What happens to my Bitcoin when I die? ☠️💸
Bitcoiners,
Here are the steps a bitcoin holder can take right now to ensure their bitcoin savings get passed on to the right people.
If you were to die tomorrow, would your loved ones be able to access your bitcoin funds?
If the answer to this question is no, start taking action on the steps below so you can sleep well at night knowing your wealth will be passed down to future generations.
Now, let's dive in.
1) Consider Your Options
These are your current options:
Do nothing and leave your bitcoin to no one
Do it yourself with a single sig or multi sig setup
Get help from a trusted third party
Since you're reading this, you will probably opt for the second or third bullet point. If you are nontechnical or new to bitcoin, getting help from a trusted third party (recommendations listed below) is the best solution to make sure you have it all covered.
2) Consult Your Attorney
An attorney specializing in estate planning can make sure your heirs are legally entitled to your bitcoin.
There are several estate planning options to consider. A carefully planned will or living trust are great options to help your loved ones avoid any problems with the legal system after your death.
3) Inform Your Executor
Your designated executor will be the person in charge of legally accessing your bitcoin and passing it on to whomever you listed in your estate plan.
Your trusted executor should know the physical location of your hardware wallet, seed phrase, and PIN as well as have the knowledge how to send bitcoin from a hardware device. Without this knowledge, your executor will not be able to allocate your bitcoin to your loved ones.
Conclusion
I hope this high level overview gets you started on your bitcoin inheritance planning journey.
Here are my recommend third party companies that specialize in bitcoin inheritance services and have many informative articles to help you continue your learning journey:
I have no affiliation with either company.
Happy Sunday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter: @epodrulz
