E262 3 Bad Bitcoin Inheritance Plans

<p>Let’s talk about 3 common suggestions that are bad bitcoin inheritance plans. Why so negative? Why talk about bad bitcoin inheritance plans, rather than the good? Well, sometimes the process of elimination can help focus our thoughts, so we better understand what makes the good plans “good.”</p> <h2>Sharing you private keys</h2> <p><img class="aligncenter size-medium wp-image-41968" src= "https://anthonyspark.com/wp-content/uploads/2022/04/Share-you-private-keys-300x169.jpg" alt="Share you private keys" width="300" height="169" /></p> <p>This is just terrible security while you’re living. Why? Because sharing your private keys with someone gives them immediate, irreversible, and unfettered access to your bitcoin hoard.</p> <p>“But I trust my spouse (or kids, or best friend,” you say. I’m sure you do at this moment. But we’ve all seen thing change faster than you realize.</p> <p>Maybe a great marriage suddenly veers to divorce. Or who would suspect their own <a href= "https://www.washingtonpost.com/dc-md-va/2022/02/03/son-spikes-dads-tea-crypto/"> child so controlled by drug addiction would poison them to get their Bitcoin</a>?</p> <p>And it doesn’t need to be so dramatic, just basic carelessness. Will your loving spouse, child, or best friend know how to keep your private keys as safe as you would? Will they get fished, or simply lose their keys?</p> <p>And if they do have sole and unhacked possession of your private keys when you die, will they know what do you? Or upon your death, will they be relying guidance from a “trusted third party” to understand how to probate your bitcoin?</p> <h2>“Just” educate your heirs</h2> <p><img class="aligncenter size-medium wp-image-41969" src= "https://anthonyspark.com/wp-content/uploads/2022/04/Just-educate-your-heirs-300x169.jpg" alt="“Just” educate your heirs" width="300" height="169" /></p> <p>For many, their plan is to “just educate” their heirs so that heir will know what do when you die.</p> <p>Um, do you remember how long it took for you to accumulate your current b