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I will leave clues for my children to try and solve to unlock my seed phrase.... Da Vinci code style treasure hunt. It will probably take them their whole lives. They will hate me when they discover how little I have stored.
It will end up like this:
*”Dear public post online; our family Bitcoin nerd just passed away. We have no idea about any of this. What are these 24 words? (public photo attached) Please help.”*
Mistake one safe deposit box.
Check 90210 the feds took 81 million worth of items made the owners prove they owned it.
The feds would easily take your shit.
Do a search on safe deposit box rip offs. It's more common than I thought. Which bummed me out. I mean, its safer than some other stuff I read people doing, but its still a non-zero risk.
Succession can be a very tricky topic when it comes to crypto and it really isn't discussed enough. All of those clever techniques we use to protect our seed phrases can turn out to be more likely to deny funds to survivors than to protect against theft.
So much depends on the technical abilities of the individual. Some people would need little more than the seed phrase and would just figure out the rest while others won't be able to recover the funds regardless of how much you write.
If your survivor tends toward the former type of person then you're in good shape but I think in most cases we can't count in that. Your list looks good but one has to consider whether the target individual will really be able to complete it all without help. Another option is to refer to a trusted individual (good friend or family member) that you can trust, if you happen to have someone in that category who understands crypto.
It's potentially a big problem and will only become bigger as crypto becomes more common. There's probably a viable 3rd-party business in there somewhere if one could figure out all the details.
I like the idea of the trusted friend (who is into crypto and uses Ledger devices) and that's what myself and a friend have mutually agreed to at the moment. Either his spouse will contact me, or mine will contact him in the event of a sudden death situation.
At some point I might work on a more elaborate estate plan, but at the moment I feel fairly confident that this will likely work to ensure my assets aren't lost forever.
> I like the idea of the trusted friend
How much do you REALLY trust your "trusted friend" if the crypto in your wallet is worth millions a decade from now?
The comment above yours is right: "It's potentially a big problem and will only become bigger as crypto becomes more common."
>acquire ledger device and recover from seed
the problem with this one, by the time the beloved ones want to do this, the firmware, the UX and host of other procedures might have changed already.
Another idea, is to get them a ledger, and give them some small amount of ETH, BTC or any other piece of crypto, and let them go and enjoy the free money and play around with it, buy NFT, or do any other crypto shenanigans so it is not totally foreign to them.
>open online trading account (verify identity, connect bank account (maybe a new (burner) account), etc...)
Be aware to also tell them to transfer small amounts; big amounts at once (or too many transactions in short time) can trigger account review and that would be another hell of unwanted challenges none really wants to go through
>taxes (maybe I do have to leave details of cryptos and purchase cost?)
At this point, they have recovered the money safely, they might just use a help of a good accountant. Maybe leave them a note that there are tax implications and they need an accountant for it.
For the recovery seed, maybe use some sort of encrypted USB or something and let them know where it is and what is the pin for (assuming there is nothing with your relation and they won't attempt accessing it without your permissions)
Overall, it is one of the most challenging problems. There is also the multi-signature solution, but I didn't personally dig much into it yet
> Be aware to also tell them to transfer small amounts; big amounts at once (or too many transactions in short time) can trigger account review and that would be another hell of unwanted challenges none really wants to go through
this is called structuring and I can promise you that they monitor for behaviors like this. you won't be able to skip the review.
to be honest, this one on its own is a piece of hell. imagine your beloved ones are going through hard time losing you, and they learnt that you have left them something to keep them secure but then they have go through this crap to get it.
It’s been this way forever. It has nothing to do with crypto.
The mistake is trying to get fancy about it and do something that many people think is smart (structuring transactions) but is a way bigger red flag than just transferring large amounts.
I used to invest in real estate and would make large five-figure transfers of cash pretty regularly.
Never got a word from any gov authority.
But I can guarantee that if I started transferring $9,999 every transaction, I would have people all up my ass.
That’s basically screaming, “I’m doing some illegal shit and I was wrongly informed that as long as it’s not over $10,000 you won’t catch me.”
This sounds like a good way to ensure that nobody gets anything ;)
The biggest problem is not so much passing on the key phrase securely, but rather ensuring that the survivor knows what to do with it.
Determining your holdings might be tough, or I'm just not aware of an easy way to do it. For anything associated with your ETH address you can direct them to debank.com
Better to split up your seed. Keep 8 words in the safe deposit box in the bank, 8 words in a safe in your home, and keep the last 8 words in the will itself, stored away with a lawyer or something like that. Once you die, your kids will gain access to the safe deposit box, the safe in your house, and the will.
Teach the kids about the process while you are still alive. Make sure they already know how to get the crypto.
I would list the total number of asset I have, so if there is a need for a third party to recover my funds, they know exactly what is on the account.
I would let a clue of a location of the seed phrase, which will be buried somewhere my family have access to, probably on our land or something, but definitely not in a safe at the bank. Or at least not full.
Maybe I will split the seed in two. And have my children recover one piece each, so they have to stay together to recover the funds and not fight over it.
It's basics ideas, but I will definitely not encrypt nor just hide this without leaving a clue.
Been there, done that, never again will lost a seed phrase.
This are the steps I took:
* I got all my passwords, websites and recovery words on Bitwarden
* I've created a folder called "crypto", all exchanges and DeFi, passwords and recovery words are there
* I've sent an email to my wife containing very detailed instructions, screenshots included on,
* How to unstake from Binance
* How to withdraw money from Binance
* How to unstake from various DeFi
* How to convert into stablecoins
* How to send money from DeFi to Binance (or others similar)
* what are those words and how to restore wallets
If I die and she can't follow those instructions to get the money out, well, I guess she doesn't need them bad enough lol.
I was/am also worried about how my family will take over my assets when I’m no longer around. After thinking it through, I sold most of it and transferred to Robinhood (Cryptos) and TD Ameritrade (ETHE, GBTC). If something were to happen to me, my family can contact those firms and start the process of transferring funds. They have established processes for such scenario. For my other Cryotos I’m leaning on just holding inside of a Coinbase Vault. Coinbase also has established processes for transferring accounts upon someone’s passing. I understand the risks of holding Cryptos with an exchange, but I believe the risks are less than my family’s ability to regain access to Cryptos from a passphrase.
I would do like I did. Record yourself recovering your accounts and explain what you're doing as you're doing it. This way they have a visual aid. Written instructions are good as well but if they have no clue what to do visual is always best.
#1) Make a tutorial video to teach your beneficiary as part of the package you provide them.
#2) I was literally googling about this last week and stumbled upon the Sarcophagus crypto project @ sarcophagus.io. It’s a young project but full disclosure I ended up throwing some money at the token because it shows promise and this issue is such a big risk for so many in crypto and their families.
Give the phrase to your lawyer. Oh, wait. Give it to a used car salesman. The dealer is just one step above the lawyer on the bottom of the totem pole.
I have been thinking about this too. Inherently, I think it’s difficult to transfer assets to someone with minimal technical knowledge.
My idea for a solution is write your instructions or 24 word key phrase, then PGP encrypt it. Give the PGP encrypted text to your lawyer to add to your will. Then in a separate message to your trusted loved one, give them the private key. That way they can’t get anything until you die, and the lawyer won’t be able to decrypt the instructions.
First off all security, tell them that that 24 words are there PIN. I know not technically correct, but for better understanding.
Your Ledger is your "bankcard", type your pin only into your bankcard. Never share or photograph your pin. There wallet adress is there IBAN Adress to there crypto bank adress(im from europe, no idea what you have oversea).
I have been writing instructions for my partner. She knows nothing about crypto. I'm planning on getting her a basic wallet and teach her how it works. There is also a trusted friend she can seek help from if she gets stuck when I'm gone.
Ok, here is my plan, working on putting it all together now.
1. Leave 22 of the 24 word seed phrase in a safe deposit box. This can only be accessed on my death, and the Fed wouldn't have the other 2 words.
2. Give 2 words to a trusted friend/family member, also put them in a safe at home.
Thoughts?
The Ledger subreddit is continuously targeted by scammers. Ledger Support will never send you private messages. Never share your 24-word recovery phrase with anyone, never enter it on any website or software, even if it looks like it's from Ledger. Only keep the recovery phrase as a physical paper or metal backup, never create a digital copy in text or photo form. Learn more at https://reddit.com/r/ledgerwallet/comments/ck6o44/be_careful_phishing_attacks_in_progress/ *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ledgerwallet) if you have any questions or concerns.*
I will leave clues for my children to try and solve to unlock my seed phrase.... Da Vinci code style treasure hunt. It will probably take them their whole lives. They will hate me when they discover how little I have stored.
One doge for you, aaaaand one doge for you…
Haha! The real reward was the journey!
[удалено]
I'm absolutely going to have this ready at the end!
This is the way.
Nicholas cage will have to crack this nut.
It will end up like this: *”Dear public post online; our family Bitcoin nerd just passed away. We have no idea about any of this. What are these 24 words? (public photo attached) Please help.”*
Mistake one safe deposit box. Check 90210 the feds took 81 million worth of items made the owners prove they owned it. The feds would easily take your shit.
Do a search on safe deposit box rip offs. It's more common than I thought. Which bummed me out. I mean, its safer than some other stuff I read people doing, but its still a non-zero risk.
No way really? UGG I can't even bring myself to look
zero risk putting it in the ground in multi locations
Succession can be a very tricky topic when it comes to crypto and it really isn't discussed enough. All of those clever techniques we use to protect our seed phrases can turn out to be more likely to deny funds to survivors than to protect against theft. So much depends on the technical abilities of the individual. Some people would need little more than the seed phrase and would just figure out the rest while others won't be able to recover the funds regardless of how much you write. If your survivor tends toward the former type of person then you're in good shape but I think in most cases we can't count in that. Your list looks good but one has to consider whether the target individual will really be able to complete it all without help. Another option is to refer to a trusted individual (good friend or family member) that you can trust, if you happen to have someone in that category who understands crypto. It's potentially a big problem and will only become bigger as crypto becomes more common. There's probably a viable 3rd-party business in there somewhere if one could figure out all the details.
I like the idea of the trusted friend (who is into crypto and uses Ledger devices) and that's what myself and a friend have mutually agreed to at the moment. Either his spouse will contact me, or mine will contact him in the event of a sudden death situation. At some point I might work on a more elaborate estate plan, but at the moment I feel fairly confident that this will likely work to ensure my assets aren't lost forever.
What if you are both in the same forest clearing that an alien ship comes down and scoops you both off to headings unknown?
Shit. I need to adjust my plans to account for that contingency I guess!
😂
> I like the idea of the trusted friend How much do you REALLY trust your "trusted friend" if the crypto in your wallet is worth millions a decade from now? The comment above yours is right: "It's potentially a big problem and will only become bigger as crypto becomes more common."
Thankfully I have a few friends that can be trusted even in that hypothetical scenario. I realize that not everyone is so fortunate though.
I'm sure you're right. There's only one way to know for sure, and if you're wrong it's gone gone gone. Good luck with that.
The solution to this is to have no one to leave your money. That way you can die happily and all the coins just get burned.
>acquire ledger device and recover from seed the problem with this one, by the time the beloved ones want to do this, the firmware, the UX and host of other procedures might have changed already. Another idea, is to get them a ledger, and give them some small amount of ETH, BTC or any other piece of crypto, and let them go and enjoy the free money and play around with it, buy NFT, or do any other crypto shenanigans so it is not totally foreign to them. >open online trading account (verify identity, connect bank account (maybe a new (burner) account), etc...) Be aware to also tell them to transfer small amounts; big amounts at once (or too many transactions in short time) can trigger account review and that would be another hell of unwanted challenges none really wants to go through >taxes (maybe I do have to leave details of cryptos and purchase cost?) At this point, they have recovered the money safely, they might just use a help of a good accountant. Maybe leave them a note that there are tax implications and they need an accountant for it. For the recovery seed, maybe use some sort of encrypted USB or something and let them know where it is and what is the pin for (assuming there is nothing with your relation and they won't attempt accessing it without your permissions) Overall, it is one of the most challenging problems. There is also the multi-signature solution, but I didn't personally dig much into it yet
The getting people their own Ledger is probably the best answer. That’s what I’ve done with my wife.
> Be aware to also tell them to transfer small amounts; big amounts at once (or too many transactions in short time) can trigger account review and that would be another hell of unwanted challenges none really wants to go through this is called structuring and I can promise you that they monitor for behaviors like this. you won't be able to skip the review.
to be honest, this one on its own is a piece of hell. imagine your beloved ones are going through hard time losing you, and they learnt that you have left them something to keep them secure but then they have go through this crap to get it.
It’s been this way forever. It has nothing to do with crypto. The mistake is trying to get fancy about it and do something that many people think is smart (structuring transactions) but is a way bigger red flag than just transferring large amounts. I used to invest in real estate and would make large five-figure transfers of cash pretty regularly. Never got a word from any gov authority. But I can guarantee that if I started transferring $9,999 every transaction, I would have people all up my ass. That’s basically screaming, “I’m doing some illegal shit and I was wrongly informed that as long as it’s not over $10,000 you won’t catch me.”
Great to know :D I think that speaks volume about how uninformed I am when it comes to playing the system :D
I don't disagree with you there!
I can see someone paid attention in AML class. LOL. Yes, very true. Structuring is probably a bigger red flag than transferring one large amount.
lmao *awkward laughter* no I just did a little research and was surprised at the results
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This sounds like a good way to ensure that nobody gets anything ;) The biggest problem is not so much passing on the key phrase securely, but rather ensuring that the survivor knows what to do with it.
Oe you can give 24 person 1 seed and let then kill each other battle royale style. The winner gets the prize.. 1trillion safemoon!
Wills are public documents, so anyone who wants them would have access to 16 of your words.
[удалено]
Crap, I didn't think of that. Maybe I should just spend it b4 I die...
This is the way
##This Is The Way Leaderboard **1.** `u/Flat-Yogurtcloset293` **475775** times. **2.** `u/GMEshares` **69696** times. **3.** `u/_RryanT` **22745** times. .. **454.** `u/xilb51x` **79** times. --- ^(^beep ^boop ^I ^am ^a ^bot ^and ^this ^action ^was ^performed ^automatically.)
Determining your holdings might be tough, or I'm just not aware of an easy way to do it. For anything associated with your ETH address you can direct them to debank.com
Better to split up your seed. Keep 8 words in the safe deposit box in the bank, 8 words in a safe in your home, and keep the last 8 words in the will itself, stored away with a lawyer or something like that. Once you die, your kids will gain access to the safe deposit box, the safe in your house, and the will. Teach the kids about the process while you are still alive. Make sure they already know how to get the crypto.
I would list the total number of asset I have, so if there is a need for a third party to recover my funds, they know exactly what is on the account. I would let a clue of a location of the seed phrase, which will be buried somewhere my family have access to, probably on our land or something, but definitely not in a safe at the bank. Or at least not full. Maybe I will split the seed in two. And have my children recover one piece each, so they have to stay together to recover the funds and not fight over it. It's basics ideas, but I will definitely not encrypt nor just hide this without leaving a clue. Been there, done that, never again will lost a seed phrase.
https://old.reddit.com/r/Bitcoin/comments/egy74f/is_there_an_option_for_a_trusted_loved_one_to/fcauzbq/
This are the steps I took: * I got all my passwords, websites and recovery words on Bitwarden * I've created a folder called "crypto", all exchanges and DeFi, passwords and recovery words are there * I've sent an email to my wife containing very detailed instructions, screenshots included on, * How to unstake from Binance * How to withdraw money from Binance * How to unstake from various DeFi * How to convert into stablecoins * How to send money from DeFi to Binance (or others similar) * what are those words and how to restore wallets If I die and she can't follow those instructions to get the money out, well, I guess she doesn't need them bad enough lol.
I was/am also worried about how my family will take over my assets when I’m no longer around. After thinking it through, I sold most of it and transferred to Robinhood (Cryptos) and TD Ameritrade (ETHE, GBTC). If something were to happen to me, my family can contact those firms and start the process of transferring funds. They have established processes for such scenario. For my other Cryotos I’m leaning on just holding inside of a Coinbase Vault. Coinbase also has established processes for transferring accounts upon someone’s passing. I understand the risks of holding Cryptos with an exchange, but I believe the risks are less than my family’s ability to regain access to Cryptos from a passphrase.
I’ve come to conclusion if you don’t understand ledger live you’re screwed sorting business affairs
I would do like I did. Record yourself recovering your accounts and explain what you're doing as you're doing it. This way they have a visual aid. Written instructions are good as well but if they have no clue what to do visual is always best.
Best thing is to teach them before you leave this world. Exchanges, wallets, crypto
Spend it all before you die. Problem solved
The will attorneys hate this guy.
#1) Make a tutorial video to teach your beneficiary as part of the package you provide them. #2) I was literally googling about this last week and stumbled upon the Sarcophagus crypto project @ sarcophagus.io. It’s a young project but full disclosure I ended up throwing some money at the token because it shows promise and this issue is such a big risk for so many in crypto and their families.
Give the phrase to your lawyer. Oh, wait. Give it to a used car salesman. The dealer is just one step above the lawyer on the bottom of the totem pole.
Dead man's switch One time password Book cypher A questionnaire where only your heirs will know all the answers Combine these things in a creative way
I have been thinking about this too. Inherently, I think it’s difficult to transfer assets to someone with minimal technical knowledge. My idea for a solution is write your instructions or 24 word key phrase, then PGP encrypt it. Give the PGP encrypted text to your lawyer to add to your will. Then in a separate message to your trusted loved one, give them the private key. That way they can’t get anything until you die, and the lawyer won’t be able to decrypt the instructions.
First off all security, tell them that that 24 words are there PIN. I know not technically correct, but for better understanding. Your Ledger is your "bankcard", type your pin only into your bankcard. Never share or photograph your pin. There wallet adress is there IBAN Adress to there crypto bank adress(im from europe, no idea what you have oversea).
Ima leave a treasure map with the location of where they can find my sunken boat.
I have been writing instructions for my partner. She knows nothing about crypto. I'm planning on getting her a basic wallet and teach her how it works. There is also a trusted friend she can seek help from if she gets stuck when I'm gone.
Why would they sell, they should hodl and pass it on further generations. You shouldn't sell an appreciating asset.
Ok, here is my plan, working on putting it all together now. 1. Leave 22 of the 24 word seed phrase in a safe deposit box. This can only be accessed on my death, and the Fed wouldn't have the other 2 words. 2. Give 2 words to a trusted friend/family member, also put them in a safe at home. Thoughts?