Do you think about bitcoin inheritance? \ stacker news ~bitcoin

5778 sats \ 45 comments \ @Monotone 27 May 2023 bitcoin

Do you have a plan to transfer your bitcoins in case something happens to you? I know there are several solutions now that allow you to transfer access to your coins. For example, nLockTime or a will with instructions on how to spend your coins.

What methods do you use?

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955 sats \ 8 replies \ @siggy47 27 May 2023

Did you check out @kr 's post yesterday?: #184255

Lots of responses that relate to your question.

669 sats \ 1 reply \ @Monotone OP 27 May 2023

Whoa, I must have missed it. Thanks

311 sats \ 0 replies \ @siggy47 27 May 2023

The initial post was framed a little differently, but a lot of the responses addressed your issue. It's an important topic. I haven't given it much thought myself, but I will now!

71 sats \ 5 replies \ @Monotone OP 27 May 2023

This link, though, isn't exactly the information I'm interested in. It just has general information about inheritance, but not specific ways to safely pass coins on to future generations. That's what I'm interested in.

329 sats \ 1 reply \ @siggy47 27 May 2023

Our responses crossed in the ether. I mentioned the Liana wallet. I'm just starting to explore the whole timelock idea myself.

71 sats \ 0 replies \ @Monotone OP 27 May 2023

Now that's interesting. I came across this wallet once, but had forgotten about it. I'll have to look into it, thanks

21 sats \ 2 replies \ @hugohanoi 29 May 2023

Have you checked out our solution? https://nunchuk.io/blog/introducing-the-honey-badger-wallet

We combine multisig with a dedicated, timelocked inheritance key. So your day-to-day wallet functions like a normal multisig. But for inheritance, your beneficiary can claim your BTC safely even if they are not super technical (on the condition that the timelock must have expired).

50 sats \ 1 reply \ @Monotone OP 29 May 2023

Yes, I checked. This option is on my list) I'm just collecting different options for myself to explore them in more detail and then decide what is best for my particular situation

0 sats \ 0 replies \ @hugohanoi 29 May 2023

As one should! Feel free to shoot me an email directly if you have any questions: hugo@nunchuk.io.

971 sats \ 7 replies \ @Bitcoiner1 27 May 2023

It's a very interesting topic. In my opinion, there are two path to follow.

If you want to secure your btc for you.
If you want to secure the access of your btc for the ones that you love.

I think you can't follow the two paths at the same time.

PATH 1, your prioritie is to secure you access whilst you are a live. No trusting any one else.

PATH 2, the priority is to create a system where your love ones could access YOUR funds during your live and after. This means that you have to TRUST them.

Using a time lock sounds good but you will be not able to access your funds until that time... So, if you need some sats before, you won't be able to get them.

268 sats \ 1 reply \ @siggy47 27 May 2023

I think I read recently about a method where the timelock can be turned off and on by the creator during his or her lifetime, but can only be accessed by the beneficiaries on terms set by the timelock.

0 sats \ 0 replies \ @Monotone OP 27 May 2023

Yes, there is such an option

0 sats \ 3 replies \ @hugohanoi 29 May 2023

Actually, there is a way to achieve both objectives: by using multisig (to protect your bitcoin day-to-day) combined with timelocks (to plan your inheritance).

Recently, we launched a service utilizing the above kind of setup to provide non-KYC and safe inheritance planning for Bitcoiners.

If you are interested, you can read more about it here: https://nunchuk.io/blog/introducing-the-honey-badger-wallet

0 sats \ 1 reply \ @Bitcoiner1 30 May 2023

Could you please clarify if the inheritance key is locked with a time lock (for example, locked until 2080), how the ones receiving the btc would access the funds before the time lock (before 2080)?

They will need one key from the owner of the funds and the platform key? 🤔

0 sats \ 0 replies \ @hugohanoi 31 May 2023

Sure.

To withdraw the funds before the timelock has expired, the beneficiary would need to have access to at least 2 of the owner's keys (since it's a 2-of-4 multisig wallet). In addition, he will also need a copy of the wallet configuration file. The platform key will not co-sign any transaction not initiated by the owner before the timelock has expired.

However, 2080 is a very long timelock. We don't recommend setting a timelock so far out in the future.

What we do recommend to our users is to use a "rolling short timelock" approach: Set a timelock not too far in the future, such as 2 years from today. Then you can review the inheritance plan every year and push the date back if necessary. To help remind you, we start sending email notifications as the timelock is about to expire, starting at the 6-month mark.

This approach allows you to lengthen the time your inheritance can be claimed as needed, while guarding against long-term uncertainties. If something unfortunate happens to Nunchuk, you as the owner can use your own keys to move your funds to a new wallet. If something unfortunate happens to you, your beneficiaries can claim the inheritance quickly without having to wait many years (this probably fits what you are thinking better).

Let me know if the above makes sense.

0 sats \ 0 replies \ @hugohanoi 29 May 2023

Using a time lock sounds good but you will be not able to access your funds until that time

In our solution, the timelock only applies to the inheritance key.

0 sats \ 0 replies \ @rijndael 28 May 2023

OP_VAULT solves this

785 sats \ 1 reply \ @BTCExecutor 27 May 2023

My day job is professional executor, and I'm working on offering my services to bitcoiners. Sort of collaborative custody upon death.

I realize that many hardcore will hate the idea of any trusted third party involved, even if just an m of n keyholder after they're dead. But many may want something like this as at least a backup option in their layered inheritance plan.

Fwiw, I've seen hundreds of probate estate, and heirs / executors muck up even legacy assets all the time. Self-custodied bitcoin will be tough

0 sats \ 0 replies \ @Monotone OP 27 May 2023

I'm not sure it's a viable idea, but all ideas have a right to life

482 sats \ 0 replies \ @energycurrency 27 May 2023

deleted by author

367 sats \ 1 reply \ @travis 27 May 2023

My inheritance plan currently is... "Hey, wife or mother, if I die suddenly, this is how you get access to my BTC."

If they die with me... then you are all welcome, your stashes are worth a bit more.

With multisig, timelock, and third parties, I am sure there are some clever solutions out there for a proper inheritance plan.

0 sats \ 0 replies \ @Monotone OP 27 May 2023

Good plan))

10 sats \ 0 replies \ @DiracDelta 27 May 2023

Nope. I'm young and don't have anyone I care about all that much. My bitcoin will die with me if I die soon.

31 sats \ 7 replies \ @DarthCoin 27 May 2023

Yes, I use timelock option, usually with Sparrow wallet is easy. But not for all my stash. My stash is split in many different parts, different wallets, different addresses, different places, different methods.

I do not specifically have an "inheritance" plan for my family members or whatever. My opinion is that if they are not able to RECEIVE my BTC during my life, that means they DO NOT DESERVE IT.

Getting BTC from somebody MUST BE proof of work. So if my kids or grandkids want my BTC, MUST prove they deserve it and I will reward them meanwhile I am alive.

After that... my BTC will come with me. This is life. This is Bitcoin.

21 sats \ 6 replies \ @Monotone OP 27 May 2023

Very harsh)

0 sats \ 5 replies \ @DarthCoin 27 May 2023

and that's why my kids will be strong and good bitcoiners, not pussies shitcoiners

826 sats \ 4 replies \ @aljaz 27 May 2023

but that doesnt solve the problem of being ran over by a bus

0 sats \ 3 replies \ @DarthCoin 27 May 2023

so be it

0 sats \ 2 replies \ @Monotone OP 28 May 2023

Darth, I wonder what you are like in everyday life. Reading some of the comments about you, sometimes it seems like you have a lot of aggression and categoricalness.

0 sats \ 1 reply \ @DarthCoin 28 May 2023

For more you know about Bitcoin, more toxic you will became.

0 sats \ 0 replies \ @Monotone OP 28 May 2023

okay))

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0 sats \ 3 replies \ @john_doe 28 May 2023

I guess with my socially an geographically sparse private keys, I don't even have to do a real plan for that since 2 persons united together could get my bitcoins if they wanted to.

0 sats \ 2 replies \ @Monotone OP 28 May 2023

How much do you trust these people?

0 sats \ 1 reply \ @john_doe 28 May 2023

Well, it's family members in another country, and the other is one of my best friend so I would say I trust them totally (and since they don't know each other they cannot collude).

100 sats \ 0 replies \ @Monotone OP 28 May 2023

Then it's not a bad option)

0 sats \ 1 reply \ @Jannostr 28 May 2023

After reading this, I want to time lock like .1 BTC for prospective grandchildren/next generation as well. I'll take care of my kid(s) in a will and BTC etc., but how baller would it be to find a way to buy .1 BTC now for a future generation that doesn't exist. Find a method to get it to them hah. The "Bitcoin Legacy".

0 sats \ 0 replies \ @Jannostr 28 May 2023

Also, I know my pops has some. Worried he won't properly deal with how to set things up if he wants to pass things on. Hard conversation to have.

0 sats \ 1 reply \ @Mootap 27 May 2023

Muun wallet

0 sats \ 0 replies \ @Monotone OP 28 May 2023

Are you serious?

0 sats \ 2 replies \ @duvel 27 May 2023

Keep it simple. Over complicating things will make you lose your bitcoin. It will also make it easier for your loved ones to get access to it.
Talk to your loved ones about bitcoin, so that they're not totally oblivious about it. Show them how to access your bitcoin.
Write all the instructions down with the context of a person that has never used bitcoin before. Mention the location of your backups (steel, hardware wallet, etc.) and make sure they have access to it.
I find this one very important: write a few names of Bitcoiners and their website that can help your loved ones getting access. E.g. Ben Perrin from BTC Sessions would be a good option.
It's not only access to your bitcoin, but also all your passwords, important documents, etc.
Revise your inheritance plan every 6 months and adjust when necessary.

0 sats \ 0 replies \ @duvel 27 May 2023

Also nice is to put your backup in steel and put that in a tamper proof bag.

0 sats \ 0 replies \ @Monotone OP 28 May 2023

Yeah, that's one of the most logical ways

0 sats \ 1 reply \ @criptopanas 27 May 2023

Casa could be a solution, where the multi sigs play an important role.

I guess every person has their own situation and there is not a solution fit all.

0 sats \ 0 replies \ @Monotone OP 27 May 2023

I agree about the multi-signature, and I think that there should be more viable options for such a plan. We need to develop this topic.

0 sats \ 0 replies \ @nredesfcastro 27 May 2023

Not really.. just listen