October2024 - BTC | Bitcoin Wealth and Inheritance

BTC Conference Amsterdam 2024

Bitcoin Wealth and Inheritance

What are the Technical Challenges 1. Counterparty Risk depending on nature of setup of Collaborative Custody and Mistakes in Sophistication setup 2. Education and Legacy before death vs Post-Mortem Technical Challenge of Access 3. Privacy and Security: balance between setup safety vs lack of information when gone 4. Technical Insurance - Why bitcoins can never be lost again from any wallets but only access can be delayed.

Legal Recognition and Taxation: Property Rights

1. KYC vs Non KYC ? What are the options in the market
2. Assets in multiple jurisdictions (how to navigate international laws)
3. Product and User Experience for Inheritance Wealth products: Simplicity on user side and abstracting complexity for safety and security

Estate Planning Integration: Wills/Trust Standpoint Happen ?

While Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) doesn’t explicitly address Bitcoin, its principles aim to facilitate the management of digital assets post-mortem by providing legal frameworks for fiduciaries

Execution Details

1. 5 Stage Process spanning over decades: (Setup → Periodic Health Checks → Upgrades/Rotation of Keys or Setup → Trigger → Delivery → Legal Recourse)
2. Triggers of Confirmation Death: A. These contracts would automatically verify conditions like the death of the owner through various oracles (services that provide real-world data to blockchains), which could include death registries, obituaries, or notifications from trusted parties. B. Manually verifying creates a dependency on a Single institution