Write It On A Paper
We’ll say this is the most simplest way we can think of. You write your private key on a piece of paper.
Keep it safe maybe in a safety deposit box or safe just as you would do with other assets. Once the inheritor has an access to both the public and private keys they can pair them on any number of wallet services such as blockchain.info. The only problem is if anyone gets their hands on that paper they will be able to access your Bitcoin.
Send Your Bitcoin To Your Loved In Advance
Life is too short, no one knows when they will leave the planet. But, with Bitcoin you can send your loved ones your Bitcoins to their existing wallet address using a “time-locked” transaction.
You can also arrange a transaction to take place 5 years from now, pre-sign it and then the wallet deletes itself. Keeping in mind the beneficiary owns the same receiving address.
Other Services
There are plenty of third party services such as Coinbase. It offers “vault” services. When it comes to Bitcoin wallets they are hands down great for day to day spending. But, when it comes to storing huge amounts of Bitcoin in the long-run then there needs to be extra security. This way most of your Bitcoin is stored offline.
What makes it safe? Your Bitcoin is in geographically distributed physical vaults and safe deposit boxes. There is also the option available of joint ownership of an account this way your beneficiary becomes a co-owner in the presents or upon your death. Yes, sounds morbid to discuss about death. But, you always have to be prepared.
Verdict
Bitcoin with time has become a financial asset that people might wish to leave it for their heirs. For now, there are only a few good ways to ensure your Bitcoin is received by your loved ones. But, there are still some complexities which we hope will be solved in the near future.
Do you have any other ideas to ensure your loved ones receive your Bitcoin in their inheritance?
