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0 sats \ 0 replies \ @hugomofn 31 May 2023 \ parent \ on: Do you think about bitcoin inheritance? bitcoin
Sure.
To withdraw the funds before the timelock has expired, the beneficiary would need to have access to at least 2 of the owner's keys (since it's a 2-of-4 multisig wallet). In addition, he will also need a copy of the wallet configuration file. The platform key will not co-sign any transaction not initiated by the owner before the timelock has expired.
However, 2080 is a very long timelock. We don't recommend setting a timelock so far out in the future.
What we do recommend to our users is to use a "rolling short timelock" approach: Set a timelock not too far in the future, such as 2 years from today. Then you can review the inheritance plan every year and push the date back if necessary. To help remind you, we start sending email notifications as the timelock is about to expire, starting at the 6-month mark.
This approach allows you to lengthen the time your inheritance can be claimed as needed, while guarding against long-term uncertainties. If something unfortunate happens to Nunchuk, you as the owner can use your own keys to move your funds to a new wallet. If something unfortunate happens to you, your beneficiaries can claim the inheritance quickly without having to wait many years (this probably fits what you are thinking better).
Let me know if the above makes sense.