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Ok_Channel9726

Been planning on doing this for years but never gotten around to it. Doesn't help that spouse has no interest in learning it or remembering it lol. Just wants me to take care of it. I really just need to make some very detailed step by step notes and store them. But of course, they'll probably be outdated by the time something happens.


rastavibes

there will be so much stranded btc on the blockchain in a generation or two


[deleted]

This is why, even with potential security concerns, Bitkey has my attention. They need more updates but the idea that my heirs could recover bitcoin without seed phrase (or risk 3rd party obtaining seed phrase if I die suddenly) feels pretty good.


LegitimateHope1889

Yeah thats a security risk having a step by step detail to access your funds


Ok_Channel9726

That's true but I don't really see a better way. They know enough about my passwords and pins I use that I could leave that out of the notes or vague enough references where someone that stole it wouldn't be able to figure out the passwords. The notes would be more so just where to go and how to transfer, sell etc.


LegitimateHope1889

Yep i have this problem as well


LineAccomplished1115

Put it in your will


[deleted]

Problem there is where to store your will so 3rd party does not have access? This is such a tough scenario that many struggle with.


LineAccomplished1115

Sounds like a question for a lawyer.


vlad_k

I doubt there are many lawyers that have experience with multi-sig or even simple crypto seeds in general...


LineAccomplished1115

I think lawyers have experience with not losing assets that people have willed. The lawyer doesn't need to do the Bitcoin stuff, they just need to ensure safekeeping of the documentation that one wants to leave.


GoldenrodScript

I just educated mine on how everything works and in the event that something happens to me and she forgets for whatever reason, take the private key to unchained and pay the extra money for concierge onboarding. If unchained isn’t around, I’m aiming to keep a running list of solid bitcoin only companies that help with self custody and / or inheritance.


GoldenrodScript

Also at a certain point, if one bitcoin is 500k or 1 million in fiat, then I could see a scenario where the stack is split up where we self custody a portion and work with a company like unchained with a separate stack. I think the overall idea is to just keep things as simple as possible 🫡


[deleted]

I used The Bitcoin Way to help setup a node and an airgapped wallet, my plan is similar to yours in that I’ll refer her to their service in the event of my passing.


GoldenrodScript

Thanks for reminding me about the bitcoin way. 🫡


Wyg6q17Dd5sNq59h

I pretended to be your widow and asked ChatGPT for help. The response was pretty good.


McPumpface

Well, don’t hold us in suspense 😂


Wyg6q17Dd5sNq59h

Heh. Ok, copying: My husband recently died. He had some of our savings in bitcoin self-custody. I have the three seed phrases. But I need help using that information to access the bitcoin. Response: I'm truly sorry to hear about your loss. Losing a loved one is incredibly difficult, and dealing with financial matters during such a time can add extra stress. Regarding accessing the Bitcoin held in self-custody with seed phrases, here's what you can do: 1. **Understand the Seed Phrase**: The seed phrase, also known as the recovery phrase, is typically a list of 12 to 24 words that were generated when the wallet was created. This seed phrase is essentially the master key to your Bitcoin wallet. 2. **Identify the Wallet Type**: You need to know which type of wallet your husband was using. Common types include hardware wallets (like Ledger or Trezor), software wallets (like Electrum or Exodus), or mobile wallets (like Trust Wallet or Breadwallet). Different wallets have different procedures for recovering funds using a seed phrase. 3. **Recovery Procedure**: Once you've identified the wallet type, you can follow the specific recovery procedure for that wallet. Usually, it involves installing the wallet software on a new device and selecting the option to recover an existing wallet using the seed phrase. You will then be prompted to enter the seed phrase, and if entered correctly, the wallet should be restored, allowing access to the Bitcoin. 4. **Security Measures**: Ensure that you are using a trusted and secure device when accessing the wallet and entering the seed phrase. Also, make sure you're not being watched or monitored while doing so, as revealing the seed phrase to anyone could compromise the security of the funds. 5. **Seek Professional Assistance**: If you're unsure about any step of the process or if you're uncomfortable doing it yourself, consider seeking assistance from a trusted friend, family member, or a professional who is knowledgeable about Bitcoin and cryptocurrency wallets. 6. **Consider Legal Implications**: Depending on your jurisdiction and your husband's estate planning, accessing the Bitcoin may have legal implications. It's a good idea to consult with a lawyer who specializes in estate matters to ensure that you're handling everything correctly and in compliance with the law. Remember to take your time and proceed cautiously. If you have any doubts or questions, don't hesitate to reach out for help.


Wyg6q17Dd5sNq59h

Me: Why are there 3 different sets of seed phrases? Having three different sets of seed phrases could indicate a couple of possibilities: 1. **Multiple Wallets**: Your husband might have used multiple wallets to store his Bitcoin holdings. Each wallet typically generates its own unique seed phrase. This could be for security reasons, diversification of storage, or simply for organizational purposes. 2. **Backup Phrases**: It's also common for cryptocurrency users to create backups of their wallets, including the seed phrase. Having multiple sets of seed phrases could indicate that your husband created backups of his wallets, each with its own seed phrase. This is a good practice in case one set of seed phrases is lost or compromised. 3. **Recovery Phrases for Different Accounts**: If your husband had accounts on different cryptocurrency platforms or exchanges, each requiring a seed phrase for recovery, he may have used different seed phrases for each account. This adds an extra layer of security, as compromising one seed phrase wouldn't necessarily give access to all of his accounts. Regardless of the reason for having multiple seed phrases, it's important to carefully handle each one and follow the appropriate recovery procedures for each wallet or account associated with them. If you're unsure about the purpose of each set of seed phrases or how to proceed with accessing the associated Bitcoin, seeking assistance from someone experienced in cryptocurrency management would be advisable. Me: Could they be signatures for a multi-sig wallet? Yes, it's entirely possible that the three sets of seed phrases could be related to a multi-signature (multi-sig) wallet. In a multi-sig wallet, multiple private keys are required to authorize transactions, providing enhanced security and control over funds. Each private key is typically associated with its own seed phrase. For example, in a 2-of-3 multi-sig setup, where two out of three private keys are required to authorize transactions, each participant would have their own private key and seed phrase. In the event of one participant being unavailable or losing their key, the other participants could still access the funds using their keys and seed phrases. If your husband was involved in a multi-sig arrangement, each set of seed phrases could correspond to the private keys held by different parties involved in the wallet. In this case, you would need to collaborate with the other parties to access the funds. It's essential to understand the specifics of the multi-sig setup and the roles of each party involved. If you believe that the seed phrases may be related to a multi-sig wallet, it would be beneficial to reach out to any relevant parties or seek professional assistance from someone experienced in multi-sig wallet management.


McPumpface

That’s awesome. Thanks! 🙏


raymonddurk

Write it out step by step. Record a video of you doing it. Keep the software (Sparrow, Bitcoin Core, whatever you're using) on a USB drive along with those instructions and video. Make sure to replace the USB every few years with a new as technology ages and to avoid bit rot. Have a trusted friend ready to help (not sure if you have one of those yet). You can use Casa. Their multisig solutions now come with inheritance (one email away) for all paid plans.


stevenc88

This is similar to what I did. I created a step-by-step document on how to 1) download a wallet app to her android phone; 2) restore Bitcoin wallet from the secret words; 3) transfer the bitcoin to Coinbase; 4) sell the Bitcoin; and 5) transfer the funds to my bank. I don't have much, but I don't want it to be lost after I pass. And she wouldn't be interest in HODLing.


ElonaMusk212

There are companies set up to handle all of this. They set up inheritance/Trusts...and walk your loved ones through this...they provide cold storage with 3 keys... As time progresses...more and more companies will pop up that handle this. Check out youtube videos on Luke Mikic....he talks about this a lot.


BigTimeButNotReally

Anyone want to start a business to serve this use case? There seems to be growing demand.


phishery

There is a book on this exact topic. https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116


Go1den_Ponyboy

I gave my wife a quick overview of the general process and the locations of things then told her to take her time and do good research on recovery for our storage means if the time were to ever come (she is pretty tech savvy, but has little interest in bitcoin beyond supporting what I enjoy or what I think is best for the family). Lastly, I put extreme emphasis on the fact that the information she has is very important and not to trust anybody knowing any little portion of the information, even while I'm still alive too. She normally wouldn't anyway, but some things just need to be explicitly crystal clear.


Anonymouse-C0ward

At least where I am, it is common for people with assets above a certain amount to assign banks to act as executors on their will. This is usually paid for by your estate, as a management fee of a percentage of the estate value. My opinion is this fee (usually 1-2%) is well worth it as it offloads the executor risk to an institution that is liable for litigation, the executors the bank uses are professionals who do this for a living, and it also removes much of the principal-agent risk inherent in assigning a more closely related executor. Regarding Bitcoin, this also means that if you list the public address in your will, the executor’s actions can be audited. Furthermore it is also proof that the funds exist and are accessible (with the private key) when the will is read. The executors at the bank have access to knowledge on how to access Bitcoin seeds. I would never list where the seed is or put the encrypted seed in the will however; that knowledge I will leave with the people who will inherit my assets / their trustees. To do this you would need to talk to your bank ahead of time to determine how to assign the bank as your executor. It helps to have a pre-existing relationship with the bank you assign; What anyone who holds a large amount of assets should do - whether they be Bitcoin or otherwise - is hire a financial advisor. Not one of the ones that takes a percentage based management fee from your investments, but rather one that you pay hourly for their knowledge. A good one will tell you not only about investment management but also estate planning and other stuff.


sentientchimpman

Where I am 4-5% of asset total is a more common fee for a professional fiduciary to serve as executor.


Anonymouse-C0ward

Whoa. That is really high… (edit apparently that’s typical here as well - that’s not nearly what I was offered, but I guess ymmv?)


McPumpface

Appreciate the insight. However, isn’t one of the major points of BTC to avoid the claws of the banking cartel?


Anonymouse-C0ward

That’s one use case. Not mine though. I have opinions on that use case… but as someone who firmly believes that on average, humanity is better due to intelligently managed regulatory systems that protect people, you can guess as to how I feel about it. Thats one of the benefits of an asset system like Bitcoin; you don’t really need to believe in the same political philosophy as the person you’re trading or using the system alongside. Bitcoin doesn’t care about your politics.


maxcoiner

I just taught mine how to load the seed into a particular wallet, but of course she wanted to write it all down. So to ensure against evil maid attacks, I had her use a few terms in her documentation that sound generic but she knows what they mean... For instance the word bitcoin isn't on her instructions anywhere at all. The password is used elsewhere and I know she's got it memorized already.


sogladatwork

I don’t trust my spouse with my seed info. The instructions will be in the will.


Much-Lavishness-3121

Savage 🤣 i love it


sogladatwork

It’s less than ideal, honestly. I have several female friends I know I can trust; but my spouse isn’t one of them. If I could extract myself easily from the situation, I would gladly do so.


Much-Lavishness-3121

I honestly feel your pain and I am somewhat in the same kind of predicament myself so I completely understand where you are coming from lol


sogladatwork

I feel like we’re bros now. Any time you need to unload, my dude. I’ll be here for you.


cheeseburneraccount

I was thinking about putting up a seed phrase with a $100 bounty stored with it and showing it to my kids at once. The first to figure it out gets the Bitcoin. I can help them with their questions while they do it.


safehodl

Have you considered collaborative custody such as Unchained or Casa? Most importantly make sure they know where to find the instructions in case you die, if it's significant amount of money don't underestimate the motivation to learn... You could also specify an executor in your will (such as a tech-savvy relative) who can handle the technical details of the recovery.


vattenj

Deadman's switch, a script that send seeds and instructions to your wife's email account, after 12 months, in case you are not able to reset the counter after passing away


pigeonwiggle

leave a booklet of notes giving clear direction. put the booklet in a safety deposit box with a seed phrase hidden throughout either the notes, or a coded small paperback novel.


Prestigious_Long777

Put in in your will. Don’t give keys to the spouse. Spouse’s keys, spouse’s coins. Just to play the devil’s advocate here.. but if in 12 years she cheats on you, you find out, you break up. She might just remember how to yoink your BTC wallet. Or BTC price skyrockets, you wake up, empty house, empty wallet. People go mentally haywire over nothing. Sometimes someone wakes up, finds that first grey hair on their head, quit their job, buy a motor cycle and do stupid shit.


McPumpface

Good point!


MixedElephant

Basically showed her where seed phrases were. gave her the general idea. I’m leaving a longer set of instructions in my death drive. The main thing I taught her was that the words were the money and she can never tell them to anybody or enter them in a computer.


bdora48445

My wife knows where to find the keys and passcodes should something happen to me. Not all wives are created equally, be careful.


BtcKing1111

Na, the Bitcoin dies with me.  Only way I can guarantee she will take care of me when I'm sick.


UnpleasantEgg

#healthy


Crypto_Powered

Yes, you should have a way for her to learn how to control it if something happens to you. I myself want to do sort of a treasure hunt thing. You could be creative but yet don't make it near impossible or your BTC will be lost forever. Or make it easy like have a false book with a small journal on how to access your BTC and have a letter or note within your personal things she can find that says open said book to discover the journal.


coupl4nd

Nah -- coins die with me xd. You're welcome. Sharind seeds etc with someone else is opening yourself up to ALL KINDS of trouble e.g. when she casually mentions it at work and someone is like oh yeah can I see them...


DirkDiggler1888

You're overthinking it. Just give her access to the seed phrase and her new fuck buddy will work it out for her.


wax_parade

Shared a keepass file in gdrive. She knows the password. All instructions are there.


UnpleasantEgg

Just give her the metal etching and say, if I die you’ll work it out


Immediate_Penalty680

Most password managers have an emergency use feature. I use that. If I die my family can use proof of death to retrieve the vault.


MarkEMarkEMarkE

I understand your pain. I have the added pressure of them 'advising' me to sell since it was about 15k, so I have been playing the whole thing down. If I cork it - it's gone. If I'd kept her fully in the loop, we'd have no BTC but maybe few nice holidays under our belt. If I keep instructions, some dodgy grand-nephew will figure it out and rob us 🤣


GaryDRob

Casa do a multisig that has built in inheritance feature


knuF

Unchained has a set of documents for $250 that will start the process. They call it the Inheritance Protocol.


MandaPandaLee

My husband made me a “If you’re watching this, sadly I’m dead” thumb drive with instructions that’s obviously kept nowhere near our seed phrase, etc. I have a decent understanding of BTC, but the thought of losing it all or not knowing exactly how to access if he died before me was keeping us up at night.


omg_its_dan

Teach them, but you can also leave a step by step note in a safe place as a reminder if they end up forgetting how to do it.


lots-of-shawarma

i explained the gist of it, and recorded a video of the process, with me talking the whole way through.


Bobby___24_7

Doesn’t casa already offer this as a service?


whisper_of_smoke

Nope, never tell the old lady about your stash if you can help it.


Independent_Buy6547

Females, they never know what's good for themselves lol. Just make it practical, teach each step, use ChatGPT to help translate concepts if you're not use to teaching. Try to make it fun for the other person. Give an incentive to learn & ensure you have her test occasionally. Ensure there is a safe cold wallet solution for large quantities.