If you want to set up a multi-sig wallet for inheritance purposes, or pre-sign some timelocked transactions, or leave your seed phrase hidden in your will, or some other inheritance set up, then you are free to choose to do any of those things.
My favourite solution is the timelock dead man switch with nLocktime, which is described
in this thread. The problem is that the popular wallets don't make it too easy to create this kind of transactions. You can of course create timelocked transactions with them, but there are some caveats:
- the GUI in Electrum for example lets only enter you the raw nLocktime value, which isn't very intuitive.
- when you move coins, you have to create a new nLocktime transaction.
- before the timelock expires, you have to move your coins, otherwise the other party gets access to them.
So to make the whole process more intuitive a specific GUI would be needed, which alerts you when to move coins or when to create a new timelock transaction.
I'm thinking about a feature request for Electrum, for example.
This version is also interesting and a bit easier to implement (it seems it
was implemented in a mobile wallet last year).