Re: HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION
⭐ Merited by JayJuanGee (1)
I've actually thought about this subject before now but your approach is really nice. The only problem with this method is the person you would leave the information of the seed phrase to, as he/she might claim the funds. What about generating and giving the different private keys to the children, so that they can come together and access the funds when the owner is no more? The problem with my suggestion is if the children does not have the fear of God they can even spend the funds while the owner is still alive.
Not a bad idea, although there's two things to consider in your option:
1. One of the children loses their part of the phrase and they're both in trouble.
2. One of them convinces the other to access the money early, or steals it from the other one, knowing they have it. I would like to think my children are above such things, but it's always something to have in mind.
It seems that you mostly understood what I was saying, yet the way that you summarize what I said likely needs some clarification. So, it seems that I was describing a context in which the heirs might lack some technical expertise in terms of figuring out where the coins might be held and/or the various ways to access the bitcoin - especially if there might have had been some technical issues or even problems figuring out what the deceased bitcoin holder was attempting to communicate to his/her heirs.
So there could be a variety of ways in which a deceased bitcoin holder might attempt to set things up prior to his/her death that might involve instructions and also it might involve a list of technical experts (or even businesses) who the deceased person trusts will charge a fair price in order to help the heirs without being a dishonest actor (and sure these things cannot be 100% known, but it is possible that the deceased person may know some people who he believes would be helpful and may even get paid to help.. and such persons do not need to be hackers, but surely having some decently high level technical skills might not hurt when it comes to figuring out something like putting together all the keys or maybe even getting into the deceased persons personal computer and other devices in which some contemporary files and communications and even accounts might be better found out. We could have several kinds of accounts and there could be traces of those accounts in our e-mails or in our webpage histories, and sometimes family members might not have enough understanding to even realize that the deceased person had 10-20 different accounts and various kinds of wallets that had bitcoins and maybe shitcoins and some other digital assets on them... that could add up to hundreds of thousands or even millions that the dumb heirs might not have had known or been able to figure out on their own and without the help of the bitcoin (or crypto) technical expert (who you referred to as a hacker).
So there could be a variety of ways in which a deceased bitcoin holder might attempt to set things up prior to his/her death that might involve instructions and also it might involve a list of technical experts (or even businesses) who the deceased person trusts will charge a fair price in order to help the heirs without being a dishonest actor (and sure these things cannot be 100% known, but it is possible that the deceased person may know some people who he believes would be helpful and may even get paid to help.. and such persons do not need to be hackers, but surely having some decently high level technical skills might not hurt when it comes to figuring out something like putting together all the keys or maybe even getting into the deceased persons personal computer and other devices in which some contemporary files and communications and even accounts might be better found out. We could have several kinds of accounts and there could be traces of those accounts in our e-mails or in our webpage histories, and sometimes family members might not have enough understanding to even realize that the deceased person had 10-20 different accounts and various kinds of wallets that had bitcoins and maybe shitcoins and some other digital assets on them... that could add up to hundreds of thousands or even millions that the dumb heirs might not have had known or been able to figure out on their own and without the help of the bitcoin (or crypto) technical expert (who you referred to as a hacker).
After reading this a thought came to my mind that I'll share with you. Imagine you set it up now, being in your, say 50s. You make the list of experts for your kids and forget about it and the bitcoins stored on some hardware wallet hidden in a safe. 30 years later, you die and kids start going through your things. They find the wallet and the list, but those people are either senile, or already dead. Bitcoin on the other hand is worth 5 million dollars a piece and kids are scared if they tell anyone about the wealth you've gathered they'll get robbed and killed, not necessarily in this order.
