Bitcoin is here to stay and will be here after we go, having a plan to leave your wealth to your beloved ones is important, if you haven't, consider DYOR ASAP
- The usual recommended steps :
- Name your beneficiaries
- Set up a Trust
- Create a Will
- Write an instruction letter
I personally dislike the steps above since it t is not though for the decentralized nature of Bitcoin
Leaving my heirs in the hands of a third party begging for what is theirs and going through paper work and dealing with lawyers doesn't sound appealing to me, I have my own method which includes a "d_ead man switch over a period of three months", to release the information to my heirs individually. This needs to be reviewed and changed the more I last, which is the same as updating your will when dealing with a trust and lawyers.
Do you have a plan?
Could you elaborate a little bit more on this?
Sure, here:
https://www.nerdwallet.com/article/investing/estate-planning/setting-up-a-trust
But remember, do your own research (DYOR)
Be chad & take the seed to the grave
THIS
https://darthcoin.substack.com/p/darth-bitcoins-after-death
If they need my sats then they must somehow extract data from my deceased brain using some magical device lol. I'm careful not to store my seed written anywhere.
Not recommended but I'm sure you already know
fuck'em. If they are not proving me a proof of work while I am alive, and be able to give them to them while I am alive, then they will get nothing, they don't deserve my sats.
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Lol if they can figure it out more power to them, but I am not so hopeful, will have to take it to my grave, wouldn't trust any kind of lawyer to help pass on wealth, if my fam can't recover keys on their own its tough titties, im dead anyway but my funds will haunt them for life
I think diversification in this particular situation is warranted as it allows for flexibility of how the heirs choose to operate and also allows for benefit in whatever situation occurs. I am considering the following setup with a % of sats in both:
Why the mix? Option 2 allows for many tax benefits and these can also flow to the heirs. Option 1 allows for a middle finger to the tax man.
Nice, thanks for sharing your strategy,
If concerned about the burden of taxes for your heirs, loans against a Bitcoin trust is a venue to explore for maximum benefits and no taxes, loans are not taxed and most probably never will since the 1% uses this instrument for their yearly expenses taking loans on large insurance instruments