10 simple steps to plan your Bitcoin inheritance
Thinking about your Bitcoin inheritance and what needs to be done in order to ensure that your coins are passed on to your loved ones after your death can be overwhelming. However, with the right approach and guidance, you can make the process of planning your Bitcoin inheritance simple and secure.
In this blog post, we will be discussing the 10 steps you should take to plan your Bitcoin inheritance:
- Take inventory of your current setup:
This first step is to check where your coins are currently stored and assessing whether that storage solution is secure. Some people may have their coins stored on a hardware wallet, while others may have them stored on an exchange. It's important to evaluate the security and accessibility of your current storage solution to ensure that it will be suitable for the long-term. Our experienced team at Satskeeper can help you evaluate your current storage setup and help you improve it. Reach out to us for a private consultation! - Improve existing storage solution
Once you've taken inventory of your current setup, the next step is to make changes it if you're not happy with it. For example, if you're currently storing your coins on an exchange, you may want to consider moving them to a hardware wallet. Hardware wallets are considered to be the most secure way to store your coins for the average Bitcoin citizen. - Document that storage solution with Satskeeper
After you have improved your existing storage solution, you should document the setup in order to ensure that your heirs will have all the information they need to access your coins. The Satskeeper platform will help you document your storage solution in detail to ensure nothing important is missed. All information is encrypted locally before it is stored in your account and no passwords, private keys, seed phrases etc. are ever stored on Satskeeper. - Test your inheritance plan
After you have documented your setup, you should check and test the resulting Bitcoin inheritance plan to ensure that it contains all the necessary information and nothing has been forgotten. If you spot a mistake, update your inheritance plan via your Satskeeper account. - Inform your heirs about your inheritance plan
Once you have set up your Bitcoin inheritance plan, you should inform your heirs to ensure they know that you want to inherit them something and make them aware that the Satskeeper team will reach out to them after your death. - Provide access file to your heirs
While informing your heirs about your Satskeeper inheritance plan, you should also provide them with your access file. The access file is required in order to decrypt your inheritance plan after your death as all information is stored securely in an encrypted format. - Configure proof-of-life checks
To ensure that your coins are only passed on to your heirs in the event of your passing, you should set up a regular proof-of-life check with Satskeeper. Once configured, the Satskeeper team will reach out to you in the chosen regularity to verify if you are still alive. - Keep your inheritance plan up to date
As you continue to hold your coins, your setup might change over time. Therefore it is important to keep your inheritance plan up to date. Satskeeper will send you a yearly email to remind you to review your plan and update it as necessary. - Turn your heirs into Bitcoin hodlers
The best way to ensure that your heirs will be able to deal with your Bitcoin inheritance in a way that will make you proud is to turn them into Bitcoiners themself. In order to help you with that, Satskeeper will provide your heirs with high-quality Bitcoin education content. - Enjoy
Now it’s time to enjoy peace of mind. You've done the hard work and can rest easy knowing that your Bitcoin inheritance is planned for and your heirs will have access to your coins after your death.
By following these 10 simple steps, you can make the process of planning your Bitcoin inheritance simple and secure. Start now with Satskeeper
