Re:Ask HN: How to pass cryptocurrency assets in a will?
by gesman on Thursday November 23, 2017 @05:45PM
(#15768315)
Store them in fully reconstructable deterministic wallet (the one that can be rebuilt from scratch using long enough passphrase only).
Split passphrase in 3 pieces (A, B, C) and store it in an envelope with instructions in three different, unrelated legal firms to be given to your heirs in case of your death.
Firm 1: A,B
Firm 2: C,B
Firm 3: A,C
This way:
- Your assets are protected from banks getting hold of your assets (including safety deposit boxes) in a future for whatever mayhem reasons.
- You assets are protected in case if any of these firms gets uncooperative, hacked, robbed or blackmailed to disclose password. Single firm cannot reconstruct your wallet - it doesn't have enough information.
- It's enough to have cooperation of 2 out of 3 firms = 2 letters to fully reconstruct the wallet.
Firm 1: A,B
Firm 2: C,B
Firm 3: A,C
This way:
- Your assets are protected from banks getting hold of your assets (including safety deposit boxes) in a future for whatever mayhem reasons.
- You assets are protected in case if any of these firms gets uncooperative, hacked, robbed or blackmailed to disclose password. Single firm cannot reconstruct your wallet - it doesn't have enough information.
- It's enough to have cooperation of 2 out of 3 firms = 2 letters to fully reconstruct the wallet.