This is one important topic that is mostly ignored in the crypto space, but yet, it's a reality that every serious crypto holder must have to address at some point in their lives. A word in the holy book said, "a good man leaves an inheritance for his children," and, crypto, is one asset class that is not just an inheritance to pass to your children, but it's a legacy that needs to be preserved by the next generation.
Imagine all the work you have put in to build your crypto portfolio for many years. The discipline you have maintained to hold on to your crypto assets for many years despite having so many opportunities to sell. You braced through the strom of many market uncontrollable volatility and have mastered the game. You have taken your time to master self-custody with a hardware wallet and secured your seed phrases. You have done well for yourself, and can sleep comfortably at night, knowing that your wealth is securely protected by the Blockchain.
But in this assurance of security, there lies the problem; no clear or easy way to pass it to the next generation. The absolute users' control becomes the greatest challenge to passing it as inheritance. Because the control of the private keys means total control of the assets. If you pass away without a clear plan for your family in handling your keys means a lost forever to your assets.
There's no wallet forget password reset function, no customer service for your family to call if they cannot access your private keys or know how to operate a crypto wallet. This is not the legacy any of us would want to leave behind after all we have done to build wealth for a long time.
There's therefore the need to take full responsibility for your digital wealth by planning for its transfer to your children after you are gone. This is not an easy thing to do, you have to deal with technology, trust issues, and legalities. But it is something you must do if you want to be sure that your digital wealth will be successfully passed to your children or family members.
Remember how important it is to safeguard your private keys, which means none of your family members will ever know about it until your passing. And even when they know about it, how sure are you that they will be able to deal with technical aspects of setting up a wallet, dealing with seed phrases to get access to the funds.
Think about it, without a careful plan to pass your digital wealth to your children, many of us might have all of our years of work lost into the Blockchain forever. You cannot even reveal your crypto portfolio to your children or family members right now because of trust issues. If you have hold on to your assets for this long, you wouldn't want your children to sell them just after you are gone.
What do you do to preserve your digital legacy and ensure your crypto assets are passed successfully to your children after you are gone?
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Completely aggree with you.
There is an inheritance plan the guys from nunchuck wallet have set up.
It respects your privacy and uses a multisig wallet.
It is not cheap and they only deal with BTC. But I suspect more and more services will start pumping up offering similar services for EVM compatible multisig wallets using Save Wallet or any other tool.In any case, you can use both of those wallets, create a multisig and manage it with people you may trust.