Using Crypto As A Means Of Transferring Will.

in LeoFinance6 months ago

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I was reading this exciting post by @niallon11 and one thing I deduced was that it was difficult to categorize crypto assets especially when trying to pass it down to the next of kin or write it down in a will.

In reality, I have never considered owning a will and this is because wills are documentation of one's assets and how they're meant to be transferred at the time of a person's passing. There might be more to it, but this is certainly the core meaning of what a will is.


What Do You Assume To Be Transferrable?

Sometimes I look at my life and value the highest amount I've ever saved as a working class and it's not been more than 1000$, now this amount of money isn't transferable since I've used it to better my life in one way or the other.

Sometimes I feel this is selfish because as a person I used to think that some of the financial decisions and choices I'd make in life should tilt towards bettering the life of a next of kin. The reason why I think so is that my father died leaving me without any financial enablements, no money, and no property.

This has gone on to affect my life because I began building my life from nothing, which wasn't supposed to be so.

One of the reasons why wills are important is because it makes it possible for people who own properties to give their next of kin some financial head start in life without necessarily wasting their properties.

This is why I consider inheritances to be financial enablements that could just set up a person in life.

One thing I've come to understand is that having a will requires a bureaucratic process, and if the properties that are meant to be willed aren't substantial, it makes it difficult for a person to place importance on whatever they're hoping to will out.


Wills: Only For The Wealthy?

In reality, we often feel that wills are for rich people because whenever wills are mentioned, we often synonymize it as having a fortune that's going to be given out and automatically take the people to who these properties are willed out of poverty.

This is a huge misconception and probably why some wealthy people often give their wealth away rather than go through that drama of giving the wealth off to entitled next of kin.

In reality, people who are close or relatives with wealth people often feel entitled, and sometimes giving off wealth to next of kin who have not deserved it, is one of the downsides of having a will. But I do believe that having a will is a betterment to bestow someone who is deserved it.

In reality, I've never a beneficiary of anything given by someone in form of property, now, having this might stunt my zeal to hustle in life, but I do believe that I'll still hustle to make meaning of what I was given so that I could bestow it to someone as am inheritance when I'm no longer there.

In Nigeria, most wills are often read when the willer is dead, but I think that the best form of will is the one where a person could be alive so the actions of those to who their properties are being willed.


Transferring Crypto Assets

With Crypto it's a little bit trickish because it deals with keys and 2FA and all that security measures, showing or revealing all these security details to them, is automatically transferring your crypto wealth to them because they can access your Crypto portfolio even without your knowledge.

I like to think that if I can amass a decent holding of Crypto, it'll be easier to transfer it to a next of kin without all the legal bureaucracy. Crypto assets aren't physically obvious, so it's even difficult for any kin to feel any sense of entitlement towards them since it's not visible.

Nonetheless, transferring a crypto asset to trusted kin is the best kind of will because it's noiseless and insignificant, what do you think of this as a means of transferring wills going forward?




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Hmm, that's a really good idea. At least there won't be fighting or hatred among family and even friends over your assets because they are not even sure if there is something like that self.

It will also make the beneficiary want to make good use of the assets because he's not sure if he will loose his or assets since it's not tangible (can't be seen).

You've spoken one really good way to give people access to our wealth, I don't really know how it will be to will your asset when you are alive sha 🤔.

Apparently, this really works a lot. This one one of the advantages of crypto, but we wouldn't know because vthe federal government has banned it's trading through the commercial banks. I think wills are tricky but if I'm gonna own one it'll be Transferrable Crypto assets which I'll do before retirement. Hopefully.

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That's a really good idea, even if the government don't allow it in banks, I'm happy we can make transactions somewhere else. But it will be really nice to see that the government accepts crypto fully.

The idea is really thoughtful, it will help curb some really unnecessary things.

If Crypto was accessible through the commercial banks, a lot in Nigeria will be totally accessible. It's crazy

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Yeah, it's crazy 😅.

I have no idea but I have a feeling it might be a huge mess. Most people aren't crypto savy enough and putting it into a single system for people to access could be a security concern. However, I do think it's something people need to consider doing.

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This is absolutely true, nevertheless, it depends. Crypto isn't difficult when people put their heart to it. The bureaucracy of will passing in Nigeria is crazy. That's why some rich people here do not want th drama that comes with it.

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Yeah but I feel that when you create wealth enough to transfer to a next of kin, the next of kin should be pro-crypto.

I mean if this is what made your father rich, the least you can do is to show some interest.

Same for stocks and real estate.

It all lies in interest

Truth is, both the present and future lovers plus the children I'll have will eventually go the crypto way. The future I'm planning for them would be glorious, so I already have this in mind

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I mean, there is nothing not to love about what pulled one out of the trenches.

See ehn, I have thought of this several times.

Like when I am going to work and I may have an accident..

What do I do?

All my crypto money gone!!

I once thought of how to tell my mom, how to get crypto should anything happen to me..

I feel anyone living should be able to leave something for his next of kin. This shows a level of responsibility.

If I would love to transfer assets in form of crypto to a next of kin? Of course, it makes sense.

Although it might not make sense to the next of kin well, that was how I amassed such wealth.

Finally, I buy the idea of reading a will when one is alive but there are drawbacks to it.

I think wills should be read when one is alive, in reality, I don't have enough crypto asset yet, but when I do, I already have plans when it comes to transferring it to a next of kin.
I think it's important to confide in a close next of kin as to how one makes their money and this will help them when it comes to yransfering it. These things aren't really difficult, I already have a motion in place even if I don't have anything to give yet.

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These things aren't really difficult, I already have a motion in place even if I don't have anything to give yet.

Its the humility for me to.

But this is such a great move

Hahaha bro, it's the whinning for me.😂
I am already educating my aunt, also, my potential wife and probable children are going to be in contention.

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Skips my mind always. I'd be sure to remember in the next post.

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Great Post!

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Great post, i have been thinking about this for a while now because I was thinking if something happens to me now all my crypto earnings die with me, transferring crypto assets is way difficult

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I don't think it's difficult, I mean you can start educating one of your relatives about crypto and maybe a possible means of transfer, just don't let them know it's a substantial amount of money, I think.

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Imagine introducing a relative to hive and seeing your wallet day in a day out, is that not bad?

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Hahaha that's not what I mean, you can just educate a close individual, tell them you're into crypto and that you have some money. Just do some basic introduction without really telling them about coming to hive.

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Oh! This is better because people can be funny you know

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More than funny, infact they can choose to change towards you if they see your portfolio.

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Very true and that's when they start been extremely nice to you and always needing something

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Will is so important. I don't know how I will pass on my crypto wealth to my son if I die. This is something everyone of us should think about. After all most of us are doing this for our family and loved ones.

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Yeah, most of us are doing this for the future and this is why I think we should make plans when it's still early.

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Maybe they will make an application for us bro. xD

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The truth is that everything you say in this post is very very interesting. The testaments, in the way as I see, it would be a real problem to solve if we extrapolate it from the real world to the crypto world; because although it would have the advantage of not having the bureaucratic burden that wills normally have in the real world, there would be problems with the ownership, possession and security of the keys of the cryptoactives in that sense.

But without realizing it (or maybe you did realize it but didn't mention it) you've stumbled upon something that could very well be a great crypto project or idea in the future. I mean that programmers and investors from the crypto world could develop an application in this sense, so that the transfer of properties in inheritance (crypto wills), are transferred safely when a person is no longer in this world, and without risks of vulnerabilities or theft.

Of course, as with normal wills, the person would have to stipulate, on alive, exactly who he wants to leave his crypto holdings to when he is no longer in this World.

A priori it may sound complicated from the point of view of the vulnerabilities that this idea can have if it is not developed well, but if a programmer finds a way to develop it efficiently and safely; it is very clear to me, at least from my point of view of view, that he would become a millionaire thanks to said app.

Very interesting your post. Greetings.

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