5 sats \ 1 reply \ @random_bitcoiner 27 Jun 2022 \ on: How to prepare for your death so your family has access to your wallets? bitcoin
Whatever you do, first make sure that at least one of your loved (and trusted) ones knows how to handle this stuff. If you don't and all they're left with are cryptic codes, chances are they will either never get to it or they might be scammed by someone they contact to help them retrieve the funds.
I'm thinking about this at the moment too, and I'm planning to do some practical exercises with a few loved ones, real-world exercises like:
1- here's a seedphrase, it has got 10K sats in there, find it
2- here's a seedphrase + passphrase, it has 50K sats in there, find it
3- here's a seedphrase + passphrase, it has 100K in a derived account somewhere, find it
Option number 2 & 3 are special, because this way I can create a hidden wallet within a known seed phrase, which I can just have written in my will or have it deliver after the fact somehow (finalmessage.io comes to mind) that will allow them to retrieve funds in a way they're already familiar with.
There are multisig setups also, but those might get more complicated.
That finalmessage.io site is pretty cool! Not sure I would trust it with anything sensitive even if they claim it's encrypted locally before being sent to their server. Would love to find an open source alternative of finalmessage.io that I can audit and run on my own servers. That would be dope! Thank you for that link and for your exercises. Those are pretty cool and I may do that with some family members as a sort of treasure hunt to entice them to learn about bitcoin/lightning in a way that will reward them with sats at the end.
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