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You may want to read Cryptoasset Inheritance Planning by Pamela Morgan: https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners-ebook/dp/B07BRQ864J/
If it's in your own secured wallet it's gone unless you take steps for loved ones to retrieve it. Probably the simplest way is to leave your seed phrase in a bank safety deposit box or other secure place and note it in your will. Then your executor of your estate can access it when you die and it gets distributed to whoever you wish.
There's a book on it too. I haven't read it.
The best thing I did was read this book:
https://www.amazon.com/dp/B07BRQ864J/ref=cm_sw_em_r_mt_dp_wD.-Fb6AP83QH
I then combined the advice in the book with some of my own ideas.
I stored my seed words on a Billfodl, which is stored in a fireproof safe, the location of which is known by the executor of my will. https://privacypros.io/products/the-billfodl/
In addition, my Trezor wallet is protected with a passphrase. The instructions I left for the executor of my will provide clues to work out the passphrase, which is based on info that only members of my family would know.
I also provided detailed instructions on what a Trezor looks like, where mine is stored, where to purchase a new one, how to perform the recovery procedure (since my Trezor is also protected with a PIN), etc.
Just in case they're still confused by this bitcoin thing, I also provided the details of a trustworthy third party (accountant) who could help out.
Combining timelock and multisig might be more effective
https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch/
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners-ebook/dp/B07BRQ864J/
The Pamela Morgan book expands on the Jameson Lopp essay
Take it to heaven, and spend it on bling for my angel wings
USD is the currency in hell. For those with that destination, there's a book
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners-ebook/dp/B07BRQ864J/
I think you misunderstand the multisig approach. The idea is you have like a 3/5 multisig. Give a key to your lawyer, put a key in a safe deposit box, give a key to a family member and another one to a close family friend, keep one yourself (or whatever, pick the distribution that makes sense). Put the redeem script in your will with a list of where the keys are. The bank or your lawyer aren’t going to collude with your aunt to steal from you, but if you kick the bucket the executor of your estate can legally get at those keys. No one person can unilaterally spend, and you pick key custodians that have legal or social controls that prevent them from colluding to steal.
On the questions you asked at the end of your post:
- No, you need to put specific amounts with outputs
- not really. You need to spend the utxo to invalidate the tx. What you might want to do instead is have a tx that is spendable by your heirs in 3 years or by you NOW, and then you spend to a new script every 2.5 years or something
- not without some work. Look at miniscript
- i dont think so, but you do you
This book is a good read if you’re thinking a out this issue: Cryptoasset Inheritance Planning: A Simple Guide for Owners https://www.amazon.com/dp/B07BRQ864J/ref=cm_sw_r_cp_api_glt_0PC72G8F0FW2WX1CC2DX?_encoding=UTF8&psc=1
I read the book, US Taxes for Worldly Americans, and the author has a tax service where they offer a free 20min consult. Worth it just to understand the options you have. They were super nice, and I plan on filing through them.
HIGHLY recommend this book: Cryptoasset Inheritance Planning: A Simple Guide for Owners https://www.amazon.com/dp/B07BRQ864J/ref=cm_sw_r_cp_api_glt_0H20EYJ9VVZK3EFP0SQC?_encoding=UTF8&psc=1
Well worth the $20.
As others have said, you still have to fill in US tax returns.
I've just seen the book <em>U.S. Taxes for Worldly Americans: The Traveling Expat's Guide to Living, Working, and Staying Tax Compliant Abroad</em> mentioned on another sub - I have no idea how good it is, but it's free on Kindle right now. I assume this is a limited time offer.
Sometimes people just don’t know the should file if they live abroad. The U.S. is one of only two countries in the world that taxes its people based on their citizenship, not on where they live or where their money comes from. If you make more than $10,350 per year (as of 2016) and are a U.S. Citizen, you still must file a return each year. Even if you can arrange things so that you legally owe nothing, you must still file.
If you’d like to know more, you can find the relevant book on Amazon: U.S. Taxes for Worldly Americans: The Traveling Expat's Guide to Living, Working, and Staying Tax Compliant Abroad https://www.amazon.com/U-S-Taxes-Worldly-Americans-Traveling-ebook/dp/B01N6PAE5Y/ref=sr_1_3?s=digital-text&ie=UTF8&qid=1487360085&sr=1-3&keywords=expat+tax. It explains how expats and most people who work overseas can legally lower their U.S. tax to $0 and keep their income and assets safe from the IRS.
Pretty sure this was the book: http://www.amazon.com/dp/B000OCXHJA/ref=rdr_kindle_ext_tmb
I shouldn't have read it, I remember it making me ill at the time. The worst thing you can do is to have your income show up on a W-2.