How Safe Is Your Gold, Silver, Bank Account, Cryptos If Something Happens To You? Do You Have A Trusted Backup?
With so much talk of security and obscuring valuables to avoid theft, there's often a lost consideration and it's a monster that could rob you and your family of hard earned assets.
If something were to happen to you, would your family be able to access the assets that you've tucked away for either themselves or to assist you in a time of need should you be incapacitated or mentally impaired?
This is something that I've often tried to mitigate by keeping my wife informed of the various accounts and banks that we have business with. I've noticed however that with the advent of crypto currency in particular this becomes a radically more difficult task.
In my case I hold multiple cryptos in various wallets spread over different operating systems. Then there's my hardware wallet that I've yet to provide instruction on to a trusted fallback. What about your precious metal stockpile? Will anyone know where you buried it or the vault that houses your safety deposit box?
The best of intentions regarding obscuring your assets and hiding them from theft by government of invader alike can actually work against you and as much as it may feel unnatural, a written or verbal record of the locations of your assets and how to access them (which may include authorization on accounts) is a necessary precaution should you become incapacitated.
I know I'd hate to think of a scenario where my hard efforts have only acted to make my family impoverished simply because they were unable to locate or access assets that I'd tucked away for safety! Even our wills which we had made up after our marriage are now dated and in need of updating. So too our powers of attorney and medical instructions. If you haven't sorted out these important issues while you're competent and able to do so, things will certainly be harder in the event that the unthinkable happens
Is this something you've considered? Perhaps it's high time to have a sit down with your family and walk them through how to access your various wallets, cryptos, precious metals and the like. You'll sleep better!
I have also been considering this...my wife knows where the precious metals are...but when it comes to the crypto's she wouldnt have a clue...i have been thinking about making insyructions in a diary
Precisely what my todo list looks like. Even running through how to make a transaction to an exchange and cash out. Simple if written down and shown by example but impossible of not done in advance.
Yes. And I read about this very topic about a month ago here. And someone mentioned about some application or programme about having backup.I didn't read that much since i dont own any considerable cryptos.but I am sure there it had some kind of solution of your problem.
Haven't heard of that one @katteasis, thanks!
I read it in someone's post. Sorry I forget and couldn't be the help.
If I die, my crypto is gone. My wife takes little interest in it, and it would be very difficult to guess the multiple services - wallets, mining, trading, blogging and so on. Even then the private keys would have probably gone the way of my body - buried or burned. I hope that I have enough advance warning to tell her where to look.
As for the rest, it is still held by big corporations and i guess she can retrieve it.
What is needed is a magic key on every crypto which will send the crypto to your heirs on a pre-defined future date unless you say no.
Maybe I could put some some kind of birthday reminder in her iphone calendar which tells her where to look.
Sounds like something suited to a smart contract. There's an idea. Estate planning on the blockchain!
Excellent point made. My wife looks at my crypto as a hobby. She is on steemit but that is the extent of her enthusiasm. As for precious metals and brass/lead/steel assets we both share that info.
But do you have a fallback for your fallback? Say you and your wife were both in an accident. Hard to think of but might be necessary. Or maybe a notebook with all the pertinent information (accounts, pins, vaults, wallets, passwords) Like an asset journal. That way any of a few select people could access the assets in case of an emergency.
Keep your circle small.
In our case our circle is very small. We've considered the case where we both perish, have made arrangements for our animals to be cared for in that case and have made provisions for the donation of accessible funds to animal welfare, but with no children or family the hard to access stuff is of little consequence
1/3 of bitcoins could be lost, take a look at the article link
https://99bitcoins.com/23-bitcoins-mined-13-may-lost/
Keeping the wallets safe, is the most likely cause of all those tokens lost.
Security is a way of life. Amazing that so many are subject to being lost. Thanks @rollingthunder 😊
You are definitely right what if anything happens. Time for second thought @nolnocluap
For sure @tfame3865!
Save your gold, and buy more for protection from the inevitable devaluation of fiat currencies and their loss of purchasing power.
Certainly @millionairkhan, you're in good company with #steemsilvergold
Congratulations @nolnocluap! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPExtremely good advice. Disasters and family emergencies are seldom planned events. If they were, there wouldn't be any need to plan for the unexpected. Advanced planning saves a lot of heartache. Don't delay. Do it today. For peace of mind.
That's right @cecicastor I think it's just the kind of thing that tends to be put in the "I should do that one day" basket as there's no perceived urgency.
You have received an upvote from STAX. Thanks for being a member of the #steemsilvergold community and opting in (if you wish to be removed please follow the link). Please continue to support each other in this great community. To learn more about the #steemsilvergold community and STAX, check this out.