bitcoin inheritance planning

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The daily bitcoin journey is a live show, every morning at 8am CST, focused on actionable and logical discussion for bitcoiners and future bitcoiners.

Today's episode was focused on bitcoin inheritance planning. If you died tomorrow, would your family know how to access or restore your bitcoin? We talked about three steps that you can do today to help prepare yourself for this:

1. Write a ONE PAGE document explaining how to access your bitcoin. Keep it as simple as possible. If it exceeds one page, it's way too complicated.
*if you direct them to a third party for help, make sure to highlight the fact that they should NEVER share the 12-word private key. They should only receive instructions on how to use the private key.

2. Start educating your beneficiaries on bitcoin. They have to understand what they are holding if you want them to hold onto it for your legacy and for your family. Keep them in the loop and make it a priority to help your beneficiaries understand bitcoin and everything it encompasses.

3. Start looking into multi-signature wallets and a third-party collaborative custody model. Do this slowly. Educate yourself on multi-sig setups and how they can be utilized for eliminating the single point of failure AND giving your family an anchor that they can trust to help them access the bitcoin.
*if you have a significant amount of bitcoin (threshold of 1 bitcoin) consider moving faster on this.

If you would like to create a bitcoin strategy for yourself, your family, or your business, please contact me at [email protected]!

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