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Cryptoasset Inheritance Planning: a simple guide for owners?
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> What happens to the coins after your death
Bitcoin is the currency in heaven, for adding bling to your angel wings, fluff to your cloud
If you're going to the other place
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
Not sure if this book addresses the issue but I’ve heard it’s a good one on the subject. On my reading list.
Cryptoasset Inheritance Planning: a simple guide for owners https://www.amazon.com/dp/1947910116/ref=cm_sw_r_cp_api_glt_fabc_Z4DRGP6ZG1ZV4MHYC596
Store your keys on multiple encrypted hard drives. Give the drives to multiple different lawyers to be held in trust for your heirs. Give your heirs the passwords.
If you're really paranoid, you can use multiple layers of passwords and something like Shamir's Secret Sharing to make it impossible for any one heir to corrupt any one lawyer and steal everything. Make it so that at least two heirs have to cooperate, or at least two lawyers, or both -- depending on how many heirs you have, and how many lawyers you want to pay to hold on to your drives.
Note also, don't use SSDs or flash drives, use plain old ordinary spinning-disk hard drives. Flash memory dies if left unpowered for long. Even a few months can be enough to render it useless.
There's a book out there about cryptoasset inheritance. I don't know if it's primarily technical, primarily legal, or covers both.
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
Also make an inheritance plan for the bitcoin so you can pass it on if you ever need to! I used the book Cryptoasset inheritance planning to make mine. So glad you were able to inherit his bitcoin though and sorry for your loss.
Agree with the books listed. Loved Internet of Money. I’d also recommend Cryptoasset Inheritance Planning so your seeds are securely stored and you have a plan should something happen to you.
The new technology can be really hard for non-tech people. My parents have no clue. I created an inheritance plan so that if something happens to me my crypto won’t go with me. I used Cryptoasset inheritance planning to figure out what to do because I didn’t know where to start with explaining it to my fam.
This is one of the reasons it bugs me that so many of us aren’t making inheritance plans! I FINALLY made one this spring using the book Cryptoasset Inheritance Planning. It was actually pretty easy and I’m relieved to have it done.
I think your idea sucks and you should let people who know what they're talking about give advice.
The book: Cryptoasset Inheritance Planning by Pamela Morgan is pretty good in this regard, recommend checking it out, might give some good ideas.
I suggest this book that covers the subject extensively:
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
Because what we think about is "how to I leave the keys to my heirs?"
But there are additional problems to be considered, too.
For example, discoverabilty. You might have different cryptos in different wallets/exchanges... How will the executor know of the full list?
Will the next-of-kin might be technical enough to handle the matter with confidence and without risking to lose money or will they need helpers? How can I designate trustless helpers?
I heard this book had good information. Got myself a copy a few years ago.
> How my family will get access to it?
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of concerns over privacy and the Open Web.
Maybe check out the canonical page instead: https://www.amazon.de/-/en/Pamela-Morgan/dp/1947910116
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Our solution: https://blog.keys.casa/introducing-our-revamped-bitcoin-inheritance-program/
There are innumerable DIY options but it's easy to introduce fragility. Inheritance solutions require one to implement a balancing act between security and recoverability.
I recommend reading https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
Some ideas
https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch/
A book, motivated by the same ideas
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
Regarding BTC inheritance, a recognized expert is Pamela Morgan. She wrote a book: https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
> Is it possible to search all wallets that current have funds, and run a check to see if it falls under the HD wallet family you control?
Possible to search by address, but if you don't know the correct derivation path, you don't know the addresses to search. The Bitcoin blockchain knows no wallets, only stores transactions
> What if I die? What if I am in a coma?
I see you moved away from your hypothetical. This question has a different answer - use multisig addresses and an inheritance plan. See Jameson Lopp's dead man switch idea
https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch/
Casa, a service which grew from this idea
https://keys.casa/
And Pamela Morgan's book, an improvement on the same idea
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
> How will Bitcoin deal with death
It will dress in black, attend the funeral and burst into tears at the appropriate time
Inheritance is covered in this book
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
The declining supply myth is discussed in the Bitcoin FAQ
https://en.bitcoin.it/wiki/Help:FAQ#But_if_no_more_coins_are_generated.2C_what_happens_when_Bitcoins_are_lost.3F_Won.27t_that_be_a_problem.3F
> I could jump on a plane with 12 words in my head
But a corporation with thousands of Bitcoin would need to spread trust among enough employees to prevent a theft conspiracy while still allowing the coins to be spent if some of the trusted signers were unavailable. For example 5-of-15 multisig would assume that no combination of 5 would conspire to defraud the company
Multisig is also useful as a tool for inheritance. See https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
Gerald Cotten's death demonstrates what can go wrong
https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions
A single signature works well for the case you describe, and would be better if a passphrase was added
https://support.ledger.com/hc/en-us/articles/115005214529-Advanced-passphrase-security
https://wiki.trezor.io/Passphrase
Jameson Lopp made some notes about this a few years ago
https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch/
That work matured into Pamela Morgan's book
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
I think the ebook version of this is free https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
Cryptoasset Inheritance Planning: a simple guide for owners https://www.amazon.com/dp/1947910116/ref=cm_sw_r_cp_api_glt_fabc_SENDDZANPZAR15FNCBMP
> what happens when hodlers die?
> It suggests the need for some kind of secure will which holds private keys, otherwise you simply have more and more "lost" bitcoin
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
> like the Mt. Gox hoard
No coins lost there. Their "rightful owners" lost them because they failed to withdraw them to their own wallets. Meanwhile Mtgox was losing them in an incompetent arbitrage trade. The other side of the arbitrage won those coins in good faith
The Mtgox fraud is a great example of "not your keys". On the one hand, Mtgox customers had a contractual ownership right to the value in their Mtgox accounts. On the other hand, Mtgox owned the keys and gambled away the customers' value
> or the genesis block
That coin isn't lost. It has never been spendable, so it never really existed
In any case, lost coins don't matter to Bitcoin. See the FAQ in the Bitcoin Wiki
https://en.bitcoin.it/wiki/Help:FAQ#But_if_no_more_coins_are_generated.2C_what_happens_when_Bitcoins_are_lost.3F_Won.27t_that_be_a_problem.3F
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
> loose
lose
These two words have completely different meanings
Someone wrote a book about this
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
Also
https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch/
Comment originally posted by NimbleBodhi [link]
The book: Cryptoasset Inheritance Planning by Pamela Morgan is pretty good in this regard, recommend checking it out, might give some good ideas.
Related:
- https://medium.com/@pamelawjd/letter-to-loved-ones-a-template-for-your-crypto-estate-planning-4ee0975434e4
- https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116 <--Pamela Law's book
- https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch
- https://kirobo.io/introducing-our-inheritance-planning-solution/
- https://np.reddit.com/r/Bitcoin/comments/cfp7yq/would_it_be_possible_to_have_a_noncustodial_way/euc352v/
- https://github.com/lacksfish/insure-gui <-- Not production-ready
- https://github.com/fresheneesz/TordlWalletProtocols
Via multisig: Casa, and Unchained Capital
The book: Cryptoasset Inheritance Planning by Pamela Morgan is pretty good in this regard, recommend checking it out, might give some good ideas.
- https://medium.com/@pamelawjd/letter-to-loved-ones-a-template-for-your-crypto-estate-planning-4ee0975434e4
- https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116 <--Pamela Law's book
- https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch
- https://kirobo.io/introducing-our-inheritance-planning-solution/
- https://np.reddit.com/r/Bitcoin/comments/cfp7yq/would_it_be_possible_to_have_a_noncustodial_way/euc352v/
- https://github.com/lacksfish/insure-gui <-- Not production-ready
- https://github.com/fresheneesz/TordlWalletProtocols
Via multisig: Casa, and Unchained Capital
While ETH staking isn't covered in it, the book Cryptoasset Inheritance Planning by Pamela Morgan covers how you can help your family if you should die.
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116
Short answer on your question is that you should have a letter written for your family, and you should recommend some trusted people or organizations that you can direct them to for help. Deciding who that is would be the hard part.
I also plan to document as much as I can, particularly around logging into my system and submitting exit transactions.
Related:
- https://medium.com/@pamelawjd/letter-to-loved-ones-a-template-for-your-crypto-estate-planning-4ee0975434e4
- https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116 <--Pamela Law's book
- https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch
- https://kirobo.io/introducing-our-inheritance-planning-solution/
- https://np.reddit.com/r/Bitcoin/comments/cfp7yq/would_it_be_possible_to_have_a_noncustodial_way/euc352v/
- https://github.com/lacksfish/insure-gui <-- Not production-ready
- https://github.com/fresheneesz/TordlWalletProtocols
Bitcoin Hardware Wallet Comparison
- https://bitcoin-hardware-wallet.github.io
- https://www.investinblockchain.com/top-cold-wallets-for-storing-cryptocurrencies
- https://shiftcrypto.ch/blog/why-should-i-use-a-hardware-wallet-to-keep-my-bitcoin-safe
- https://bitcoinwallet.guide/hardware
- https://bitcoinmagazine.com/articles/bitcoin-wallet-reviews-whats-the-best-hardware-wallet-on-the-market
- https://bitcoinmagazine.com/articles/bitcoin-wallet-reviews-whats-the-best-hardware-wallet-on-the-market-part-2
- https://bitcoinmagazine.com/articles/bitcoin-wallet-reviews-whats-the-best-hardware-wallet-on-the-market-part-3
Cold storage guides
- https://en.bitcoin.it/wiki/Cold_storage
- https://github.com/DriftwoodPalace/guides
- http://docs.electrum.org/en/latest/coldstorage.html
- https://blog.lopp.net/metal-bitcoin-seed-storage-stress-test-round-iii
- https://jlopp.github.io/metal-bitcoin-storage-reviews
You could even go 2 of 3 multisig, each being a different hardware wallet type: trezor + ledger + coldcard key:
- https://unchained-capital.github.io/caravan/#/address
- https://twitter.com/sundaywar/status/1136435450481012736
- https://stephanlivera.com/episode/97
- https://saleemrashid.com/2018/01/27/hardware-wallet-electrum-multisig
- https://shiftcrypto.ch/blog/how-nearly-all-personal-hardware-wallet-multisig-setups-are-insecure
Multisig
- https://en.bitcoin.it/wiki/Multisignature
- https://btcguide.github.io
- https://electrum.readthedocs.io/en/latest/multisig.html
- https://keys.casa/Keymaster
- https://www.unchained-capital.com/vaults
- https://yeticold.com
- https://kirobo.io/introducing-our-inheritance-planning-solution/
- https://github.com/cryptoadvance/specter-desktop
- https://www.coindesk.com/what-is-a-multisignature-crypto-wallet
Casa has a multisig solution:
https://keys.casa/bitcoin-inheritance-plan
Relevant reading:
https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch/
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
Related:
- https://kirobo.io/introducing-our-inheritance-planning-solution/
- https://medium.com/@pamelawjd/letter-to-loved-ones-a-template-for-your-crypto-estate-planning-4ee0975434e4
- https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116 <--Pamela Law's book
- https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch
Bitcoin Hardware Wallet Comparison
- https://bitcoin-hardware-wallet.github.io
- https://www.investinblockchain.com/top-cold-wallets-for-storing-cryptocurrencies
- https://bitcoinmagazine.com/articles/bitcoin-wallet-reviews-whats-the-best-hardware-wallet-on-the-market
- https://bitcoinmagazine.com/articles/bitcoin-wallet-reviews-whats-the-best-hardware-wallet-on-the-market-part-2
- https://bitcoinmagazine.com/articles/bitcoin-wallet-reviews-whats-the-best-hardware-wallet-on-the-market-part-3
Cold storage guides
- https://en.bitcoin.it/wiki/Cold_storage
- https://github.com/DriftwoodPalace/guides
- http://docs.electrum.org/en/latest/coldstorage.html
- https://blog.lopp.net/metal-bitcoin-seed-storage-stress-test-round-iii
- https://jlopp.github.io/metal-bitcoin-storage-reviews
You could even go 2 of 3 multisig, each being a different hardware wallet type: trezor + ledger + coldcard key:
- https://unchained-capital.github.io/caravan/#/address
- https://twitter.com/sundaywar/status/1136435450481012736
- https://stephanlivera.com/episode/97
- https://saleemrashid.com/2018/01/27/hardware-wallet-electrum-multisig
Multisig
INHERITANCE:
- https://np.reddit.com/r/Bitcoin/comments/cfp7yq/would_it_be_possible_to_have_a_noncustodial_way/euc352v/
- https://medium.com/@pamelawjd/letter-to-loved-ones-a-template-for-your-crypto-estate-planning-4ee0975434e4
- https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116 <--Pamela Law's book
- https://blog.lopp.net/fifteen-men-on-a-dead-man-s-switch
- https://kirobo.io/introducing-our-inheritance-planning-solution/
Having your mother get injured right before a trip must be scary. Sorry that happened and I hope she heals quickly. I've been working on this issue for 3+ years now and have published a bunch of free resources, including "Letter to Loved Ones" that is a template you can use to let your family know the most important things (without giving them your keys). You can find my work at https://medium.com/@pamelawjd or at https://empoweredlaw.com.
If you like the writing style and want to do more, I recently published a book Cryptoasset Inheritance Planning. It's on amazon in audiobook, print, and ebook. If you buy the print you get the ebook free too. Hope this helps. Inheritance planning isn't really that hard, good luck!
I haven't read it, but seeing this book mentioned in a very positive light in the bitcoin space, which might be helpful: https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
I've been working on these issues for a few years now and I've published a book: Cryptoasset Inheritance Planning: a simple guide for owners. It's available all around the world on amazon in paperback, kindle, and soon audiobook. https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
I've also published a bunch of free how-to guides that might interest you: http://medium.com/@pamelawjd or https://empoweredlaw.com/
Hope this helps!
^The linked tweet was tweeted by @pamelawjd on Mar 28, 2018 01:56:06 UTC (280 Retweets | 795 Favorites)
Friends. My new book: Cryptoasset Inheritance Planning: a simple guide for owners is now available for presale on Amazon. I can hardly believe I'm finally tweeting this!!!
https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116/
#bitcoin #ethereum #cryptoassets #inheritance
^^• Beep boop I'm a bot • Find out more about me at /r/tweettranscriberbot/ •
That depends if you have a good inheritance plan for your crypto. What many people don’t get is that you can’t simply put your seeds/keys into a will. The book Cryptoasset Inheritance Planning was helpful when I created my plan for where my crypto will go if something happens to me.
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