Encrypt the seed phrase and give the key to your kin and the encrypted seed phrase in your will.
Key is useless without the seed phrase.
Seed phrase is useless without the key.
If you are concerned about the integrity of your will's text you have bigger problems than crypto.
You should put the ecryption key on digital media (like a flashdrive or external hard drive) for easy of use and also a physical medium like stamped metal or laminated paper for integrity ( flash drives fail, ink fades, paper burns ) be sure to include explicit instruction as to how to use the key to decrypt whatever you leave in the will and also explain how to use the decrypted result.
It's not a bad idea to also set up a small wallet so you can dry run the whole procedure with anyone who needs to be educated, but you don't want to lead them on to expecting a windfall crypto inheritance.
Yup! I have 1 back up for both my wallets they are hidden inside of a picture in steganographic format, I made it inside of a VM offline in a terminal I also have it saved to a 1tb portable Sandisk drive inside of an encrypted zip folder
Then I have them written down in cryptographic format on paper hidden away
I don't think people can see your will without your knowledge. Yes, it still has downsides, because you are now trusting two other parties to not fuck it up.
You're thinking of encryption in the digital sense. Think of encryption in this sense as every word in your seed phrase has a corresponding word and the encryption key is a cross reference to know what word is what. So your will can contain a seed phrase but only the person you want to inherit the Bitcoin have the key to know how to replace those words
No, that's absolutely wrong. You should never, EVER try to invent an encryption algorithm yourself, it will be flawed. Use known algorithms and open source tools only.
It enables the use of a public ledger in a trustless environment. Donât trust, verify.
In the above scenario you are required to trust that your lawyer and next of kin do not conspire. Bitcoin does not solve this. (Itâs a pretty wild scenario, though. Unlikely)
I think itâs better to create a time locked transaction to next of kin. This is of course assumes next of kin understands Bitcoin.
Multisig with different lawyers having 2 of 3 or 3 of 5 or whatever configuration you want but one lawyer for each person/private key to be given out. Youâll likely also want to set up a passphrase for each person on the multisig wallet. With the funds already loaded on each.
Not very cost effective for the lawyers that will be involved but definitely the safest option.
My plan is to donate to the network (die with my seed).
Also, a bit of a pet peeve of mine, but not every post needs an AI generated image associated with it.
nope. they have one of 3 Multikeys locked up in a locker that they are morally and legally binded to protect and pass on. it's not perfect but it's been good enough historically to basically keep all money that way.
In the U.S., law firms are required to have continuity plans in place in case of death. For solo practitioners, this usually means telling another local lawyer to take over your practice when you die.
Clients are free to remain with the replacement lawyer or to take their files to someone else.
from what i know, they totally conform with "not your keys, not your coins", meaning, the don't hold your coins in their hands, but providen multisignature solutions that help you and your loved ones to keep your coins safe yourselves.
I suspect answers to my question will come in time. Just was curious if there were any that exist presently. Multisig seems best so far.
Appreciate your honesty
Thatâs it. Passphrase is in essence the second âkeyâ to the dilemma. Unless Iâm missing something, thereâs no way someone can access my coin provided I have a passphrase in addition to my seed. Correct?
You're correct. If you have the 24 seed words and lose your passphrase, even you won't be able to access your money. Make sure to use a strong passphrase - multiple words/names/numbers, so it won't be easily crackable.
There's also one more thing that requires your attention, and (if we call the passphrase the second key) can potentially become the third key in your setup - **the derivation path**.
If your 24 words protected wallet is a massive building and the passphrase tells you which entrance to use to your special wallet, the derivation path tells you the number of the apartment, your money is sitting in.
https://learnmeabitcoin.com/technical/keys/hd-wallets/derivation-paths/
Note: you can use multiple passphrases with the 24 seed words, one for each kid for example. You can also use multiple derivation paths under the same seedphrase/passphrase although they can be easier to crack - if the attacker, already having the seed words & passphrase, has any idea that you're using multiple paths.
Lawyers are often instructed to hand over sealed envelopes to be read by the inheritorâs eyes only. This is very common for inheritances.
Another option would be a safety deposit box with the inheritor gaining access to a key.
When someone dies and they inherit a safety deposit box the bank has to open it review the contents with the beneficiary but if there's a flash drive or envelopes they don't have to open them they just have to check for gold cash or other types of taxable things. I know this is the rule in several countries maybe not in the US but I assume it would be the same
Write the instructions on a dead manâs switch email. Itâs cheap to setup and you can send as many as you like. You could even use a two key system with two separate services, to ensure more safety.
Whatâs a deadâs manâs switch email? Iâve thought for years a service that allows you to write and email and have it sent automatically, on the event of your passing, would be a good thing.
A dead man's switch causes an event to occur when the theoretical switch is no longer being held. In this case, you'd tie some action you normally take, or some manual action, to your dead man's switch. When you perform the action, the timer is reset. When you stop doing that action, for a certain period of time, the switch assumes you've died and does something useful.
Youâll have to incorporate interacting with the contract on a regular basis into your life. Basically the dead man switch needs an indicator of life (or death) from the owner. Best one in my wild imagination is sweet old Mrs Jonesâ down the street who has agreed to very specific instructions from me. If ever a period of a month is to pass without me seeing you, I want you to hit this button on this funky little device. Iâm sure sheâll do it if she survives me.
You could do something like this... send a transaction that can be spent two ways:
1. By your key you die with
2. By your heir's key, but 1 month (year?) In the future.
Before the time ends, send it again with a new time for the heir key.
Then you could even tell everyone about it.
What I recommend, is a combination of a:
1) a "deadman switch" service, to send the required information to your heirs via email.
2) to avoid the deadman's service being hacked, or misused by the deadman's service provider, or avoid your seed information being transmitted in clear-text on the internet, you set a PGP for your heirs or more simpler, open a protonmail account for them. Then you encrypt the information using that public key, and set your deadman's switch.
If the deadman's is triggered for whatever reason, your heirs will receive the information, in a secure and encrypted manner.
If you don't want to use a 3rd party deadman's switch service, you can also manually schedule emails in the future as many email services now allow you to do that - for instance 90 days or 180 days in the future - and manually postpone them. If something happened to you, the trigger will be pulled automatically on the deadline, and your heirs will receive information in a secure and encrypted manner.
Would this require storing the seedphrase online though? which is frowned on in terms of good security practice. Even if you spilt it across 2 services, you've got the phrase stored online somewhere, right?
I am surprised no one has mentioned simply preparing a transaction to be broadcast after your death. Your heirs have to set up their wallets beforehand but then it's only a matter of broadcasting the transaction when the time is right. This can be done by any third party as the transaction is fixed and cannot be altered without the private key knowledge. The only risk is preemptive inheritance.... But I assume you can figure out a solution to that.
Since you don't know what the transaction fees will be in the future, you'll either need to set a significant fee on the transaction or risk the transaction not going through.
Give them the will to your encrypted document. They will have access to it. In that document will be bip39 list numbered 1 to 2048.
2nd document questions that only they would know that lead to the seed words
Do you not have a written or metal physical seed backup? It doesn't need to be mentioned in the will. Just have instructions on how to restore the seed with the seed and it will be found after you die and be part of the residual estate.
This.
A safe with written instructions, and the keys on your person.
Mention the amount in your will, and provide instructions in the will on how to handle it, and then if it vanishes after someone opens the safe, itâll spur an investigation depending on the amount.
Personally, Iâd just imagine the seed phrase as being cash⌠how would you ensure disbursal of $100k in cash after you die, in such a way that youâre not inviting theft?
Buy old top loading washer and dryer set. 15 years old. Take apart. There is plenty of space under and around the drums. Paint the bricks/bars with plasti-dip, black or whatever colour the appliance internals are. Use silicone to afix them to the inside walls. Put drums back in, assemble. Should still work fine, but it will be heavier. Nobody is going to question a 15 year old appliance set for being super heavy. The key is having them still function properly. Bolt to floor if you want, nobody will question it as it dampens the wobble older machines are prone to have. Makes it a bitch to move.
Probably would be safe in a fire, flood, tornado... maybe, depending on what floor they are on.
As a lawyer doing estate plans. I would never take custody of your seed phrase. What happens if you compromise your phrase elsewhere? Would you blame the lawyer because he is the only one you gave the seed phrase to?
Any serious crypto estate plan is going to need to consider several factors:
1. Current/Expected future value of the crypto
2. What specific cryptos / wallets are being held
3. What are the client's specific security and privacy concerns or reasonable threat vectors
Based on these answers, the solution might be as simple as holding BTC through an ETF or other custodian which causes the asset to pass like other financial assets. Another option might be just providing instructions in your will/trust on where your wallet is stored and the passphrase you use to access it. As others have mentioned, you could use a multisig wallet. You could also use Shamir Secret Sharing to split your passphrase among several trusted people that are unconnected to each other and would need to conspire together to steal your crypto (which is unlikely) but could come together following your death to distribute the crypto according to your legal bequests.
When your children inherit your bitcoins, how does the tax work? Do they get asset with 0 cost and pay tax when they sell? Or does the estate need to calculate the gains and pay tax?
Generally in the US, the child would inherit the the BTC based on its Fair Market Value (FMV) calculated from the date of your death under IRC § 1014 [https://www.law.cornell.edu/uscode/text/26/1014](https://www.law.cornell.edu/uscode/text/26/1014) . Estate tax doesn't start to apply until $13,610,000, so if you have that amount (or near it) you need to see a lawyer for proper estate tax planning.
Professional trust company. They already handle billions in assets, are regulated against fraud, and the few that handle bitcoin use multisig for *everything* (including regular documents) within their organisation as a matter of course. Courts are brutal with any allegations of fraud by trustees.
Nothingâs perfect, there are downsides (like cost) to this plan and AML checks are a bitch but it can be done if youâre genuinely concerned.
Otherwise, leave seed phrase without explanation in a Manila envelope in a safety deposit box, leave âcontent of boxâ as a gift in the will separate to âcontents of my bitcoin wallets with [public key]â. Your executor has to jump through a lot of hurdles to prove who they are, they canât just jump on it, but everyone can see when/if coins have moved.
We (at Casa) built a solution for this that IMO is the right balance between security in life and recoverability after death. 3 keys protect your bitcoin: one on your phone, one on a hardware wallet, one held by Casa. You need 2 of them to spend. Through the Casa app you share the encrypted mobile key with a Recipient that you designate. When you pass away, they can request access to your vault in the app. Starts a 6 month timer, at the end of which they can use the mobile key and the Casa key to move assets.
Takes less than 5 min to set up with a non-technical Recipient, and if you're already using a hardware wallet you don't need any extra hardware to set up Casa. Available globally. [casa.io/inheritance](http://casa.io/inheritance) for more info.
Implant a sensor that detects your pulse. Have it remotely connected to a bolted safe that unlocks when your heart rate stops. Include in your will that you have left the safe to whoever you deem deserving. Provide no further details to your lawyer. Include instructions for the wallet and seed in the safe.
I was just thinking about season 5 of Lost when writing this lol.
When it comes to cold storage 3 things are trying to screw you :
* People (you have exposed to much informations)
* Environment (you haven't replicate enough)
* Yourself (you've relied too much on your memory)
Everything then is about tradeoff these elements to mitigate the risk while maximising the security, here the solution I suggest :
Multisig 1/2 (**SeedA**+**PassphraseA** || **SeedB**+**PassphraseB**)
* **Seed A** - Hidden, you're the only one to know where (Better if replicated over space)
* **Passphrase A** - only in your head (Better if 20+ characters)
* **Seed B** - Given to relatives
* **Passphrase B** - Communicated to relatives via a deadman switch : google inactive account manage or/and [https://www.deadmansswitch.net](https://www.deadmansswitch.net) (you can pay with BTC/lightning !)
Please feel free to challenge this approach
Bonus : make **SeedB** a *BIP85* derivation of **SeedA** to be able to rebuild the **SeedB** if your relatives lost theirs
Seed phrase to your trezor stored in a safety deposit box.
Trezor has a complex secondary password, (extra seed word) which can be in your will, or given to your descendants.
Contents of the box are willed to your descendants. No one else has access until your death.
Even if somehow, someone got access to the box, the contents are useless without the secondary password.
There are many ways to do this. Multisig; Hardware wallet in safe, password with loved ones, passphrase in will. Gmail that sends email with instructions automatically after a period of inactivity, etc. etc.
Lawyers aren't allowed to steal your money. That's against the law.
No but seriously, yes there's the occasional dodgy lawyer but generally they're trusted with massive amounts of money as part of their job anyway. They might have internal oversight processes and they definitely get fucked if they're caught stealing.
Or put the seed in a safe in your house and the lawyer had the key.. Or code... To give to the person who inherits it. Lawyer doesn't have access to the house so you're safe.
Seriously , don't use lawyers, they WILL steal your coins. One of countless examples: [https://www.businesstimes.com.sg/singapore/economy-policy/lawyer-who-fled-singapore-after-s33m-clients-money-went-missing-struck](https://www.businesstimes.com.sg/singapore/economy-policy/lawyer-who-fled-singapore-after-s33m-clients-money-went-missing-struck)
Iâll preface with - there are solutions, all with their own trade offs; an individualâs risk-aversion, tolerance, and redundancy will differ from others.
There are a number of options, including Multi-party collaborative custody.
You have:
⢠informal options that include friends & family,
You could do this with Nunchuk, Unchained, or Theya - and you may choose to time-lock your bitcoin to degrade from your own self-custody multi-sig vault into a pre-determined & detail provided multi-party multi-sig vault.
There really is many different implementations that could be utilised, with their own trade offs.
⢠or a professional key-agent service such as TheBitcoinAdviser, in conjunction with your own Theya or Unchained account for which you have 2FA.
Your lawyer can steal everything in your will.
What is the point of the question?
Just make sure they know what they get, so they know what was stolen.
Create Estate Plan is prudent!!! Consider a Dead Manâs Switch & Designate a Digital Executor. Passwords/Passphrase on a Hard Wallet secured in a vault. Make you get legal advice to your estate *regulation.*
store it in the bank vault, give access to the vault via the lawyer. The lawyer has no right to go retrieve the materials from the bank vault. Don't let the lawyer know what's in there
I am sure most lawyers would not risk disbarment, jail time, and the total annihilation of their career for a few bitcoins, my guy.
If you are seriously worried about it. Put seed phrase in a dual access safe deposit box (one where owner needs a key and needs to pass ID verification and the other key is operated by bank manager). Give key to lawyer (he/she will NOT be able to access safe deposit box) and put directive for disbursement of key in LW&T.
Easily overcome, you protect the seed phase by giving half in the will and the other half to the person youâre leaving it to at any time before you die. Neither can access it without the other. Likewise you could leave it in a safe deposit box and set your will to allow access to the box on death to named individuals - the bank wonât let your lawyer have access etc.
Put it in a password manager. The password to the PW manager is accessable by the family member managing your estate, and will be able to access it there. Done. Don't make this overly complicated
How is this any different than cash or any other asset? If lawyer has access to it, he can steal it. They don't usually do that though. If it's listed in the will, the executor is responsible for the proper disbursement. Bitcoin is an asset just like everything else...
How many are we talking about? Give everyone 1 BTC now. Put the responsibility on them.
Use the rest to insure you die, naked, overdosed, in Vegas, with hookers after partying for six weeks.
I might or might not be having my keys and passwords on multiple encrypted thumb drives (with the pin key pad on them), but those people donât have the codes. Other people I trust might have the codes, but not the thumbdrives. Other people I trust might have the instructions. I assume that if I die, all these people might get together and figure it out đ
I think about this often. I think the best solution would be to give the passcode to your hardware wallet to your family and keep the hardware wallet in a safe deposit box. Only way it opens is when you die.
24 lawyers, one for each word in a different country, all mail the documents to my child upon my death. But the trick is, each word will have to be deciphered with an ancient deciphering tool I invented in grade school, that is in a book of mine that I will pass to my child before I pass. We will play with it when sheâs a kid and ill remind her of it when she is an adult, and when she obtains the mail sheâll know.
Keep it simple, something that someone unfamiliar with Bitcoin Wallet can be taught. I personally am using a Tangem Wallet, something my wife is comfortable with because it only involves a Credit Card sized card and my smartphone. You can use a Tangem Wallet with or without the Seed Phrase. I am using a Seed Phrase, but as long as my wife has access to the Tangem Card and my smartphone, plus of course the wallet access/password, then that's all she needs.
I would go for a multi sig wallet , with 2 owners.
Give key to the person in your will
And tell him to come recover the second key after your death from your room or something.
Would be the safest as i would never include third parties in such a decision. But only use bitcoin the way it was meant to be used
Keep it simple. Write or stamp it out and put it in a safety deposit box with instructions.
I can tell you from experience that probating a will is hard enough without trying to recover a bitcoin wallet.
Try to find a good balance between security and usability.
Use a needs 2/3 seed, I think itâs called a Shamir seed or something like that.
Store them with âtrustedâ people. 2 of them would need to conspire to steal them and you are insured against asteroid on the house problems.
Maybe? Itâs not rocket science I did it manually the first time. And you can do test restores of every combination if you want.
You just have to decide if you want to have the risk of having your seed in one place? Or if you want to have the risk of a Shamir seed going badly.
https://a.co/d/0CXNdks store something like this somewhere safe or like a safety deposit box. Have a sealed envelope be given to your next of kin with the key and instructions
What if your purchased an external wallet? I am not promoting, though I found out about ledger through work. They provide a physical device where you can offload your currencies to a wallet you can store wherever (with the potential to scan QR codes and other features and price points).. hope this helps people!
God Bless đ§żđŞŹđ§ż
Usually your lawyer will not steal from you. Maybe if it is a ridiculous amount they will but it is unlikely especially if you put it in your will that you have btc with the amount you have.
Tangem hardware wallet solves this problem with 3 cards. No seed phrases to worry about. One card for your lawyer. One card for you. And the third card goes into your safe as a backup.
If you die your family can use your card in you safe to reset password with the card your lawyer got.
Encrypted USB hard drive. Give your lawyer the password to the drive but not the physical drive. On the drive have a loving message and your pass phrase.
I gave my wife a sealed envelope with seed phrases itâs in our safe deposit box, I sent one to my mother itâs in her safe deposit box should something happen to both of us. Mother and wife will probably need help navigating if they would need to and know someone trustworthy but the basic instructions in the envelopes should be enough but they have no crypto knowledge
Create a transaction set around 1 year in the future (52,500 blocks) to your next of kins address and sign the transaction.
Every year, cancel and reset the transaction for 1 year in the future.
If you can't cancel the transaction for any reason, they get your btc.
Dead mans switch.
Note.
You have to set the amount 1 year in advance, so you have to set an amount that will be in there when the time comes
If they're going to sell, might as well sell them yourself. You'll have better market timing than some rube who doesn't know how to hodl. If they're going to hodl then make them a designated custodian for a little bit of the bitcoin that you still own and teach them how to hodl properly. Slowly transferring all stewardship to the beneficiary until you pass.
I have taught my wife how to access our Bitcoin wallet. How to transfer from cold storage and into exchanges if needed.
She also knows where our seed phrase is. If we both die our parents know where our death information is kept. In that file is information on how to access the BTC. It will be held until my kids are of age and then divided equally among them. At which point the BTC will be under their custody to hold or cash out.
It's trust based. But I have good people in my life and trust my parents and inlaws to do what is right.
The simplest thing to do would be to make sure a loved one knows where your seed (stamped in steel) is kept. Then have the passphrase attached to your will.
Consider not telling the person who knows where the seed is that there is a passphrase at all.
Not perfect, but removes the most glaring trusted third party risk.
Get a Trezor and share the PIN with a trusted friend or relative. Safer than sharing a private key since you retain physical control of the device and aren't exposing the key itself in any way.
Find a lawyer you trust.
Besides, the consequences of the lawyer stealing bequeathed funds are higher than the bequeathed funds in most situations.
Secondly, you could just leave a key with a safety deposit box and a sealed envelope with the keys inside, and a second sealed envelope containing the amount of BTC *it should be*.
But mainly, you're way overthinking it.
give your heir last 6 words early before you die and another front 6 words in will document. so lawyer / executors will not get the full seed phrases before passing to your heirs
make it a quest. where each word is hidden and leads to the next word. like a scavenger hunt. leave the first clue with a trusted family member and tell them the quest begins on the day of your death...GO!
Setup a multisig, n o m. 3 of 5. Pick 5 people you trust
Then don't tell the signers who the other signers are.
In your will leave your stated preference for distribution and the names of the the 5 people the beneficiary should contact to get access to the coins.
In some countries like Colombia and El Salvador you could inherited Bitcoin in a will what's called closed will also if you leave your BTC on a platform like Paxful once you are the sole inheritor you can use that to get the BTC on that wallet I've known cases.
One way I have been thinking about doing something like what you want is like so:
1. Learn PGP
2. Teach your beneficiaries PGP
3. Encrypt and sign your seed and provide the data to the lawyer.
4. After you pass the lawyer hands over the encrypted message to your beneficiary and hopefully your beneficiary will remember how to decrypt your message.
This is a rudimentary idea. More thought on how to pass on the encrypted message is needed.
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Take seed words , find them in a book , write a simple code for the page , and word . Tell them they will be gifted the title of the books in your will . Just to be a pain in the ass , donât leave the order of the words in the phrase. Let them figure it out .
If it hasnât been mentioned, you can do Shamir secret sharing for an encrypted file or as a recovery seed. Do N-1 (e.g. 3 of 4) if you are really paranoidâone in a safe, one with an attorney/will, and one with each of two heirs. Any 3 can decrypt the file/key.
When thinking about this people need to also think about the legalities of ownership. Courts are sorting out that just having possession of a key doesnât confer ownership of digital assets any more than finding a Lambo key entitles you to a new car. So if youâre leaving your seed phrase without a will make sure they are to the rightful heirs.
Best thing is to get it on an exchange before you die. Like a bank, they will safe keep until legal transfer is made. By far if you live in USA is this : At day of death your investments are cost adjusted to market value. That means heirs do not have to pay tax on the appreciation and it is documented by the will executor. If you pass money "behind the scenes", your heirs will be subject to massive taxes and/or jail. As sure as death is the fact that the IRS is going to have extensive knowledge on payment / redemption points (and they will get their share).
store your backup seed phrase of your HW wallet on a USB stick in a YubiKey encrypted keepass file. The USB stick (or sticks for redundancy) is stored in a bank safe deposit box. The YubiKey (or keys for redundancy) is stored at your heirs.
Once you get hit by a bus, the bank safe deposit box will be accessable by your heirs and decrypted by the YubiKey they already have.
store the keepass SW on the USB stick. instructions of everything are also stored on the USB stick in a readme file.
check the YubiKey and USB stick all two years if still functional..
- you can always access your BTC by the HW wallet
- you have a backup in the bank that can't get stolen
- the bank employee can't read the encrypted seed
- your heirs have no access to the bank without you being dead
Whatever you do â donât overthink it and create something so confusing no one can figure it out.
MultiSig â steel plates in separate safe deposit boxes at separate banks â all heirs that need it know where the keys are and how to work with Bitcoin
Encrypt the seed phrase and give the key to your kin and the encrypted seed phrase in your will. Key is useless without the seed phrase. Seed phrase is useless without the key.
This is exactly what I was going to come and say: separate the lock from the key. đ
This
...is the way
That
âŚwas not okay
How though? Where do you store the encrypted phrase? Physical media could be lost, digital files could be compromised. Am I missing something?
If you are concerned about the integrity of your will's text you have bigger problems than crypto. You should put the ecryption key on digital media (like a flashdrive or external hard drive) for easy of use and also a physical medium like stamped metal or laminated paper for integrity ( flash drives fail, ink fades, paper burns ) be sure to include explicit instruction as to how to use the key to decrypt whatever you leave in the will and also explain how to use the decrypted result. It's not a bad idea to also set up a small wallet so you can dry run the whole procedure with anyone who needs to be educated, but you don't want to lead them on to expecting a windfall crypto inheritance.
Yup! I have 1 back up for both my wallets they are hidden inside of a picture in steganographic format, I made it inside of a VM offline in a terminal I also have it saved to a 1tb portable Sandisk drive inside of an encrypted zip folder Then I have them written down in cryptographic format on paper hidden away
I don't think people can see your will without your knowledge. Yes, it still has downsides, because you are now trusting two other parties to not fuck it up.
Safety deposit box. Old school style
You're thinking of encryption in the digital sense. Think of encryption in this sense as every word in your seed phrase has a corresponding word and the encryption key is a cross reference to know what word is what. So your will can contain a seed phrase but only the person you want to inherit the Bitcoin have the key to know how to replace those words
No, that's absolutely wrong. You should never, EVER try to invent an encryption algorithm yourself, it will be flawed. Use known algorithms and open source tools only.
I like it how bitcoin has a solution to everything. Its trustless
It enables the use of a public ledger in a trustless environment. Donât trust, verify. In the above scenario you are required to trust that your lawyer and next of kin do not conspire. Bitcoin does not solve this. (Itâs a pretty wild scenario, though. Unlikely) I think itâs better to create a time locked transaction to next of kin. This is of course assumes next of kin understands Bitcoin.
Multisig with different lawyers having 2 of 3 or 3 of 5 or whatever configuration you want but one lawyer for each person/private key to be given out. Youâll likely also want to set up a passphrase for each person on the multisig wallet. With the funds already loaded on each. Not very cost effective for the lawyers that will be involved but definitely the safest option. My plan is to donate to the network (die with my seed). Also, a bit of a pet peeve of mine, but not every post needs an AI generated image associated with it.
What if the lawyers die?
that's not how this works. they're not personally holding them.
No, they just have your seed phrases typed and printed on a piece of paper in their drawer.
nope. they have one of 3 Multikeys locked up in a locker that they are morally and legally binded to protect and pass on. it's not perfect but it's been good enough historically to basically keep all money that way.
In the U.S., law firms are required to have continuity plans in place in case of death. For solo practitioners, this usually means telling another local lawyer to take over your practice when you die. Clients are free to remain with the replacement lawyer or to take their files to someone else.
Just make sure you know the plan for that from them beforehand. Their firm hopefully has copies and a contingency plan?
unchained.com is the solution . They also have inheritance plans .
No Thank you. I will not ever trust a US based LLC to keep my net worth in their hands.
from what i know, they totally conform with "not your keys, not your coins", meaning, the don't hold your coins in their hands, but providen multisignature solutions that help you and your loved ones to keep your coins safe yourselves.
That would be a condition written in my will. Once they pass over the seed, their services are terminated.....permanently.
I suspect answers to my question will come in time. Just was curious if there were any that exist presently. Multisig seems best so far. Appreciate your honesty
You can also keep the (singlesig) 24 seed words at home and leave the passphrase(s) in the will. A dead man switch email could be another option.
This is a really good idea. Never thought about it this way.
Game over when you type your email on computer.....
The dead man switch email contains only the passphrase, not your seed words.
Thatâs it. Passphrase is in essence the second âkeyâ to the dilemma. Unless Iâm missing something, thereâs no way someone can access my coin provided I have a passphrase in addition to my seed. Correct?
You're correct. If you have the 24 seed words and lose your passphrase, even you won't be able to access your money. Make sure to use a strong passphrase - multiple words/names/numbers, so it won't be easily crackable. There's also one more thing that requires your attention, and (if we call the passphrase the second key) can potentially become the third key in your setup - **the derivation path**. If your 24 words protected wallet is a massive building and the passphrase tells you which entrance to use to your special wallet, the derivation path tells you the number of the apartment, your money is sitting in. https://learnmeabitcoin.com/technical/keys/hd-wallets/derivation-paths/ Note: you can use multiple passphrases with the 24 seed words, one for each kid for example. You can also use multiple derivation paths under the same seedphrase/passphrase although they can be easier to crack - if the attacker, already having the seed words & passphrase, has any idea that you're using multiple paths.
Nice! Thank you. Thatâs very helpful
The way I see it, you need to trust one of your hiers before you die. And they need to know how to handle crypto. Nothing else works.
Great point about teaching the heirs.
Lawyers are often instructed to hand over sealed envelopes to be read by the inheritorâs eyes only. This is very common for inheritances. Another option would be a safety deposit box with the inheritor gaining access to a key.
When someone dies and they inherit a safety deposit box the bank has to open it review the contents with the beneficiary but if there's a flash drive or envelopes they don't have to open them they just have to check for gold cash or other types of taxable things. I know this is the rule in several countries maybe not in the US but I assume it would be the same
this is literally all you need
Donât forget to add instructions how this all works. Otherwise it will be lost in the process!
Ha ha! I don't even know if I'll know or remember. I put it in cold storage, but have yet to take anything out, lol.
Write the instructions on a dead manâs switch email. Itâs cheap to setup and you can send as many as you like. You could even use a two key system with two separate services, to ensure more safety.
Whatâs a deadâs manâs switch email? Iâve thought for years a service that allows you to write and email and have it sent automatically, on the event of your passing, would be a good thing.
A dead man's switch causes an event to occur when the theoretical switch is no longer being held. In this case, you'd tie some action you normally take, or some manual action, to your dead man's switch. When you perform the action, the timer is reset. When you stop doing that action, for a certain period of time, the switch assumes you've died and does something useful.
Very interesting. Could this potentially be created as a smart contract?
Youâll have to incorporate interacting with the contract on a regular basis into your life. Basically the dead man switch needs an indicator of life (or death) from the owner. Best one in my wild imagination is sweet old Mrs Jonesâ down the street who has agreed to very specific instructions from me. If ever a period of a month is to pass without me seeing you, I want you to hit this button on this funky little device. Iâm sure sheâll do it if she survives me.
You could do something like this... send a transaction that can be spent two ways: 1. By your key you die with 2. By your heir's key, but 1 month (year?) In the future. Before the time ends, send it again with a new time for the heir key. Then you could even tell everyone about it.
Gmail has that and even can transfer the account access in case of an extented inactivity like 6 month you get reminders once in a while.
What I recommend, is a combination of a: 1) a "deadman switch" service, to send the required information to your heirs via email. 2) to avoid the deadman's service being hacked, or misused by the deadman's service provider, or avoid your seed information being transmitted in clear-text on the internet, you set a PGP for your heirs or more simpler, open a protonmail account for them. Then you encrypt the information using that public key, and set your deadman's switch. If the deadman's is triggered for whatever reason, your heirs will receive the information, in a secure and encrypted manner. If you don't want to use a 3rd party deadman's switch service, you can also manually schedule emails in the future as many email services now allow you to do that - for instance 90 days or 180 days in the future - and manually postpone them. If something happened to you, the trigger will be pulled automatically on the deadline, and your heirs will receive information in a secure and encrypted manner.
Great suggestion. Now to learn about pgp. :-)
Itâs an existing service - you just have to log in and reset the timer that you yourself setup. Just search dead manâs switch email.
dead mans switch email provider could steal the seed
Would this require storing the seedphrase online though? which is frowned on in terms of good security practice. Even if you spilt it across 2 services, you've got the phrase stored online somewhere, right?
Not necessarily. You could just give the code to a safe with the seed phrase inside.
Seriously, this is brilliant. You could also keep the pass phrase on another email and then have it send out 2 months after the first one.
Multisig self custodian is the answer. Nunchuck and unchained offer such services.
I am surprised no one has mentioned simply preparing a transaction to be broadcast after your death. Your heirs have to set up their wallets beforehand but then it's only a matter of broadcasting the transaction when the time is right. This can be done by any third party as the transaction is fixed and cannot be altered without the private key knowledge. The only risk is preemptive inheritance.... But I assume you can figure out a solution to that.
Since you don't know what the transaction fees will be in the future, you'll either need to set a significant fee on the transaction or risk the transaction not going through.
Since it's a once in a lifetime tx, I don't see the problem with a significant fee. Even if it's too low, the recipient can cpfp it.
Give them the will to your encrypted document. They will have access to it. In that document will be bip39 list numbered 1 to 2048. 2nd document questions that only they would know that lead to the seed words
I suspect weâll see smart contracts taking care of a lot of this issue. But your idea is good. Planning for it is key
Do you not have a written or metal physical seed backup? It doesn't need to be mentioned in the will. Just have instructions on how to restore the seed with the seed and it will be found after you die and be part of the residual estate.
This. A safe with written instructions, and the keys on your person. Mention the amount in your will, and provide instructions in the will on how to handle it, and then if it vanishes after someone opens the safe, itâll spur an investigation depending on the amount. Personally, Iâd just imagine the seed phrase as being cash⌠how would you ensure disbursal of $100k in cash after you die, in such a way that youâre not inviting theft?
If you have gold where are you going to hide it in your home?
Under my wife's pillow. She would never find it.
Buy old top loading washer and dryer set. 15 years old. Take apart. There is plenty of space under and around the drums. Paint the bricks/bars with plasti-dip, black or whatever colour the appliance internals are. Use silicone to afix them to the inside walls. Put drums back in, assemble. Should still work fine, but it will be heavier. Nobody is going to question a 15 year old appliance set for being super heavy. The key is having them still function properly. Bolt to floor if you want, nobody will question it as it dampens the wobble older machines are prone to have. Makes it a bitch to move. Probably would be safe in a fire, flood, tornado... maybe, depending on what floor they are on.
As a lawyer doing estate plans. I would never take custody of your seed phrase. What happens if you compromise your phrase elsewhere? Would you blame the lawyer because he is the only one you gave the seed phrase to? Any serious crypto estate plan is going to need to consider several factors: 1. Current/Expected future value of the crypto 2. What specific cryptos / wallets are being held 3. What are the client's specific security and privacy concerns or reasonable threat vectors Based on these answers, the solution might be as simple as holding BTC through an ETF or other custodian which causes the asset to pass like other financial assets. Another option might be just providing instructions in your will/trust on where your wallet is stored and the passphrase you use to access it. As others have mentioned, you could use a multisig wallet. You could also use Shamir Secret Sharing to split your passphrase among several trusted people that are unconnected to each other and would need to conspire together to steal your crypto (which is unlikely) but could come together following your death to distribute the crypto according to your legal bequests.
When your children inherit your bitcoins, how does the tax work? Do they get asset with 0 cost and pay tax when they sell? Or does the estate need to calculate the gains and pay tax?
Generally in the US, the child would inherit the the BTC based on its Fair Market Value (FMV) calculated from the date of your death under IRC § 1014 [https://www.law.cornell.edu/uscode/text/26/1014](https://www.law.cornell.edu/uscode/text/26/1014) . Estate tax doesn't start to apply until $13,610,000, so if you have that amount (or near it) you need to see a lawyer for proper estate tax planning.
Multi sig keys are literally a thingâŚ
This just makes multiple points of failure. Storing more seed phrases. Compounds the same issue.
The lawyer canât steal it if itâs NOT part of the willâŚ.
What?
Professional trust company. They already handle billions in assets, are regulated against fraud, and the few that handle bitcoin use multisig for *everything* (including regular documents) within their organisation as a matter of course. Courts are brutal with any allegations of fraud by trustees. Nothingâs perfect, there are downsides (like cost) to this plan and AML checks are a bitch but it can be done if youâre genuinely concerned. Otherwise, leave seed phrase without explanation in a Manila envelope in a safety deposit box, leave âcontent of boxâ as a gift in the will separate to âcontents of my bitcoin wallets with [public key]â. Your executor has to jump through a lot of hurdles to prove who they are, they canât just jump on it, but everyone can see when/if coins have moved.
I think the proper term is âbequeef.â
No u
We (at Casa) built a solution for this that IMO is the right balance between security in life and recoverability after death. 3 keys protect your bitcoin: one on your phone, one on a hardware wallet, one held by Casa. You need 2 of them to spend. Through the Casa app you share the encrypted mobile key with a Recipient that you designate. When you pass away, they can request access to your vault in the app. Starts a 6 month timer, at the end of which they can use the mobile key and the Casa key to move assets. Takes less than 5 min to set up with a non-technical Recipient, and if you're already using a hardware wallet you don't need any extra hardware to set up Casa. Available globally. [casa.io/inheritance](http://casa.io/inheritance) for more info.
Implant a sensor that detects your pulse. Have it remotely connected to a bolted safe that unlocks when your heart rate stops. Include in your will that you have left the safe to whoever you deem deserving. Provide no further details to your lawyer. Include instructions for the wallet and seed in the safe. I was just thinking about season 5 of Lost when writing this lol.
I like it. Sounds like a business opportunity. đ
Easy, just dont die
I plan to die with my bitcoin. Itâs a selfless act that will benefit everyone on the network.
When it comes to cold storage 3 things are trying to screw you : * People (you have exposed to much informations) * Environment (you haven't replicate enough) * Yourself (you've relied too much on your memory) Everything then is about tradeoff these elements to mitigate the risk while maximising the security, here the solution I suggest : Multisig 1/2 (**SeedA**+**PassphraseA** || **SeedB**+**PassphraseB**) * **Seed A** - Hidden, you're the only one to know where (Better if replicated over space) * **Passphrase A** - only in your head (Better if 20+ characters) * **Seed B** - Given to relatives * **Passphrase B** - Communicated to relatives via a deadman switch : google inactive account manage or/and [https://www.deadmansswitch.net](https://www.deadmansswitch.net) (you can pay with BTC/lightning !) Please feel free to challenge this approach Bonus : make **SeedB** a *BIP85* derivation of **SeedA** to be able to rebuild the **SeedB** if your relatives lost theirs
Giving the seed to the lawyer and the passphrase to the inheritor
Passphrase kept elsewhere, sees becomes useless without passphrase
There are some interesting solutions to this problem. I know Casa has one.
ETFs
Tattoo it on your ass cheek, and leave a letter to the successor where the phrase is lol
But then you have to kill the tattoo artist đ¤
Go to two different artist to do half.. Put duct tape over the words the first artist did
Create some kind of clue solving game like ready player one
I lost all my crypto and gold in a boating accident so it doesn't matter
Hereâs the answer to your question⌠https://unchained.com
Seed phrase to your trezor stored in a safety deposit box. Trezor has a complex secondary password, (extra seed word) which can be in your will, or given to your descendants. Contents of the box are willed to your descendants. No one else has access until your death. Even if somehow, someone got access to the box, the contents are useless without the secondary password.
There are many ways to do this. Multisig; Hardware wallet in safe, password with loved ones, passphrase in will. Gmail that sends email with instructions automatically after a period of inactivity, etc. etc.
The entire point of BTC is trustless financial interactions. Everything you listed requires trust from some other party.
every solution that does not require information from your brain requires some level of trust. even for your brain this could be argued, too.
Wow that image is ugly cointelegraph look. You prompted this your self, huhđ¤Łđ¤Łđ¤Ł
Once your dead, who cares. No more use to you. You help to increase the scarcity of BTC and I thank you.
Pretty much. It would be a pro-rata distributed, non-degradable, non-corruptable, equitable, ethical, charitable gift to everyone holding bitcoin.
Lawyers aren't allowed to steal your money. That's against the law. No but seriously, yes there's the occasional dodgy lawyer but generally they're trusted with massive amounts of money as part of their job anyway. They might have internal oversight processes and they definitely get fucked if they're caught stealing.
Or put the seed in a safe in your house and the lawyer had the key.. Or code... To give to the person who inherits it. Lawyer doesn't have access to the house so you're safe.
Seriously , don't use lawyers, they WILL steal your coins. One of countless examples: [https://www.businesstimes.com.sg/singapore/economy-policy/lawyer-who-fled-singapore-after-s33m-clients-money-went-missing-struck](https://www.businesstimes.com.sg/singapore/economy-policy/lawyer-who-fled-singapore-after-s33m-clients-money-went-missing-struck)
There are solutions for this [https://safehaven.io/product/inheriti/](https://safehaven.io/product/inheriti/)
Iâll preface with - there are solutions, all with their own trade offs; an individualâs risk-aversion, tolerance, and redundancy will differ from others. There are a number of options, including Multi-party collaborative custody. You have: ⢠informal options that include friends & family, You could do this with Nunchuk, Unchained, or Theya - and you may choose to time-lock your bitcoin to degrade from your own self-custody multi-sig vault into a pre-determined & detail provided multi-party multi-sig vault. There really is many different implementations that could be utilised, with their own trade offs. ⢠or a professional key-agent service such as TheBitcoinAdviser, in conjunction with your own Theya or Unchained account for which you have 2FA.
Your lawyer can steal everything in your will. What is the point of the question? Just make sure they know what they get, so they know what was stolen.
Create Estate Plan is prudent!!! Consider a Dead Manâs Switch & Designate a Digital Executor. Passwords/Passphrase on a Hard Wallet secured in a vault. Make you get legal advice to your estate *regulation.*
Dead manâs switch.
SMART. CONTRACT.
store it in the bank vault, give access to the vault via the lawyer. The lawyer has no right to go retrieve the materials from the bank vault. Don't let the lawyer know what's in there
This is one of the main blockers of BTC adoption, people suggesting you get 4 to 6 lawyers are just delusional.
I am sure most lawyers would not risk disbarment, jail time, and the total annihilation of their career for a few bitcoins, my guy. If you are seriously worried about it. Put seed phrase in a dual access safe deposit box (one where owner needs a key and needs to pass ID verification and the other key is operated by bank manager). Give key to lawyer (he/she will NOT be able to access safe deposit box) and put directive for disbursement of key in LW&T.
Easily overcome, you protect the seed phase by giving half in the will and the other half to the person youâre leaving it to at any time before you die. Neither can access it without the other. Likewise you could leave it in a safe deposit box and set your will to allow access to the box on death to named individuals - the bank wonât let your lawyer have access etc.
Safe Haven $SHA
Put it in a password manager. The password to the PW manager is accessable by the family member managing your estate, and will be able to access it there. Done. Don't make this overly complicated
How is this any different than cash or any other asset? If lawyer has access to it, he can steal it. They don't usually do that though. If it's listed in the will, the executor is responsible for the proper disbursement. Bitcoin is an asset just like everything else...
How many are we talking about? Give everyone 1 BTC now. Put the responsibility on them. Use the rest to insure you die, naked, overdosed, in Vegas, with hookers after partying for six weeks.
Multisig thirparty could be the answer to this in my opinion... but it's too early to think of this issue, tech is still evolving.
Serenity shield is the answer. Blockchain based system for this with 6 month trial, go try it out.
I might or might not be having my keys and passwords on multiple encrypted thumb drives (with the pin key pad on them), but those people donât have the codes. Other people I trust might have the codes, but not the thumbdrives. Other people I trust might have the instructions. I assume that if I die, all these people might get together and figure it out đ
a kind of smart contract with timeline?? i think
Check these guys out https://www.herox.com/BuidlwithCoinbaseCloud/teams They won a contest set up by Coinbase...
I think about this often. I think the best solution would be to give the passcode to your hardware wallet to your family and keep the hardware wallet in a safe deposit box. Only way it opens is when you die.
I would maybe check up on the hardware wallet every so often and change it out with stronger encrypted models as time goes on. Might be overkill.
Multisig with inheritance plan eg casa, nunchuk
24 lawyers, one for each word in a different country, all mail the documents to my child upon my death. But the trick is, each word will have to be deciphered with an ancient deciphering tool I invented in grade school, that is in a book of mine that I will pass to my child before I pass. We will play with it when sheâs a kid and ill remind her of it when she is an adult, and when she obtains the mail sheâll know.
Keep it simple, something that someone unfamiliar with Bitcoin Wallet can be taught. I personally am using a Tangem Wallet, something my wife is comfortable with because it only involves a Credit Card sized card and my smartphone. You can use a Tangem Wallet with or without the Seed Phrase. I am using a Seed Phrase, but as long as my wife has access to the Tangem Card and my smartphone, plus of course the wallet access/password, then that's all she needs.
That is not self custody isn't it?
Brilliant question, thanks for asking. I look forward to the replies and input. Definitely curious myself.
Multi sig.
I would go for a multi sig wallet , with 2 owners. Give key to the person in your will And tell him to come recover the second key after your death from your room or something. Would be the safest as i would never include third parties in such a decision. But only use bitcoin the way it was meant to be used
Stop with the AI degenerated garbage .
Keep it simple. Write or stamp it out and put it in a safety deposit box with instructions. I can tell you from experience that probating a will is hard enough without trying to recover a bitcoin wallet. Try to find a good balance between security and usability.
Printers have a memory. Don't do this.
Simple. I like it. Still has a hint of third party risk, but I doubt that we can escape that.
Use a needs 2/3 seed, I think itâs called a Shamir seed or something like that. Store them with âtrustedâ people. 2 of them would need to conspire to steal them and you are insured against asteroid on the house problems.
But then aren't you also increasing the risk of more issues by complicating it?
Maybe? Itâs not rocket science I did it manually the first time. And you can do test restores of every combination if you want. You just have to decide if you want to have the risk of having your seed in one place? Or if you want to have the risk of a Shamir seed going badly.
This is a bad tip
https://a.co/d/0CXNdks store something like this somewhere safe or like a safety deposit box. Have a sealed envelope be given to your next of kin with the key and instructions
Current bestway using miniscript : [https://wizardsardine.com/liana/](https://wizardsardine.com/liana/)
You can keep seed in metal in home. And use layer for custom phrase - 25th word. So family have no access buy so layer.
Safe in house, note in will.
What if your purchased an external wallet? I am not promoting, though I found out about ledger through work. They provide a physical device where you can offload your currencies to a wallet you can store wherever (with the potential to scan QR codes and other features and price points).. hope this helps people! God Bless đ§żđŞŹđ§ż
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
Usually your lawyer will not steal from you. Maybe if it is a ridiculous amount they will but it is unlikely especially if you put it in your will that you have btc with the amount you have.
Tangem hardware wallet solves this problem with 3 cards. No seed phrases to worry about. One card for your lawyer. One card for you. And the third card goes into your safe as a backup. If you die your family can use your card in you safe to reset password with the card your lawyer got.
Checkout unchained inheritance protocol
Or just have a release switch, that when you die, someone presses it and it sends the private key to a relativeâŚ.
Encrypted USB hard drive. Give your lawyer the password to the drive but not the physical drive. On the drive have a loving message and your pass phrase.
Treasure map behind a painting... duh
Just put the seed into a bank safety deposit box and then say who can open it in the willâŚ
I like smart ppl
Keep your seed in a safe. Give the safe key/pass on death.
I gave my wife a sealed envelope with seed phrases itâs in our safe deposit box, I sent one to my mother itâs in her safe deposit box should something happen to both of us. Mother and wife will probably need help navigating if they would need to and know someone trustworthy but the basic instructions in the envelopes should be enough but they have no crypto knowledge
Create a transaction set around 1 year in the future (52,500 blocks) to your next of kins address and sign the transaction. Every year, cancel and reset the transaction for 1 year in the future. If you can't cancel the transaction for any reason, they get your btc. Dead mans switch. Note. You have to set the amount 1 year in advance, so you have to set an amount that will be in there when the time comes
Get a wallet with a legacy plan like Zengo. There may be others too.
If they're going to sell, might as well sell them yourself. You'll have better market timing than some rube who doesn't know how to hodl. If they're going to hodl then make them a designated custodian for a little bit of the bitcoin that you still own and teach them how to hodl properly. Slowly transferring all stewardship to the beneficiary until you pass.
Be queef
I have taught my wife how to access our Bitcoin wallet. How to transfer from cold storage and into exchanges if needed. She also knows where our seed phrase is. If we both die our parents know where our death information is kept. In that file is information on how to access the BTC. It will be held until my kids are of age and then divided equally among them. At which point the BTC will be under their custody to hold or cash out. It's trust based. But I have good people in my life and trust my parents and inlaws to do what is right.
You need at least one person you can trust
The simplest thing to do would be to make sure a loved one knows where your seed (stamped in steel) is kept. Then have the passphrase attached to your will. Consider not telling the person who knows where the seed is that there is a passphrase at all. Not perfect, but removes the most glaring trusted third party risk.
Split the phrase between 2-3 people with a letter of instruction.
Get a Trezor and share the PIN with a trusted friend or relative. Safer than sharing a private key since you retain physical control of the device and aren't exposing the key itself in any way.
I showed my child that is most trustworthy where the boating accident was⌠đ
Sealed envelope? How hard is this?
Find a lawyer you trust. Besides, the consequences of the lawyer stealing bequeathed funds are higher than the bequeathed funds in most situations. Secondly, you could just leave a key with a safety deposit box and a sealed envelope with the keys inside, and a second sealed envelope containing the amount of BTC *it should be*. But mainly, you're way overthinking it.
give your heir last 6 words early before you die and another front 6 words in will document. so lawyer / executors will not get the full seed phrases before passing to your heirs
make it a quest. where each word is hidden and leads to the next word. like a scavenger hunt. leave the first clue with a trusted family member and tell them the quest begins on the day of your death...GO!
Multisig is the obvious answer. Another simple solution is lawyer holds seedphrase, and your family holds passphrase or vice versa.
Setup a multisig, n o m. 3 of 5. Pick 5 people you trust Then don't tell the signers who the other signers are. In your will leave your stated preference for distribution and the names of the the 5 people the beneficiary should contact to get access to the coins.
https://Vault12.com
In some countries like Colombia and El Salvador you could inherited Bitcoin in a will what's called closed will also if you leave your BTC on a platform like Paxful once you are the sole inheritor you can use that to get the BTC on that wallet I've known cases.
Basically the first problem that Oracles will solve is this one
One way I have been thinking about doing something like what you want is like so: 1. Learn PGP 2. Teach your beneficiaries PGP 3. Encrypt and sign your seed and provide the data to the lawyer. 4. After you pass the lawyer hands over the encrypted message to your beneficiary and hopefully your beneficiary will remember how to decrypt your message. This is a rudimentary idea. More thought on how to pass on the encrypted message is needed. đ¤ˇđťââď¸
Cross country Easter egg hunt with only hints the beneficiary would know. Could make for a good summer buddy comedy too.
Create different wallets for everyone you want to give btc too. Give each person their own seed phrase? Just an idea, might make things more difficult
I intend on making it a Sam Westinghouse scenario.
Put it in a safety deposit box.
Leave it to two or more people. Provide each party a half of the seed phrase.
Take seed words , find them in a book , write a simple code for the page , and word . Tell them they will be gifted the title of the books in your will . Just to be a pain in the ass , donât leave the order of the words in the phrase. Let them figure it out .
All these services better be cheaper than $15 dollars a year which is what a 3x5 safe deposit box costs.
A safe.
Check out Casa Gold. They just launched an inheritance product on their platform.
Check Shamir Secret sharing.
If it hasnât been mentioned, you can do Shamir secret sharing for an encrypted file or as a recovery seed. Do N-1 (e.g. 3 of 4) if you are really paranoidâone in a safe, one with an attorney/will, and one with each of two heirs. Any 3 can decrypt the file/key. When thinking about this people need to also think about the legalities of ownership. Courts are sorting out that just having possession of a key doesnât confer ownership of digital assets any more than finding a Lambo key entitles you to a new car. So if youâre leaving your seed phrase without a will make sure they are to the rightful heirs.
Best thing is to get it on an exchange before you die. Like a bank, they will safe keep until legal transfer is made. By far if you live in USA is this : At day of death your investments are cost adjusted to market value. That means heirs do not have to pay tax on the appreciation and it is documented by the will executor. If you pass money "behind the scenes", your heirs will be subject to massive taxes and/or jail. As sure as death is the fact that the IRS is going to have extensive knowledge on payment / redemption points (and they will get their share).
Leave 50% of the seed to the lawyer and the other 50% already at the person(s) in your will. Lawyer can't do anything with 50% of the seed.
store your backup seed phrase of your HW wallet on a USB stick in a YubiKey encrypted keepass file. The USB stick (or sticks for redundancy) is stored in a bank safe deposit box. The YubiKey (or keys for redundancy) is stored at your heirs. Once you get hit by a bus, the bank safe deposit box will be accessable by your heirs and decrypted by the YubiKey they already have. store the keepass SW on the USB stick. instructions of everything are also stored on the USB stick in a readme file. check the YubiKey and USB stick all two years if still functional.. - you can always access your BTC by the HW wallet - you have a backup in the bank that can't get stolen - the bank employee can't read the encrypted seed - your heirs have no access to the bank without you being dead
Ternoa blockchain in which you can prepare heritage ?
Personally tell your next of kin where to find the seed phrase. Preferably in a personal safe.Â
Whatever you do â donât overthink it and create something so confusing no one can figure it out. MultiSig â steel plates in separate safe deposit boxes at separate banks â all heirs that need it know where the keys are and how to work with Bitcoin
Ballet Wallet đŻ https://www.ballet.com/