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Do you have a plan to leave your Bitcoin to your Heirs?
4063 sats \ 12 comments \ @eespn 18 Sep 2023 bitcoin
Bitcoin is here to stay and will be here after we go, having a plan to leave your wealth to your beloved ones is important, if you haven't, consider DYOR ASAP
  • The usual recommended steps :
    • Name your beneficiaries
    • Set up a Trust
    • Create a Will
    • Write an instruction letter
I personally dislike the steps above since it t is not though for the decentralized nature of Bitcoin
Leaving my heirs in the hands of a third party begging for what is theirs and going through paper work and dealing with lawyers doesn't sound appealing to me, I have my own method which includes a "d_ead man switch over a period of three months", to release the information to my heirs individually. This needs to be reviewed and changed the more I last, which is the same as updating your will when dealing with a trust and lawyers.
Do you have a plan?
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22 sats \ 6 replies \ @Ksjznxnxkxksn 18 Sep 2023
Be chad & take the seed to the grave
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10 sats \ 5 replies \ @DarthCoin 18 Sep 2023
THIS https://darthcoin.substack.com/p/darth-bitcoins-after-death
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0 sats \ 4 replies \ @Ksjznxnxkxksn 18 Sep 2023
If they need my sats then they must somehow extract data from my deceased brain using some magical device lol. I'm careful not to store my seed written anywhere.
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21 sats \ 0 replies \ @ek 18 Sep 2023
I'm careful not to store my seed written anywhere.
Not recommended but I'm sure you already know
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10 sats \ 1 reply \ @DarthCoin 18 Sep 2023
fuck'em. If they are not proving me a proof of work while I am alive, and be able to give them to them while I am alive, then they will get nothing, they don't deserve my sats.
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10 sats \ 0 replies \ @nemo 18 Sep 2023
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0 sats \ 0 replies \ @nemo 18 Sep 2023
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7 sats \ 1 reply \ @MDono10 18 Sep 2023
I think diversification in this particular situation is warranted as it allows for flexibility of how the heirs choose to operate and also allows for benefit in whatever situation occurs. I am considering the following setup with a % of sats in both:
  1. Stamp seed into titanium plates, give to Heirs
  2. USA - setup a Wyoming 1,000 year completed gift Irrecoverable trust
Why the mix? Option 2 allows for many tax benefits and these can also flow to the heirs. Option 1 allows for a middle finger to the tax man.
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0 sats \ 0 replies \ @eespn OP 18 Sep 2023
Nice, thanks for sharing your strategy,
If concerned about the burden of taxes for your heirs, loans against a Bitcoin trust is a venue to explore for maximum benefits and no taxes, loans are not taxed and most probably never will since the 1% uses this instrument for their yearly expenses taking loans on large insurance instruments
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10 sats \ 0 replies \ @TheBTCManual 18 Sep 2023
Lol if they can figure it out more power to them, but I am not so hopeful, will have to take it to my grave, wouldn't trust any kind of lawyer to help pass on wealth, if my fam can't recover keys on their own its tough titties, im dead anyway but my funds will haunt them for life
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0 sats \ 1 reply \ @ibz 18 Sep 2023
Set up a Trust
Could you elaborate a little bit more on this?
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200 sats \ 0 replies \ @eespn OP 18 Sep 2023
Sure, here: https://www.nerdwallet.com/article/investing/estate-planning/setting-up-a-trust
But remember, do your own research (DYOR)
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