E300 Inheritance by Bitcoin Family Wallet

<p>A shared Bitcoin family wallet sounds like a simple way for your heirs to inherit upon your death. We’ll discuss the advantages of this setup, as well as some important drawbacks.</p> <p>What is a Bitcoin family wallet? It is a shared Bitcoin wallet, but not a <a href= "https://anthonyspark.com/e258-bitcoin-estate-planning-for-2-of-3-multisig/"> multisig wallet</a>. It is a singlesig wallet/device/app that multiple family members have access to.</p> <p>Hot wallet example: husband, wife, and kids use an app and all of them have the password and seed phrase.</p> <p>Cold wallet example: husband and wife share physical custody of the hardware wallet, PIN, and seed phrase. The kids know where the parents keep the hardware wallet and perhaps even know the PIN (but not the seed phrase)..</p> <h2>Pros of Bitcoin inheritance with a family wallet</h2> <p><img class="aligncenter size-medium wp-image-43248" src= "https://anthonyspark.com/wp-content/uploads/2023/01/Pros-of-bitcoin-inheritance-with-a-family-wallet-300x169.jpg" alt="Pros of bitcoin inheritance with a family wallet" width="300" height="169" /></p> <p>Compared to other inheritance solutions, a family wallet is easy to set up and maintain. Unlike mulitsig or secret sharing, there are no extra steps. If you are comfortable with self-custody, then you are most likely comfortable updating your hardware device and keeping firmware up-to-date.</p> <p>It is also easier to make transactions during your lifetime. If you want to send or spend during your lifetime, it is easier with singlesig. With multisig, you have to get multiple signatures, and with secret sharing you might have to reconstitute your key to sign any spending transactions. With a shared family wallet, for example, your just sign the transaction with no extra steps.</p> <p>Because the shared family wallet is one wallet (and everyone knows it’s stored in mom’s dresser), there is very little treasure hunting upon death. It’s even easier if everyone knows the PIN.</p> <h2>Cons of a Bitcoin family wallet</h