Quote from: DaNNy001 on August 23, 2023, 07:56:31 PM

Quote from: Sayeds56 on August 23, 2023, 03:59:45 AM

Quote from: Odohu on August 10, 2023, 04:55:51 PM

This thought have been bothering me for a while and I feel we can discuss it here. Many people that are building their Bitcoin portfolio are doing it to also save for the coming generation. However, how this wealth will be transferred to the heirs and the next generation and how this wealth will be preserved without being lost or causing problems still remain unclear.

I understand for other tangible assets, a WILL can be written to be revealed when the time is right. But for Bitcoin, I don't know how this can be done as it may require revealing the secrete codes of the wallets or storage device. Is there any other way this can be done?

My thought was captured in my comment in this thread but I felt to raise a topic for most discussion. In case this topic have been discussed, I will be glad to be pointed to the thread.

You have highlighted an important and complex concern regarding seamless transfer and preservation of Bitcoin wealth to the next generations. I think Bitcoin indeed stands out as a promising asset to pass down to our successors. One approach could be to utilize multi-signature wallets, that require multiple private keys and digital wallets. This procedure involves two or three wallets and private keys to authorize transactions.

I think that's a good suggestion just like the mixin safe wallet currently tested out here in the community though it's a beta version but the idea is very unique in terms of passing out bitcoin to the next because the access to send coins will be fixed to as many that will be involved in the inheritance of the coin(bitcoin). But on still as there is advantage to this means there are still disadvantages to it too.

Any right sensed and a futuristic person would have thought of this, talkless of the fact that many people had died and have lost their coins to both custodial and non-custodial arrangements. People don't plan for death, which is why many didn't prepare before it happened, and by virtue of this, they lost painfully what their heir or family should have been enjoying. This is one of the greatest disadvantages of having money/assets online, yet we could guard against this if we are reasonable and proactive enough. This is why it's good to plan ahead and I've already started mine, but a huge downside of it is how trusting your children or spouse are, if they are not trustworthy, then it will be more difficult to do.

Regardless, the best plan that came to my mind is to document everything with your lawyer but how to gain access should be given to your children or spouse for safekeeping. By this, they will not know what the passes are meant for, while the lawyer will not know the passes to your online wallets. Also with this arrangement, it's good that your will lawyer should never be known to your family for any reason and must be a trusted law firm. You might even code what you gave to the lawyer and let it be the kind of code/puzzle that you and your family are familiar with. This is one of the good ways online assets would not be lost.

But for the Mixing idea you talked about, I advise you to do away with it or similar arrangements, you can't trust those people. When they tell you it's blue, it might actually be back. Many of them are hiding under decentralization but how could a true decentralized arrangement be able to pass your asset to your heir? That is laughable.