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~ Currently all my crypto assets are stored in hardware wallet and my wife is the holder of it,
I have copied my private key into 3 different copies, my wife keeps 1, my son keeps 1, and one for me. ~
Yup, that's a good choice. But it must be confirmed, especially for children, that they are not allowed to unlock the wallet while you are still alive. It would be better if the private key in their hands could be used only when you die, or if you're alive but can't afford to handle it.