer any need, and also that they will not waste the money but they will know how to invest it, besides if we teach them from now on they will have a small crypto fortune that they have made by themselves when it is our turn to leave.
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I would love to be able to set up some kind of crypto trust that just throws off ROI or interest and that they would be able to spend the returns and not the capital. (with an option to access the main capital in case of emergency)
Just give them a creditcard that gets replenished every month... how cool would that be
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I wrote something similar last week and I got some interesting responses. For my, I try to educate my family members. I don't trust a solicitor. So if anything happens to me now I think my brother should have access to my money.
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that is the thing right, it should be a must :-)
but its good to see you are prepared
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This is something that not too many of us think about. I have tired to talk ti over with my wife, but these systems are complicated. It takes time and you have to educate.
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yea, she just wanted me to write a step by step instruction...
I told her she is going to at least have to understand some of it. a step by step does not work in crypto
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Truth!
That, is the point of cold wallets. An average portfolio accounts from 60 to 80% $btc so for this main part you technically just have to remenber or write a seed phrase. That is&was beforall the first main feature of #crypto, is&wasn't it ? Paper.
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my portfolio was 40% BTC, 40% ETH and 20% ALTS
now not so much as some alts did more then the rest combined...
If its just btc it would indeed be easier, but its a whole bunch of things
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This could be a good usecase
To be researched
https://duckduckgo.com/?q=crypto+bitcoin+how+to+transmit+to+his+heirs
I did already leave my family my keys in case of any emergency. Not all in one spot, but spreaded out, so that they need to match them in case that someone steals a part.
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yea, i have been thinking about the multisig direction as well but then again you will need some goood education
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And who shall do it, if not you? It might be hard, but you owe them this.
Take them out bowling (I've seen you play) and speak about crypto and what to do, it will be easier to educate like this.
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Und noch ein !BEER :)
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You have a great point. I guess I have to start educating some of my family members and my girlfriend regarding this. Just in case something happens to me. But I think this is going to be a tough lesson of they're not interested.
I hope that youll have an easy time teaching your loves ones. Stay safe
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That's a good thought. I don't have anyone in my family or friends who will understand all this crypto stuff and help when there is a need. I have to find someone only in the crypto world. I'm also planning to create a safe with password protection and leave all my private keys inside that. I might do something like that this year to be sure.
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Interesting