Also if you haven’t disclosed with those closest to you, why? Inheritance plan?
Spouse / partner 26.9%
Family13.4%
Friends 4.5%
Only you 55.2%
67 votes \ poll ended
Just me. My wife has a rough idea of the 2023 year end dollar value of my sats as I showed her our financial statements for 2023. She was a bit surprised but didn't comment on it. We will see if that changes when the flippening happens (bitcoin is worth more than home equity).
Inheritance planning is something I need to work on this year. I have something in place right now but I am not totally happy with it.
Inheritance planning best practices would be a good post for bitcoin beginners territory. @siggy47 have you come across any stackers sharing good strategies. If not maybe we can do a bounty (I will pitch in 10k sats) to get the community to crowdsource a best practice strategy for stacker level inheritance planning.
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Great ideas!
Yeah I have work with inheritance to do. My big stack is multisig with Unchained. Need to update the notes in the safe. I also think Unchained has an inheritance product/program.
What about medical hardship, I assume Bitcoin can be shielded from medical bill collectors. Go bankrupt with medical bills but wealthy with Bitcoin?
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I haven't looked into it, but it is a popular topic. I think there are a lot of resources out there. I'll snoop around when I get a chance.
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I think it would be a very popular post.
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Ok I just set it up over there!
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#326762 - great post about inheritance
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🙏
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Don't trust anyone enough too disclose or have a inheritance.
Would be nice to pass it on though but I have high standards
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For your own safety
Never let no one know how many SATS you hodl.
For the sake of inheritance plan, my kids have the 12 words each, which is known only to each of them respectively. Of course, only my wife knows my Bitcoin stack.
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11 sats \ 1 reply \ @ch0k1 11 Mar
I've told my family members I have Bitcoin and how can they access it if something happens to me but they don't know numbers 😁
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Yeah that’s me too. Trying to show them the light!
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Where's option - "even I don't know"? :)
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Haha exactly and don't even ask the average purchase price. Who cares 😆
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Ha yup! I stack more every day to protect from the volatility!
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well, I don't have a spouse and not much of a family (and those I do have, i don't want to inherit it). So I'll still have to figure out which of my friends would inherit, though I don't plan on it being generational. The plan is to use it while I'm still alive, which of course depends on some... unknowables.
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The balance needs to be kept confidential, and only the person with the seed should know it.
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Agreed does anyone know yours? My wife knows a bit, but I need to tell her more.
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Cool. Anyone you know take this?
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5 sats \ 1 reply \ @Lumor 11 Mar
It might have inspired my previous setup quite a bit.. :)
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5 sats \ 0 replies \ @OT 11 Mar
Inheritance is hard. Op_vault or something similar would help.
My family and friends probably think its more than it is. My wife generally knows. I consider most of my stack my kids anyway.
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Only my wife knows.
Is this a good place for a "nice try fed" for trying to find out inheritance strategies of specific bitcoiners?
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Personally for me inheritance strategies like you mentioned lol not the fed. Here’s the new post #460341
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People around me (almost all) know about my 300k+ sats on the other hand even person who will be solving puzzles to excavate my private key doesn't know how many sats behind this private key
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My ex-wife had a rough idea of how much I had before the price started rising more recently. I DCA $20 into BTC everyday and when she cheated which led to our divorce, she completely forgot to take my BTC holdings into consideration and only focused on getting her share of USD in the divorce filing (no lawyers involved). It brings me small comfort knowing that when BTC is all over the news again as the price hits new levels, she'll be kicking herself in the ass for not taking the time to learn about BTC as I insisted she did, though now I'm glad she didn't. Is it kinda petty? Sure, but she cheated and demolished my sense of self-worth.
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Wow that is crazy. I was thinking the same thing with debt or medical collections
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It was a shitty way to learn the lesson, but it taught me to never share too much info about my holdings. I do want to look into setting up a way for my little sisters to inherit my BTC if anything ever happens to me but I have yet to really look into my options. I'll tell family about how much I have but not how I store it and such.
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Here’s some thoughts. I added a thread here #460341
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Lot of people ask how much, that’s crazy. Never happens with bank account.. it’s even seen bad when someone do it
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I opened to everybody. Since Bitcoin means freedom, everyone should know. 😉
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Inheritance is a key area I need to look more into. My partner and I are both Bitcoiners so we know our individual and joint amounts that one day we'd like to pass on to our kids. I wonder how long until funeral directors and other end-of-life-services will be able to support families with a person's will.
Although it's not often a light topic (aka your own death), I believe when you really dive deeper into Bitcoin the longer time preference, even past your own life is worth considering how best to pass on. I'd take that to mean at least one trusted person in your life should know and how you'd want it to be passed on.
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Yeah I added a thread here #460341
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a few people know how many I roughly have, but definitely only I know the exact number.
I just tell them I don't have enough whenever someone asks, but gave a bit detail away while I was a bit drunk
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