Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
rachael9385
on 10/01/2025, 09:39:08 UTC
You may also want to keep a back up of your wallet, and you also might want to have instructions for heirs in the event of your death.  These are not easy questions or problems to solve, to the extent that you might either want to make sure you don't lose your seed words due to some kind of natural disaster (fire or something), and that you have some preference to passing your coins to heirs rather than dying with them.
There won't be any attorney that will distribute your bitcoins to your next of kin after your death, one has to do it himself. There are lot of bitcoin lost forever because of owner losing the keys or due to death of owner. This is something one has to take very seriously, if you have Bitcoins then you must inform your next of kin how to use them after your death. Make sure your hard work is not wasted once you leave this world.

Surely some folks have attorneys or other people they trust in their lives with the most intimate of details, and there can be a variety of ways for persons to make sure that they have some kind of a successorship system in place.  Trusted persons might have some or all of the material, and trusted persons might not even know the complete contents of the materials that they hold if there might be a sealed envelope or a safe or maybe there would be instructions to contact another trusted person (named Benny) for further instructions or for other parts of the puzzle.

i am not suggesting that there is any ONE correct way, even though I am suggesting that some people may well not end up adequately putting systems in place or keeping the information up-to-date if there might be some papers with passwords, there might be a failure to update the sheet after some of the passwords end up needing to be changed.

Yeah , there's nothing wrong with having someone you can trust with your keys to avoid any loss of funds due to lost of passwords or death, but in determining who to give you have to take your time first to see whose trust worthy , because endup telling the wrong person,  the asset may endup still better been lost . Because some folks  can run with your asset before any of these tragic events (such as lost of passwords or death) takes place .

But having a good successor will actually help to prevent your asset from been lost in such way , because even though you endup forgetting the password, your successor would be able to help you   access the password whenever you misplaced it.
Sometimes, there may be some uncertainty which may result to someone loosing his/ her Bitcoin, so to avoid such uncertainty there is need to be proactive such as backing up wallet and passing instructions to heirs or next of kin to inherit the Bitcoin. However, I think one of the problem with heirs or next of kin is trust and integrity issues because if you make a wrong person your next of kin and make your password known to the person when you have a significant Bitcoin investment in place it may be dangerous because the next of kin depending on the person may possibly be planning to take possession of your Bitcoin even when you are still alive. So, think there is need to be very careful when choosing a next of kin.
Sure, uncertainty, based on the importance of choosing a trustworthy person as next of kin who will inherit your Bitcoin portfolio. However, one needs to make sure he's given access to a trustworthy person who will respect his or her wishes and can manage his investment carefully after gaining access to it. Before giving access to your next of kin, you need to make the person understand Bitcoin investment, including how to increase the portfolio and how to manage the wallet and seed phrase. 

After giving your next of kin access to your Bitcoin investment, you also need to constantly check your portfolio and ensure you share Bitcoin updates regularly with him/her to ensure things are accurate. And before doing this, you need to ensure you have activated a 2FA method on your wallet so that it can prevent unauthorized access to your Bitcoin portfolio (except by you and your next of kin).