What are your plans with your crypto assets after death?

[MrSpasybo 1049]

According to a 2020 study by the Cremation Institute, nearly 90% of crypto owners are worried about what will happen to their crypto after they pass away. Furthermore, despite a high level of concern, crypto holders are reportedly four times less likely to use wills for inheritances than non-crypto investors.

Millions of dollars in crypto is being lost each year through the deaths of its owners. Crypto insurance firm Coincover estimates that around 4 million Bitcoin, or $68 billion at publishing time, is out of circulation after access was lost, with a large portion likely caused by death.

In fact, there are a number of ways for investors to bequeath their crypto to the next generation, but each method requires some decision-making and planning, as well as some general knowledge about how crypto works:

+Sharing keys with trusted family members
+Some exchanges can unlock access to crypto with a +death certificate
+Crypto inheritance services

 

Article: What happens to your Bitcoin when you die?

 

What are your plans with your crypto assets after death? Do you want to pass on to your children as an inheritance or will they be locked out forever to share that value with the entire crypto community?
Many people choose the first option, they share the wallet & private key with their relatives by storing them in a hardware storage device and the password to access it is only revealed in the will 🙂

Edited November 27, 2020 by MrSpasybo

[Mahmod aljarah 1383]

(((What are your plans with your crypto assets after death? Do you want to pass on to your children as an inheritance or will they be locked out forever to share that value with the entire crypto community?)))

Quote for you
What I asked here ... motivated me to think a little ... None of this occurred to my mind
Thank you

[ETheHedgehog 3104]

if no accident or something suddenly happens to me, i plan to move out of crypto before the end of my life, so that i don't have to worry about it anymore and prices and everything, or at least let my kids get each their share of it and they do with it what they please

[luis1410 504]

I am not worried about what will happen to my cryptocurrency assets after they die because there is not much to worry about. If one day the number of my crypto assets is large enough, of course I might consider arranging an official will to leave this to my relatives. As a result, all this effort should not be wasted!

[Teminali69 1081]

I would include my private keys on my will if i get a chance to prepare that will, so my fortune would never be lost.

[zagzag 320]

I intend to give all my relatives a list of all the crypto wallet addresses I have. Now no matter how they share among themselves. But before I die, maybe I'll spend all digital money. 😄However, in my opinion, digital currencies can be considered as a good legacy accumulation retrospectively. 

[jorgequetama123 2]

I would save them or encrypt them so that even if he is dead they continue to increase their value and I would give the key to someone who considers it very clear that that person the smartest thing to do is to continue investing

[yonkii 3205]

On 11/27/2020 at 8:19 PM, MrSpasybo said:

+Crypto inheritance services

Are these real? I mean you pass your private key to someone and trust that your wallets won't be opened at any time and that the assets will be passed to the relatives or people of your choosing? This requires to put too much trust on someone, so there should be some decentralized option, perhaps a smart contract that would be found working 100% without any bugs or flaws.

[Fixfin 2569]

It is actually a big problem. With banks, even if the money are not given in a will to someone else, the closest relatives can ask the money with a certificate of death and legal procedure. But with crypto it is different and perhaps many will be lost forever as there won't be keys available. This will add value to the rest coins, as long as these cryptocurrencies are still used and adopted and have demand. But it is probably something we all need to consider.

[annayks 2314]

If possible explain to the person you trust above everyone else how to have access to your crypto funds. If now it is valued $1000, maybe after ten years it will be a hundred times higher. So your loved ones or family should know how to access them, or how to find the private keys.

[percare 3192]

I haven't made any plans and you are right. We don't know what can happen and since we have some money in crypto, it would be better to give access to the ones we expect to have them in case something happens. It is not that it will but just to be sure we need to have someone to take them other wise they will be lost.

[Amna Hareem 1213]

On 11/27/2020 at 11:19 PM, MrSpasybo said:

According to a 2020 study by the Cremation Institute, nearly 90% of crypto owners are worried about what will happen to their crypto after they pass away. Furthermore, despite a high level of concern, crypto holders are reportedly four times less likely to use wills for inheritances than non-crypto investors.

Millions of dollars in crypto is being lost each year through the deaths of its owners. Crypto insurance firm Coincover estimates that around 4 million Bitcoin, or $68 billion at publishing time, is out of circulation after access was lost, with a large portion likely caused by death.

In fact, there are a number of ways for investors to bequeath their crypto to the next generation, but each method requires some decision-making and planning, as well as some general knowledge about how crypto works:

+Sharing keys with trusted family members
+Some exchanges can unlock access to crypto with a +death certificate
+Crypto inheritance services

 

Article: What happens to your Bitcoin when you die?

 

What are your plans with your crypto assets after death? Do you want to pass on to your children as an inheritance or will they be locked out forever to share that value with the entire crypto community?
Many people choose the first option, they share the wallet & private key with their relatives by storing them in a hardware storage device and the password to access it is only revealed in the will 🙂

Amazing post really I like it but I will not use it so long as we know that nothing is for permanently all thing is to be die so if I die accidentally than no one use my account  and I really never think about this as I am young now and I have not earn so much profit from this so I don't give it to anyone. Everyone has its own job and business so I think my account is not so profitable for them.

Edited December 4, 2020 by Amna Hareem

[fanylu 505]

If I die, I would leave the cryptocurrencies to my children and relatives as an inheritance and give them access so that they have the opportunity to learn and continue generating income since with these digital currencies there is a great future for everyone.

[Projectcrypto 4382]

No one can be able to get access to our Cryptocurrency wallet after we passed away because without the private key and pass phrase there is no way another person can get access to your wallet for that reason and in order to avoid taking some Cryptocurrencies out of circulation is it much better we share our loved trusted ones the informations to our wallet because you know today you don know what will happen tomorrow.

[pourinbubbly 166]

I would inherit it, but not only to my children but also to my dear friends. But I would leave it to certain friends, but before that I have to make a good investment. the bad thing is it is not clear what will happen tomorrow.

[tienda 8776]

15 hours ago, percare said:

I haven't made any plans and you are right. We don't know what can happen and since we have some money in crypto, it would be better to give access to the ones we expect to have them in case something happens. It is not that it will but just to be sure we need to have someone to take them other wise they will be lost.

I think all depend on about the quantities of cryptocurrencies we have, if it is a big amount obviously we should let known one of our family about a such private key place in case we die. Yes right Dear @percare we don't know what is the next, because at any moment we can die, so is very important to be prepared before.

[minisrt_black 1112]

I think that the crypt is unlikely to die because there is demand and it will be but it is possible to reduce the price of the same bitcoin , in this case I will immediately merge everything and then think about what to do next

[bogdanoff 3173]

I have no such plans but there should be ways to deal without having to put pressure on others. It can be a risk for people that hold millions in wallets to have relatives know about their private keys as there can be cases of extortion and even threats. I hope for a solution to this.

[Sykkuno 2887]

Perhaps a private key inclussion in the will could help but in a way that the lawyer or will keeper won't be able to steal the cryptocurrencies by making use of the private key. It is a situation that we still haven't resolved completely.

[zhoutong 2188]

I think that crypto inheritance services will become very important in the future. It is something required and also it would be great to see it in decentralized way and audited to where there is no errors happening. Anyone managing to solve this will answer to a million dollar question and create a billion dollar industry.

[Jromz 2158]

That's quite interesting information, I have asked myself this question before, and I would say that in my personal case, the wisest decision would be to instruct one or two close relatives how to get access to my cryptos in the case I died. I have also wondering if this could be stated in a willing somehow.

[velasco19 1753]

It is a question that I have always thought about since I started my path in the world of cryptocurrencies, I am sure that inheritance services will become more relevant when there is adoption. The ideal currently is to acquire a hardware wallet.
In my case, I have a notebook with the keys to my wallets, seeds, emails, among other information necessary for my relatives to access my wallets, the real question is:

How many people have thought about this situation and what did they do about it?

[percare 3192]

2 minutes ago, velasco19 said:

How many people have thought about this situation and what did they do about it?

You are right @velasco19 it is something that most of us haven't considered at all, but the more we start accumulating the more we think about it and should act if we are to reach at a level of holding more in crypto than in cash or having a good amount that would help otherwise.

[Oyetoyy 1444]

I never knew there are insurance companies for cryptocurrency. One thing nobody should prepare for out not knowing when it will happen is death. It'll will be sensible if you have large amount of btc or Eth to make provision for your family members or whomever you want to have access to it after you're gone. If not, all rhe hardwork, investment and money will go down the drain.

[ZunaidGm 151]

Hey I don't know when I will dead. But I have heard about cryptocurrency insurance company. I will make some deposit there for my family to help them after my dead and they don't have any problems for me after my dead.