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5 sats \ 1 reply \ @btcschellingpt 27 Jun 2022 freebie \ on: How to prepare for your death so your family has access to your wallets? bitcoin
There's a few factors that determine how to approach this:
- Are sats KYC'd or no-KYC?
- Do you need your solicitors involved?
- Do your beneficiaries understand Bitcoin?
The first feeds into a choice of mechanics; multi-sigs, passphrases, sharding, collaborative, custodial etc etc. It is also related to the last - do your beneficiaries understand Bitcoin and even what KYC/No-KYC means and implies?
The second probably mostly applies for those with KYC sats and who are older with other assets and families. Disputes post-death, bring lawyers and the courts into the conversation. In some jurisdictions, the flow of assets from the estate to the beneficiaries must pass through the executor's hands. In my experience:
- Lawyers are generally unencumbered by technical ability, and for professional risk management reasons, will be unlikely to be prepared to do so. So they will be as informed about key management as the founder of Creggcoin is - that is to say - clueless.
- Deaths in the family bring out both the best and the worst in people. YOU may be clear about what you want(ed) to happen, but those around you may see things differently, AND be prepared to raise legal cases/disputes etc. In the first, lawyers become part of the problem - that's ok just cater for it. In the second, lawyers can become part of the solution.. or not. Just be aware that it's a possibility.
The third is probably the least discussed amoungst bitcoiners imo. Do your beneficiaries understand Bitcoin? Do they at least understand what they are getting? Have you discussed that with them and what they may/may not do? Do you realise that once you're gone, all that goes out the window. Again, entirely personal set of circumstances for each individual thinking about this.
The one actionable piece of advice you should consider in the immediate term:
Whilst you think about those other points - make sure your family/loved ones have the contacts for someone you trust who will help them when the time comes.
Deaths of those you're close to are a massive shock to the system - huge stress and distress - memory, cognitive function, decision making .. all goes out the window for a while. Ensuring those left have a trusted friend to reach out to gives them a safe set of hands you trust.
Thank you for the thorough response. In my case the answers to your questions are:
- nonKYC
- Not sure I understand this question.
- No one I know understands bitcoin lol I'm working on it but they're not interested enough in it to really take the time to learn it or listen to me talk in depth about it.
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